Phongsavanh Group eyes Vietnamese seaports investment
Phongsavanh Group eyes Vietnamese seaports investment
The Phongsavanh Group, one of Laos' leading private enterprises, is seeking business opportunities in Vietnam based on the advantages of economic relations, favourable geographical location and the special relationship between the two countries.
Among its interests, the group is interested in developing a port construction project in Vietnam, aiming to provide a better logistics system between the neighbouring countries.
According to the group, it is expected to initially invest US$1 billion (about 8 trillion kip) for the development of the necessary infrastructure at the port in Ha Tinh province of Vietnam.
On a recent visit to the local authority of Ha Tinh province, President of the Phognsavanh Group Prof. Dr Od Phongsavanh also led his delegation for discussions with local authorities to express his interest in the port investment and also made a field visit to the proposed project site.
Senior officials from the Consulate General of Laos to Da Nang province also took part in the field visit.
While accompanying the Lao delegation on the site visit, Chairman of the Ha Tinh People's Committee Mr Le Dinh Son said that he was delighted to have some private businesses from neighbouring countries interested in investment in the province.
“Alongside investment from the business sectors from the Republic of Korea, Japan and other countries, the investment project from Laos will also enhance the bilateral cooperation between Laos and Vietnam,” he said.
Meanwhile Dr Od also said that the working visit to Ha Tinh province of Vietnam was a milestone in business intentions for the port investment project.
“Ha Tinh province has potential benefits including business attraction, especially for the Vung Ang Port. It is a route for goods transportation from Thailand through Laos and Vietnam,” he said.
The group also expressed its interest to hold a share with Viet-Lao Vung Ang Port Joint Stock Company in order to continue to develop Ports No. 1, 2 and 3 and proposed a concession desire to build Port Nos 7, 8 and 9 for petrol storage and to increase the capacity of logistics systems.
