VITA Park pays dividends
VITA Park pays dividends
Vientiane Industry and Trade Area (VITA Park) in Xaythany district has provided US$197,000 in dividends to the government after attracting a growing number of investors.
The park had also collected salary tax from employees of over 200 million kip and 490 million kip of income tax from construction workers, VITA Park Chairman Mr Sibounheuang Vienheuangphay reported to Vientiane Times during a recent visit to the sit e.
VITA Park had seen a growing number of companies invest in the area over recent years with 34 currently registered for investment in the park, he said.
Mr Sibounheuang stated that total registered funds had reached over US$45 million, of which more than US$30 million had been invested.
Within the 34 companies, five factories have already produced and exported their products and four factories are currently experimenting with their manufacturing and production, while other companies are building their offices and factories.
Foreign investors were mainly from China, Japan, Thailand, Denmark, Chinese Taipei (Taiwan), Hong Kong and Malaysia.
In addition to these, some companies were preparing to register for business licences to process products for export, he said.
Mr Sibounheuang said the industrial sector accounted for 46 percent of businesses operating, the commercial sector 29 percent and the service sector 25 percent.
So far, the value of goods imported has reached US$30.5 million, while exports have reached over US$11 million and the park has created jobs for more than 1000 people, of which 30 are foreigners.
By the end of this year about 20 companies would have started their manufacturing and production employing 2,000-3,000 people, he expected.
“So far, we have finished alm ost 90 percent of basic infrastructure, including a concrete road, offices, dormitory for staff and workers, lighting system, drainage, waste and refuse treatment system, water supply system, parking lot and electricity substation,” said Mr Sibounheuang.
Laos has a 30 percent share in the investment while the Taiwanese company has the remaining 70 percent share.
The park has space for around 50 factories in an area of 110 hectares but it needs an additional 100-200 hectares for expansion to stimulate further investment demand.
To attract more investors, Mr Sibounheuang called for closer cooperation between the relevant sectors to address issues at the site especially regarding delays with export and import documentation.
