16:20 | 01/11/2017 Industry
The Lao government and the Company of Economic Cooperation of Vietnam (COECCO) signed a contract in Vientiane on October 25th on iron ore mining and processing.
|At the signing ceremony - Photo: nhandan|
Speaking at the event, Chairman of the COECCO Board of Directors Nguyen Chinh Nghia said the project will be run in the Lao province of Xaysomboun and help raise revenues for the Laos’ state budget.
He pledged to effectively process iron ore in line with Laos’ environment protection law, contributing to the effective implementation of the Lao economic development strategy in a green and sustainable manner.
Lao Deputy Minister of Planning and Investment Khamlien Phonsena said the project will tighten ties between the two governments on the occasion of the Year of Laos – Vietnam, Vietnam-Laos Solidarity and Friendship 2017, the 40th anniversary of the signing of the Laos - Vietnam Treaty of Amity and Cooperation and the 55th anniversary of the bilateral diplomatic ties.
He also committed all possible support to the project.
The 29 million USD project sits on 640ha with a 24-year land lease.