Vietnam developer builds hotel in Laos
Saigon Invest Group (SGI), which is the developer of over 20 industrial zones in Vietnam and other real estate projects, late last week broke ground on a 60 billion dong hotel project in Laos.
Deputy PM Nguyen Sinh Hung attended the event.
The SGI Lao Hung Hotel would be the largest hotel in Houaphanh Province and the first three-star facility there, chair of the group Dang Thanh Tam told the Daily.
The hotel that will cover half a hectare will be in the provincial capital of Sam Neua. The site neighbours a cultural complex and an important monument. It is expected for completion in 2012.
There will be three main sections with restaurants and accommodation; commercial and office spaces, meeting hall, and shopping centre.
It is the initial step of SGI's long-term investment strategy in Laos.
Previously, Tam told the Daily that his group would pour more than one billion dollar into its projects in Laos in the coming years. The projects would include two hydroelectric plants worth a combined $1 billion and a 10,000 hectare rubber plantation. These projects would make SGI the single biggest investor in Laos.
As a nation, Vietnam leads the investment tally in the neighbouring country.
The Saigon Times Daily - August 5, 2010