The government of Laos now owns a 60 percent share in Vietnam’s Vung Ang Port, up from its previous 20 percent stake.
A share transfer agreement for the Lao government’s 60 percent ownership in Vung Ang Port was revealed during the 44th meeting of the Vietnam-Laos Inter-Governmental Committee on Bilateral Cooperation, held in Hanoi yesterday, Vietnam Plus reports.
Vietnamese Minister of Planning and Investment, Nguyen Chi Dung, and Lao Deputy Prime Minister and Minister of Planning and Investment, Sonexay Siphandone, exchanged commitments between three Vietnamese and Lao shareholders regarding the increase of the Lao Government’s stake in the Lao-Viet International Port JSC from 20 percent to 60 percent.
The exchange was attended by Vietnamese Prime Minister Pham Minh Chinh and counterpart Lao Prime Minister Phankham Viphavanh during a state visit to Vietnam this week.
In 2017, the government approved a private-state joint venture to develop the Vung Ang Seaport project after Vietnam authorized use of the seaport in Ha Thinh Province for Laos.
The Vietnamese government has authorized a 50-year concession to Laos to establish and develop the project with the contingency to extend if necessary.
The project is considered crucial in enabling landlocked Laos access a sea trade route, which will significantly decrease transport costs for imports and exports once the project becomes operational.