Vietnamese bank invests in five-star hotel in Laos

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The Bank for Investment and Development of Vietnam (BIDV) and LaoVietBank will finance the construction of a five-star hotel and office complex in Vientiane, the capital of Laos.

Covering an area of 2 hectares, the complex will consist of a five-star hotel and residential and office buildings for lease. — Photo dddn

HA NOI (Biz Hub) — The Bank for Investment and Development of Vietnam (BIDV) and LaoVietBank will finance the construction of a five-star hotel and office complex in Vientiane, the capital of Laos.

LaoVietBank is a joint venture between BIDV and Laos' BCEL.

To this effect, a credit contract was signed in Vientiane on January 14 in the presence of Vietnamese Minister of Public Security Tran Dai Quang, Lao Acting Minister of Public Security Somkeo Silavong, and BIDV Chairman Tran Bac Ha.

Under the contract, the two banks will offer a credit loan of 35 million USD to 62 million USD for the project.

Speaking at the event, BIDV Deputy General Director Tran Luc Lang confirmed that the contract reflects Vietnamese businesses' commitment to stepping up investment in Laos.

Covering an area of 2 hectares, the complex will consist of a five-star hotel and residential and office buildings for lease. It is also expected to host the 10th National Congress of the Lao People's Republic Party in late 2015 and early 2016 and the ASEAN Summit in 2016. — VNS

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