Five-star hotel to be built in Vientiane
(KPL) The Logistics Department of the Lao Public Security Ministry has signed a joint investment worth US$70 million with BIM group of Ha Long province, Vietnam, in building a five-star hotel in the heart of Vientiane Capital.
The signing ceremony of the joint venture was held at Don Chan Palace Hotel, Vientiane, on 1 February.
?It is a very important joint venture between the Lao Logistics Department and the Vietnamese BIM group based on mutual benefits,? said Col. Bounmy Sengkhamyong, director of the General Logistics Department.
Col. Bounmy added that the joint investment was a significant contribution to the existing special solidarity and comprehensive cooperation between the two countries.
The hotel will be built on 20,000 square metres, which is located at km2, Samsenthai road, Nong Duang Neua village, Sikhottabong district, Vientiane Capital. This land belongs to the Lao Public Security Ministry.
This comprehensive project will include a five-star 11-storey hotel and two three-storey buildings of trade, health centres and other services complex.
Laos holds 20 percent of shares in the total investment. Col. Bounmy further stated that the two sides had agreed to speed up the land survey after signing the agreement.
The five-star hotel will take three years of construction, which is expected to start at the end of this year. The construction of the project first phase is expected to be complete in 2013.
Attending the signing ceremony were Minister of Public Security, Mr Thongban Seng-aphone, Director of the BIM Group Mr Doan Quoc Viet and Vietnamese Ambassador to Laos Mr Ta Minh Chau .
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