MOIT VIETNAM | Vietnam and Laos are committed to promoting cooperation projects to develop economic zones
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Vietnam and Laos are committed to promoting cooperation projects to develop economic zones
The Lao State Logistics Company (LLSE) has just agreed to sell a 20 percent stake in the Vung Ang Port project to the Laos-Vietnam Vung Ang Port Development Company (VDS), which is also owned by the government. Government of Laos.
Since 2016, the Laos State Logistics Company (LLSE) has held a 20% ownership in the Vung Ang Port joint venture, which was founded in 2010 under the Ministry of Finance of Laos. By 2019, the Lao Ministry of Finance had agreed to form a joint venture with Petroleum Trading Company (PetroTrade) named Vung Ang Lao-Vietnam Port Development Enterprise (VDS), with VDS holding 20% of LLSE's shares.
Mr. Chanthone Sitthixay, CEO of VDS, emphasized Vung Ang Port's strategic importance as a rare public-private cooperation initiative between Laos and Vietnam. The transfer of 20% to the Vung Ang Port Development Company Laos - Vietnam will help speed up the process of upgrading Vung Ang port in phase 1 (2021-2023), expanding Vung Ang seaports 1, 2 and 3 under the agreement signed between the Governments of Laos and Vietnam, and increasing the transshipment capacity of goods at Vung Ang seaport, with the capacity to receive ships of 5,000-100,000 tons and provide shipping services. By 2030, service for 50,000-1,200,000 containers will be available, with cargo volumes ranging from 3 million tons to 20 million tons.
Vung Ang Port is an important part of the Lao government's policy in terms of accessing maritime activities and improving regional connectivity, while also contributing to Laos' economic growth through the development of the transport and trade sectors, as well as strengthening the friendship and special cooperation between Laos and Vietnam.
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