09:34 | 18/09/2018 Industry
The Lao Government and Viet Phuong Group (VPG) of Vietnam on September 11 signed a contract for exploiting and processing bauxite ore and building an alumina factory in Sekong province of Laos.
|General Director of Viet Phuong Group Phuong Minh Hue (front, 2nd from left) and Lao Minister of Planning and Investment Suphan Keomisay exchange the signed contract - Photo: VNA|
With total investment of about US$650 million, this will be Vietnam’s biggest investment project in the mining industry of Laos.
The project is located in Dakcheung district of Sekong and will cover nearly 100 sq.km of land. It is part of the roadmap for implementing the agreement on economic, cultural and scientific-technical cooperation between the Vietnamese and Lao Governments.
It not only matches the socio-economic development plans and the expansion of relevant infrastructure in relating localities but will also help ensure security-defence in areas with bauxite mines, particularly in Sekong province and the Cambodia-Laos-Vietnam Development Triangle Area.
At the signing ceremony, VPG General Director Phuong Minh Hue thanked the authorities of Laos and Sekong for supporting her firm over the last 10 years to carry out the agreement on bauxite exploration inked with the Lao Government.
She said the successful implementation of this project will contribute to the development of the Lao economy and help increase the proportion of industry in the local economy and industrialise and modernise the country.
She also called for more support from the Lao Party, Government and people for project implementation and pledged that with its capability and experience, VPG is determined to carry out this project successfully so as to help implement the two countries’ socio-economic development cooperation program and reinforce their special friendship.
When operational, the project is set to create thousands of jobs for local residents and contribute millions of USD to the local budget each year, Hue added.