VITA Park officially opens for investment
VITA Park officially opens for investment
Vientiane Industry and Trade Area (VITA Park) was officially declared open on Wednesday after commencing operations at the end of 2009, when it first allowed investors to set up at the site.
The ceremony was attended by Deputy Prime Minister Mr Somsavat Lengsavad, Minister to the Government Office and Head of the Government Office Dr Sonexay Siphandone, Minister of Industry and Commerce Ms Khemmany Pholsena, representatives from the Lao National Committee for Special Economic Zones (NCSEZ), VITA Park, embassies, relevant departments and districts.
VITA Park is one of ten special and specific economic zones (SEZs) in Laos, which covers an area of 110 hectares on the outskirts of Vientiane. It is being jointly operated by the Ministry of Industry and Commerce in collaboration with a private company from Taiwan.
The project site is located 22km from the centre of Vientiane along Road No. 13 South in Xaythany district.
The cost of the investment is valued at some US$43 million, of which Laos has a 30 percent share and the Taiwanese company a 70 percent share.
Currently 30 companies have already registered for investment, with the foreign investors being mainly from Demark, Japan, Thailand, Malaysia and China.
The industrial sector accounts for 46 percent of businesses operating, the commercial sector 29 percent and the service sector 25 percent.
Up to now, four companies are currently experimenting with their manufacturing and production, while two companies have already produced and exported their goods.
Meanwhile other companies are building their offices and factories. So far the goods import value has reached US$18.5 million, while the export value reached US$6.3 million.
So far, the park has created jobs for 823 people and there will be employment for 1,500 people in 2014-15.
VITA Park has made achievements in many sectors, in particular in regards to attracting investors from abroad.
However it's necessary to coordinate with the relevant sectors to improve and solve the issue of machines and materials imported to serve production and manufacturing at the park, a member of the VITA Park executive board said.
VITA Park requires an additional 200 hectares to allow for expansion after an increasing number of investors have shown interest in the site in order to prepare their readiness for the upcoming Asean Economic Community as well, he said.
The ten SEZs currently in operation in Laos include the That Luang Marsh SEZ in Vientiane; Savan-Seno SEZ in Savannakhet province; Golden Triangle SEZ in Bokeo province; and Boten Dankham SEZ in Luang Namtha province.
Also operational are Vientiane Long Thanh Golf Course in Vientiane; the Phoukhiew SEZ in Khammuan province; Xaysettha Development Zone in Vientiane; Dongphosy SEZ in Vientiane; and Thakhek SEZ in Thakhek province, according to NCSEZ website.
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