South Korean company confers on construction of the US$2.9-billion Resort Lao Complex project in Vientiane province
The General Logistics Department of the Ministry of Public Security recently signed documents to grant the right for the use of state land in the Km62 area of Vientiane province for the construction of the US$2.9-billion Resort Lao Complex project.
An area of 1,200 hectares under the management of the Ministry of Public Security will be used by the Oriental Pearl Company Limited, a private company from the Republic of Korea (RoK), to build the complex.
An agreement on the development was signed recently by Acting Director General of the General Logistics Department, Police Brigadier General Thongsouk Yaeulaoly and the company’s President Jeong Taejin, witnessed by Deputy Minister of Public Security Police General Kongthong Phongvichith and the company’s chairman Kim Won Pyo, alongside other officials from the ministry and the company.
Speaking at the agreement signing ceremony, the Deputy Director General of the General Logistics Department, Police Brigadier General Nouchone Konethongdam, said the Oriental Pearl Company Limited had in 2015 submitted a proposal to the ministry stating its intention to develop an area of 1,200 hectares at Km62.
The Oriental Pearl Company Limited and the Ministry of Public Security signed a Memorandum of Understanding (MoU) on the project in February 2016 as a reference for the two sides to carry out a project survey and design, considered to be essential aspects of the scheme.
In late October 2022, the two sides reached an agreement on project development, which allowed the project developer to continue with the construction of the US$2.9-billion Lao Resort Complex.
The development will initially involve the construction of a new township, a tourist site and service complex centre, and will aim to boost economic growth and generate job opportunities for local people.
It is also envisaged that the project will be a boost to local investment projects by businesses operating small and medium-sized enterprises (SMEs), especially for vendors in Phonhong district, Vientiane province.