Authorities in Phongsaly Province have approved a feasibility study for the development and construction of a new Special Economic Zone at the borders of Laos, China, and Vietnam.
According to a report by Socio-Economic News, the Phongsaly provincial administration and Yujia Investment Co., Ltd of China signed a Memorandum of Understanding (MOU) on a feasibility study for the development and construction of a new “Triangle” Special Economic Zone (SEZ) at the Laos-China-Vietnam triangle site on Tuesday.
Deputy Director of the Phongsaly Provincial Department of Planning and Investment, Ms. Khammala Souvong, says Yujia Investment would undertake a feasibility study on the development of the Laos-China-Vietnam Triangle in Phongsaly’s Yot Ou District as a new SEZ within Laos.
“After signing the MOU, the group has 18 months to complete the survey as well as a feasibility assessment,” said Ms. Khammala Souvong.
The Chinese firm will survey a total of 250 square kilometers of land, including 100 square kilometers of service and tourism sites and 150 square kilometers of agriculture and industry sites.
The company will design road a construction link from Ou Nue Village to the border of the new triangle SEZ, and conduct a land-use research survey.
Meanwhile, the project feasibility study, environmental and social impact assessment, will be used as a basis for a blueprint for the development of the new triangle SEZ.