Business

Laos becomes magnet for Vietnamese investment

Vietnamese enterprises have reaped successes in Laos thanks to sound business opportunities, market scale and operation quality in the neighbouring country.
Laos becomes magnet for Vietnamese investment ảnh 1The Unitel network of Star Telecom, a joint venture between Viettel Global and Lao Asia Telecom holds 50 percent of Laos's telecommunication market share.
(Photo: baodautu.vn)

Hanoi (VNA) – Vietnamese enterprises have reaped successes in Laosthanks to sound business opportunities, market scale and operation quality inthe neighbouring country.

Laos has licensed 423 projects invested by Vietnamese firms worth more than 5billion USD, mostly in hydropower, mining, transport, industrial treeplantation and services, according to the Ministry of Planning and Investment.

Viettel Global Investment JSC, a subsidiary of the military-run telecom ViettelGroup, earned revenue of 13 trillion VND (571.9 million USD)in the first nine months of 2017, up 19 percent from the same period last year.

The Unitel network of Star Telecom, a joint venture between Viettel Global andLao Asia Telecom, significantly contributed to the results by holding 50percent of the Lao telecommunication market share. Unitel has 2.8 millionsubscribers and is aiming for 10 percent growth in revenue to 175 million USDin 2017.

Also, Hoang Anh Gia Lai Group has invested in rubber tree and oil palmplantation in Laos. It also put Attapeu airport into operation in 2015 and hassplashed out 80 million USD on the construction of Nong Khang Airport inHouaphanh province.

Other large-scale projects developed by Vietnamese businesses are Xekaman 1 and3 hydropower plant projects, power transmission lines from Xekaman to Vietnam’sPleiku province and a 522 million USD potassium chloride salt project.

The projects have played an important role in the development of bothcountries. The investments are expected to bring 350-400 million USD to the Laobudget and create 40,000 jobs.

Agriculture, hydropower plant and telecommunications are typical Vietnameseinvestments in Laos. However, this is changing.

Laos has welcomed an increasing capital amount from Vietnamese companies inhospitality. BIM Group is one example. It opened the first five-star hotel inLaos, the Crowne Plaza Vientiane, in April 2017. The 20,000 square metre hotelhas 200 rooms and is located inside the Royal Square building.

The visit to Vietnam made by General Secretary of the Lao People’sRevolutionary Party and President of Laos Bounnhang Vorachith from December19-21 will give a momentum for Vietnam-Laos ties in both diplomatic andeconomic affairs, opening new opportunities for Vietnamese investment in thismarket.-VNA
VNA
#Vietnamese enterprises #Laos #sound business opportunities #market scale #Viettel Global Investment JSC #Unitel network #Hoang Anh Gia Lai Group #hospitality #vietnamplus Laos
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