LVI provides insurance for mega construction project
LVI provides insurance for mega construction project
The Lao-Viet Insurance (LVI) Company Limited on Wednesday signed an all-risks assurance agreement with the Vientiane Investment and Development Company Limited for the construction of a five-star hotel in Vientiane.
The Vientiane Investment and Development Company Limited is building the US$38 million Crown Plaza Vientiane near the Mercure hotel, formerly called the Novotel, in Sikhottabong district.
The mega project is intended to boost economic development in Laos.
The agreement was signed by LVI General Director, Mr Pham Duc Hau, and General Director of the Vientiane Investment and Development Company Limited, Mr Doan Quoc Viet.
Acting Minister of Public Security Brigadier General Somkeo Silavong and Vietnamese Minister of Public Security General Tran Dai Quang witnessed the signing of the agreement.
Last year, LVI collected US$11.5 million in insurance premiums, an increase of 27 percent over 2013.
The company has more than 40 products to offer clients along with a wide range of services, and has agents throughout Laos and in some neighbouring countries.
Vientiane is seeing an upswing in the high-end hotel market. Several global brands and luxury hotels have opened in the nation's capital to accommodate foreign tourists, while more hotels are being built in the main provinces.
Dozens of hotels, resorts, guesthouses, boutique properties and independent hotels now exist in Vientiane, owned and operated by Lao nationals and foreign investors.
According to a recent report by the Tourism Marketing Department under the Ministry of Information, Culture and Tourism, while the 2014 figure for tourist arrivals was not yet available, last year's figure exceeded 3.7 million people. This was an increase of 13 percent over the year before.
A travel agent representative, who asked not to be named, said recently that although the number of tourists was growing steadily, Laos needed to work harder in the area of tourism infrastructure development to ensure that Laos fully benefited from the influx of overseas visitors.
“Improvement of tourism infrastructure is a crucial factor for the government to facilitate and boost tourism,” he said, adding that improved service was a top priority.
