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August 8, 2008

Vietnam’s economic zone draws $16.5bn investments

Vietnam’s Bo Y International Border Gate Economic Zone in Central Highlands Kon Tum province has so far attracted 24 investment projects with a total registered capital of 282 trillion dong ($16.5 billion), reported the Vietnam News Agency (VNA) on Thursday.

VNA said the zone’s management board revealed that the most remarkable project is a $6 billion international airport which is jointly developed by the Global Investment Enterprise Corporation (GIEC), Sem Tech of Malaysia and PMC Group of Singapore.

The first phase of the project is expected to start soon and to be completed by 2011.

The GIEC has also started work on the construction of a five-star hotel in the international entertainment area with an initial investment capital of $800 million.

Other large projects included a trade centre valued at 296 billion dong ($17.4 million) and a cassava powder plant capitalised at 80 billion dong ($4.7 million), which has already become operational.

The Bo Y economic zone is situated at the T-junction between Vietnam , Laos and Cambodia, core of the economic development triangle that was jointly endorsed by the prime ministers of Vietnam , Laos and Cambodia in Vientiane on November 21, 2004.

At a recent joint trip to the zone, Vietnam’s deputy prime minister Nguyen Sinh Hung and his Laos counterpart Somsavat Lengsavad both pledged to create favourable conditions for Bo Y’s development.

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