Joint venture promotes Vietnam-Laos maritime transport connectivity

A joint venture enterprise has been established in Laos recently to increase cooperation on maritime transport between Laos and Vietnam.
December 26, 2020 | 10:11
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Vung Ang Economic Zone is one of nine coastal economic zones that have been selected by the Government. (Photo: Vietnam Finance)

The Lao-Vietnam Vung Ang Port Development State Enterprise (VDS) is a joint venture between Petroleum Trading Lao Public Company (PetroTrade) and the Lao Government. The Lao Finance Ministry on behalf of the Government will hold a 51% stake over 50 years, with this term able to be extended by both parties.

The joint venture aims to perform a strategy of regional integration and the expansion of Vietnam’s Vung Ang 1, 2, and 3 port projects under an agreement signed between the Governments of Laos and Vietnam.

It will help to strengthen the capacity of transporting containers at the Vung Ang deep seaport, which is anticipated to receive vessels ranging from 5,000 to 100,000 tonnes, and provide services for between 50,000 and 1.2 million containers, handling goods between 3 million and 20 million tonnes by 2030, according to VOV.

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Vung Ang Economic Zone has attracted 137 investment projects. (Photo: Vietnam Finance)

Vung Ang Economic Zone is one of nine coastal economic zones that have been selected by the Government to develop steel, thermal power, and deep-water ports for the central region and the whole country.

Currently, Vung Ang Economic Zone has attracted 137 investment projects, including 80 domestic investment projects and 57 FDI projects. These projects focus on the fields of industry, thermal power, renewable energy, and post-steel development, Vietnam Investment review cited.

For Laos, the Vung Ang sea port plays an important role in promoting maritime transport and regional connectivity. It is expected to help boost Lao economic growth through transportation and trade exchanges.

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Valerie Mai

Insider

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