Lao cabinet approves seaport project in Vietnam

Source: Xinhua| 2017-04-24 13:38:53|Editor: xuxin
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VIENTIANE, April 24 (Xinhua) -- The Lao cabinet has agreed to establish a private-state joint company to develop the Vung Ang project after Vietnam gave a green light to utilize the seaport in its central Ha Tinh province, local daily Vientiane Times reported Monday.

The agreement was made at the cabinet's monthly meeting for April, chaired by Lao Prime Minister Thongloun Sisoulith. The two-day meeting closed on Friday.

The meeting was reported on the project's development concept and the cabinet approved its development direction, government spokesman Chaleun Yiapaoher told local media.

The Vietnamese government has agreed to grant a 50-year concession to Laos to develop the project with the concession able to be extended, said the report.

Initial estimations suggest that once the project is operational, it would cut transport costs significantly; thus the project is of critical importance. It will enable landlocked Laos to access a sea trade route, Chaleun said.

He added that further talks will be held by the relevant stakeholders to discuss details of the project and that the project will be among topics to be tabled during the upcoming official visit to Laos by Vietnamese Prime Minister Nguyen Xuan Phuc scheduled from April 26 to 27.

Last week's cabinet meeting also discussed documents to be submitted to the ordinary session of the National Assembly (NA) scheduled to take place from April 25 to May 18.

The meeting also told the relevant sectors to properly prepare all necessary conditions to facilitate the development of various investment projects.

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