Quang Tri Rubber Co. Ltd., a subsidy of the Vietnam Rubber Group (VRG), will plant 500 hectares of rubber and build a rubber processing factory in Saravane province, Laos, under a land leasing contract signed on 29 November 2017 in Vientiane.
The project has a total investment of USD 10 million with an operational duration of 30 years.
Speaking at the signing ceremony, Deputy Minister of Planning and Investment Khamlien Phonsena welcomed the project, stressing that it would contribute to facilitating the socio-economic development, reducing poverty and creating jobs for local residents in the Saravane province.
As the project was signed in Vietnam – Laos Friendship and Solidarity Year 2017, he noted that the project would also strengthen the special ties between the two countries.
He asked the Quang Tri Rubber Co. Ltd. to implement the project in accordance with its schedule while observing Lao law on environmental protection and Lao Government guideline for clean and green growth.
He also affirmed that Lao authorities and relevant ministries and sectors would create more favourable condition for the project’s deployment.
For his part, Van Luu, Director General of Quang Tri Rubber Co. Ltd. expressed his thanks for the Lao Government for the signing of the project, pledging that his company would keep the project on track and closely follow Lao law and regulations during its implementation.
Source: Daily “Nhan Dan Online”, Hanoi, Vietnam; 30 Nov 2017
(Syed Rashid Ali, Karachi, Pakistan)URL: https://www.gupta-verlag.com/news/industry/20742/laos-vietnamese-company-to-plant-500-ha-of-rubber-in-laos