A private-state joint company has been given permission by the cabinet to develop the Vung Ang seaport project following Vietnam’s consent for Laos to utilize its’ seaport in Ha Tinh province.
Government spokesman, Prof Dr Chaleun Yiapaoher, confirmed that the agreement was created during the cabinet’s monthly meeting for April and the project’s development concept and direction was approved by officials.
The Vietnamese government has authorized a 50-year concession to Laos to establish and develop the project with the contingency to extend if desired.
With Laos being notoriously known as the ‘only landlocked country in SouthEast Asia’, this project is considered crucial in enabling ‘landlocked’ Laos access to a sea trade route, which will significantly decrease transport costs of imports and exports once the project becomes operational.
Prof Dr Chaleun stated that more in-depth discussions will be had by the relevant stakeholders to discuss details of the project, and that the project will be amongst the topics to be reviewed on April 16-27, during the upcoming official visit to Laos by Vietnamese Prime Minister Nguyen Xuan Phuc.
A report on the management of good prices in local markets and measures to address the rising price of products were also discussed at the cabinet meeting.