First exclusive Vietnamese economic zone established in Laos
Updated: 11:54PM (GMT+7), Wed, January 11, 2012
At the signing ceremony
Nhan Dan Online – The Vietnam Long Thanh Golf Trade and Investment Joint Stock Company (LGTI) and the Lao Ministry of Planning and Investment singed a project to upgrade the LGTI’s golf course and real estate complex in Hat Saiphong district of the Lao capital Vientiane into an exclusive economic zone on January 7.
The signing ceremony was attended by Vietnamese Politburo member and Deputy Prime Minister Nguyen Xuan Phuc and his Lao counterpart Somsavath Lengsavad, as well as the Vietnamese ambassador to Laos, Ta Minh Chau, and Minister of Lao Planning and Investment, Somdy Douangdy.
The complex, the first exclusive Vietnamese economic zone in Laos, includes a five-star hotel, an 18-hole golf course, luxury villa complex, school and hospital.
The US$1billion project covers more than 557 hectares and will be completed in 2024 after 12 years under construction.
Once completed, the complex will be a symbol of investment co-operation between Laos and Vietnam and contribute to nurturing the special relationship between the two countries.
The golf course expects to open this year to celebrate the 50th anniversary of diplomatic relations between the two countries (1962-2012) and the 35th year since the signing of the Vietnam-Laos Friendship and Co-operation Treaty (1977-2012).
Long Thanh Golf Trade and Investment JSC is one of the most successful Vietnamese businesses operating in Laos. The company has also funded many charitable activities in the country to build schools and social houses, construct a cemetery for fallen soldiers, and provide eye surgeries valued at more than US$4.5 million for 3,000 disadvantaged blind people.
