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HOME BUSINESS INVEST MENT T O ON RISE, CURRENT LY 3RD LARGEST

Investment to Laos on rise, currently 3rd largest

Posted on NOVEMBER 30, 2011 Written by T UOIT RENEWS

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Many Vietnamese businesses have chosen neighboring country Laos as their investment destinations in many sectors including agricultural processing and hydropower during the last few years.

Ta Minh Chau, Vietnamese Ambassador to Laos, told Tuoi Tre that the investment influxes from Vietnamese businesses to Laos have been steadily increasing for the past few years.

With the total registered capital of US$3.7 billion, Vietnam is now Laos’ third largest foreign investor, Chau said.

Many Vietnamese investors said Laos is a potential market for them.

For instance, Doan Nguyen Duc, chairman of Hoang Anh Gia Lai Group (HAGL), said that with the abundant natural resources and large available land plots, the southern region of Laos has many potentials for development.

“This is a suitable destination for HAGL to channel investments worth as much as billions of US dollars,” Duc said.

Nguyen Van Truc, CEO of the Saigon Agriculture Corporation, agreed, adding that the climate and soil condition in Laos are also desirable for growing industrial crops.

Many Vietnamese businesses currently operating in Laos said that the Laotian government offers many incentives for foreign investors, and many Laotian workers can speak Vietnamese.

Such factors are very convenient and appealing to Vietnamese investors, they said.

Recent projects

Last month, Hoang Anh Gia Lai Group (HAGL) started construction of a $100 million sugar and sugarcane industrial cluster in the southern province of Attapeu.

HAGL is also running many other projects in the rubber, palm and hydropower sectors in Lao, with the total registered capital of nearly $1 billion.

Other investors have also been promoting their investment and seeking new partners in Laos.

Since its first outbound investment in Laos four years ago, Saigon Agriculture Corporation has implemented a lot of projects such as growing more than 3,000 hectares of corn fields, 500 hectares of coffee and 10,000 hectares of rubber in southern Laos.

The Dak Lak Rubber Co, for its part, also established a subsidiary in Champasak Province, which is running projects worth $50 million on growing rubbers and other industrial plants.

Hong Hung, CEO of Tin Nghia – Laos JSC, said the company has plans to build a $2.5-milion coffee processing plant in Laos and expand the coffee growing area in the country to 1,500 hectares.

“Laos still has much potential for Vietnamese investors to exploit,” Chau told local businesses at a meeting in Attapeu in mid-November.

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Filed Under: BUSINESS Tagged: CEO, CHAMPASAK PROVINCE, DOAN NGUYEN DUC, HAGL, HOANG ANH GIA LAI GROUP, HONG HUNG, JSC, LAOS JSC, MANY VIET NAMESE, NGUYEN VAN T RUC, SAIGON AGRICULT URE CORPORAT ION, TA MINH CHAU, T HE DAK LAK RUBBER CO , T IN NGHIA, T UOI T RE, US, VIET NAMESE AMBASSADOR SEARCH T HIS WEBSIT E… SEARCH

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