08:59 | 14/09/2015 Investment
Prime Minister Nguyen Tan Dung and his Lao counterpart Thoosing Thammavong launched a project for the exploitation and processing of potash salt mines, one of Vietnam’s largest projects overseas, during a ground-breaking ceremony in Nongbok district, Khammouane province of Laos on September 13.
PM Nguyen Tan Dung and his Lao counterpart Thoosing Thammavong press the button to launch the project (Credit: VNA)
Invested by the Vietnam National Chemical Group (Vinachem), the project covers a total of 10sq.km and is designed to process 320,000 tonnes of potash per year. It will cost a total US$522 million; US$105 million of which is from the investor and the remaining from Vietnam’s commercial banks.
The project was established to ease the two countries’ reliance on imported potash fertilisers.
Addressing the ceremony, Lao PM Thammavong believed that with Vietnam’s expertise, the mines will become operational in the near future, generating jobs for local workers and thus contributing to fostering Laos’ economic development.
The Vietnamese leader, for his part, noted that the project is part of a master plan to develop Vietnam’s chemical industry, adding that it will not only develop the local economy but also create a new driver for bilateral economic ties.
He took the occasion to ask Vinachem to work harder in order to complete tasks according to schedule and deliver guaranteed quality.
The same day, the PM visited a memorial dedicated to President Ho Chi Minh in Sieng Vang village where he lived and worked from 1929-1931.
He also met Vietnamese nationals in the village and urged them to contribute to the local socio-economic development./.