Vietnam who is already Laos' third major investor has announced additional investments in Laos in 13 projects totalling some $3.5 billion, including two projects worth $1.7 billion to explore for oil and gas in Champassack and Salavan provinces, and another project to build a 1,400 MW hydro-power plant in Luang Prabang province.
The two nations signed MOUs during a visit to Laos earlier this month by a delegation of Vietnamese businesses. If the projects materialize, Vietnam will replace China as number one foreign investor in Laos.
Meanwhile, China has agreed to provide a long term loan of more than $57 million to help Laos upgrade Luang prabang airport to international standards, so that it can accommodate larger aircrafts like Boeings and Airbuses.
The two-stage project, which is to begin in November and expected to take four years to finish, will involve upgrading equipments, building a new runway and a new hangar, as well as extending airport parameter.
Listen to our Laos Today report for more details in Lao.