VIENTIANE, July 18 (Xinhua) -- A Lao company is investing 280 million U.S. dollars in a project to develop Vung Ang seaport in Vietnam's central Ha Tinh province to boost logistics and infrastructure and benefit Laos, neighboring Thailand and Vietnam, the state-run media reported on Tuesday.
The Lao government has approved a move by the Petroleum Trading Lao Public Company (PTL), one of Laos' leading private companies, and Lao Logistics State Enterprise to jointly establish the Vung Ang seaport Development Company Limited.
A joint venture agreement was signed by the PTL Chief Executive Officer Chanthone Sitthixay and the Director of Lao Logistics State Enterprise Khampheng Sisanga at an event held in Lao capital Vientiane on Monday. The signing was witnessed by Lao Deputy Minister of Finance Thipphakone Chanthavongsa and government and company officials.
Chanthone told local media his company will hold an 80 percent share in the newly established company while the rest of the stake will be held by the Lao Logistics State Enterprise.
"The development of this seaport has been carried out by the governments of Laos and Vietnam for a while but progress has been slow due to many factors. So our company will voluntarily represent our government to continue the project," he said.
The project will also pave the way for the smooth export of domestic goods and import of products by linking landlocked Laos with the outside world.