Foreign investment surges in Savannakhet
Foreign investment surges in Savannakhet
The value of foreign investment in Savannakhet province tripled last fiscal year however failed to reach its expected highs.
Last week the provincial Planning and Investment Department reported 22 new foreign investment projects began in Savannakhet in the 2012-13 fiscal year at a value of 1,481.99 billion kip (US$185.24 million).
“The value figure was triple that of the fiscal year 2011-12,” the report said.
“However it was only about 64.75 percent of the fiscal year 2012-13 plan.”
The 22 projects include five issued by the Ministry of Planning and Investment, worth 1,227.40 billion kip (US$153.42 million).
Ministry-launched projects included a joint venture study on copper, manganite and iron ore in Phin district; a Chinese company's rubber plantation in Xepon district; a Vietnamese investor's coffee, rubber and processing factory construction project in Nong district; a Vietnamese study on a form of limestone comprising calcium carbonate in Champhone district; and a railway construction project.
The remaining 17 projects were issued by the provincial Planning and Investment and Industry and Commerce departments and the Savan-Seno Special Economic Zone.
They included a residential project, logistics service operation and paint production business backed by Thai investors; a Vietnamese wood product manufacturer and factory construction and maintenance company; and an Australian import-export company.
Internationally-known Japanese companies Nikon and Toyota both began construction on factories in the province last fiscal year, while French investors become involved in real estate and factory construction.
The department said overall there were 143 foreign investment projects in Savannakhet worth more than13.54 trillion kip (US$1,736.72 million), including 31 in the Savan-Seno Special Economic Zoneworth US$133.75 million.
More than half of the projects were in the agriculture and forestry sector, with 21.41 percent in energy and mines, 14.2 percent in trade and services and 9 percent in the industrial sector.
The Ministry of Planning and Investment has reported the value of investment projects processed through the ministry in the first 11 months of last fiscal year (October 2012-August 2013) exceeded that of the previous fiscal year.
The ministry reported on Friday it accepted 52 investment projects from both local and foreign investors worth more than 23.77 trillion kip (US$3.04 billion).This figure is 5.1 percent higher than the previous fiscal year.
The ministry said investment came from 12 countries in fiscal year 2012-13. China invested the largest amount with more than 10.42 trillion kip (US$1,337 million), while Lao businesses invested more than 4.13 trillion kip (US$530 million) and in third place was Thailand with companies sinking more than 3.24 trillion kip (US$416 million) into projects in Laos.
vientiane times
