Korean companies eye investment in Vientiane province

Director of the provincial Department of Planning and Investment, Soukkan Vilaylak, told Vientiane Times Tuesday that Korean entrepreneurs are increasingly interested in investing in the province.

 

“One Korean company has proposed a fish breeding project in the Nam Ngum river in Thoulakhom district, to serve the growing tourism industry in Laos,” he said.

 

Another Korean company requested permission to invest in a solar power project but the site they wanted overlapped with other projects so provincial authorities recommended they carry out a feasibility study in other areas.

 

One of the planned mega projects is the $2-billion Lao Resort Complex Project located in the Km 62 area of Vientiane province.

 

The joint venture between the Ministry of Public Security (holding 20 percent) and a South Korean company known as Oriental Pearl Company Limited (holding the rest) will cover an area of 1,200 hectares.

 

A Memorandum of Understanding (MoU) for the project was signed in Vientiane in February this year between the two parties.

 

The ministry has submitted the project proposal to the government for consideration and approval. Once the government approves the project, it will become one of several mega projects underway in Laos.

 

The Km 62 area will be developed into a new town, which will help to boost economic growth and generate job opportunities for local people.

 

Mr Soukkan outlined the overall picture of Korean investment in the province, saying there were still not that many Korean companies investing there.

 

“What we know is that some Korean businesses are running tourism-related ventures such as restaurants to accommodate Korean tourists, particularly in Vangvieng district,” he said. 

 

“A growing number of Koreans are visiting Vangvieng so Korean business operators might see the potential to serve their people.”

 

In the year to date, tourist arrivals in Vientiane province have exceeded 400,000, representing 65 percent of the plan which is set at about 600,000 people for the year.

 

“We still want the business sector to invest in tourism-related services such as developing tourist attractions and building hotels, restaurants and other facilities to meet the needs of visitors,” Mr Soukkan said.

 

He said Vientiane province was widely considered to be an agricultural production zone with most people in the province relying on this sector. However, the province lacks factories to process crops for export.

 

Vientiane province is also known for its cement factories and hydropower projects, which contribute to socio-economic development and create job opportunities.