Lao NEWS on LNTV: VITA Park officially opens for investment.19/8/2014, VO Vientiane Industry and Trade Area (VITA Park) officially opens for investment
INTRO: Vientiane Industry and Trade Area (VITA Park) was officially declared open on Wednesday after commencing operations at the end of 2009, when it first allowed investors to set up at the site.
STORY: The ceremony was attended by Deputy Prime Minister Somsavat Lengsavad, Minister to the Government Office and Head of the Government Office Dr Sonexay Siphandone, Minister of Industry and Commerce Madame Khemmany Pholsena, representatives from the Lao National Committee for Special Economic Zones, VITA Park, embassies, relevant departments and districts.
VITA Park is one of ten special and specific economic zones in Laos, which covers an area of 110 hectares on the outskirts of Vientiane. It is being jointly operated by the Ministry of Industry and Commerce in collaboration with a private company from Taiwan. The cost of the investment is valued at some US million, of which Laos has a 30 percent share and the Taiwanese company a 70 percent share.
Currently 30 companies have already registered for investment, with the foreign investors being mainly from Demark, Japan, Thailand, Malaysia and China.
VITA Park requires an additional 200 hectares to allow for expansion after an increasing number of investors have shown interest in the site in order to prepare their readiness for the upcoming Asean Economic Community as well
The project site is located 22km from the centre of Vientiane along Road No. 13 South in Xaythany district.,