The Bank for Investment and Development of Vietnam (BIDV) and LaoVietBank, a joint venture between BIDV and Laos’ BCEL, will finance the construction of a five-star hotel and office complex in the Lao capital of Vientiane.

To this effect, a credit contract was signed in Vientiane on January 14 in the presence of Vietnamese Minister of Public Security Tran Dai Quang, Lao Acting Minister of Public Security Somkeo Silavong, and BIDV Chairman Tran Bac Ha.

Under the contract, the two banks will offer a credit loan of 35 million USD to the 62 million USD project.

Speaking at the event, BIDV Deputy General Director Tran Luc Lang affirmed that the contract reflects Vietnamese businesses’ commitment to increasing investment in Laos .

Covering an area of 2 hectares, the complex consists of a five-star hotel and residential and office buildings for lease. It is expected to serve the 10 th National Congress of the Lao People’s Republic Party in late 2015 and early 2016 and the ASEAN Summit in 2016.-VNA