New JV promotes Vietnam-Laos maritime transport connectivity
VOV.VN - A joint venture enterprise has been established in Laos recently to increase cooperation on maritime transport between Laos and Vietnam.
The Lao-Vietnam Vung Ang Port Development State Enterprise (VDS) is a JV between Petroleum Trading Lao Public Company (PetroTrade) and the Lao Government. The Lao Finance Ministry on behalf of the Government will hold a 51% stake over 50 years, with this term able to be extended by both parties.
The JV aims to perform a strategy of regional integration and the expansion of Vietnam’s Vung Ang 1, 2, and 3 port projects under an agreement signed between the Governments of Laos and Vietnam.
It will help to strengthen the capacity of transporting containers at the Vung Ang deep seaport, which is anticipated to receive vessels ranging from 5,000 to 100,000 tonnes, and provide services for between 50,000 and 1.2 million containers, handling goods between 3 million and 20 million tonnes by 2030.
For Laos, Vung Ang seaport plays an important role in promoting maritime transport and regional connectivity. It is expected to help boost Lao economic growth through transportation and trade exchanges.