Vietnamese bank invests in five-star hotel in Laos
The Bank for Investment and Development of Vietnam (BIDV) and LaoVietBank, a joint venture between BIDV and Laos’ BCEL, will finance the construction of a five-star hotel and office complex in the Lao capital of Vientiane.
The Bank for Investment and Development of Vietnam (BIDV) andLaoVietBank, a joint venture between BIDV and Laos’ BCEL, will financethe construction of a five-star hotel and office complex in the Laocapital of Vientiane.
To this effect, a credit contract wassigned in Vientiane on January 14 in the presence of VietnameseMinister of Public Security Tran Dai Quang, Lao Acting Minister ofPublic Security Somkeo Silavong, and BIDV Chairman Tran Bac Ha.
Under the contract, the two banks will offer a credit loan of 35 million USD to the 62 million USD project.
Speakingat the event, BIDV Deputy General Director Tran Luc Lang affirmed thatthe contract reflects Vietnamese businesses’ commitment to increasinginvestment in Laos .
Covering an area of 2 hectares, thecomplex consists of a five-star hotel and residential and officebuildings for lease. It is expected to serve the 10 th NationalCongress of the Lao People’s Republic Party in late 2015 and early 2016and the ASEAN Summit in 2016.-VNA
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