KN Vientiane Group Co Ltd of Vietnam and Real Concept Real Estate Sole Ltd of Laos sign a strategic cooperation agreement to develop a real estate project in the Long Thành – Vientiane Special Economic Zone in Laos on June 28. — VNA/VNS Photo Văn Phiên

VIENTIAN — KN Vientiane Group Co Ltd of Vietnam and Real Concept Real Estate Sole Ltd of Laos on Sunday signed a strategic cooperation agreement to develop a real estate project in the Long Thành – Vientiane Special Economic Zone, marking a concrete step to implement investment commitments while underscoring the proactive role of businesses in strengthening Việt Nam – Laos economic ties.

Covering an area of 557.28 ha, the project has a total registered investment of US$1 billion. It is the first project in Laos with a 99-year land lease licence granted to a Vietnamese enterprise, together with preferential policies including home ownership for foreigners, long-term residence visas and tax incentives.

The zone has already put into operation an international-standard 36-hole golf course and a model riverside residential area featuring luxury villas. Other planned facilities, including a five-star hotel, an international hospital, schools and an international commercial centre, are expected to support the zone's ambition to become a modern economic hub that will help attract investment and promote Laos' economic growth.

Speaking at the signing ceremony, General Director of KN Vientiane Group Lê Huy Hoàng described the partnership as an important milestone in the project's development strategy and its commitment to delivering the company's core values.

He said the firm remains dedicated to developing high-quality real estate products that meet rising customer demand while contributing to urban development and improving community living standards.

​KN Vientiane Group selected Real Concept as its strategic partner after a thorough evaluation process, Hoàng said, citing the Lao company's strong market presence, professionalism, and reputation. He reaffirmed his company's commitment to ensuring high construction standards, keeping infrastructure development on schedule, and delivering on its commitments to customers and the strategic partner.

​For his part, Director of Real Concept Bouavieng Champaphan said the firm’s development strategy extends beyond commercial property to social infrastructure, including schools. He noted that the Lao business’s future plans also include international hospitals, sports complexes, resorts, entertainment facilities, high-tech zones and premium residential developments designed to meet rising living standards in Laos.

The long-lasting friendship between Laos and Việt Nam will continue to underpin stronger economic cooperation, expressing confidence that businesses from both countries will work together to contribute to their shared socio-economic development, he said.

The partnership between a major Vietnamese investor in Laos and a prominent Lao-owned real estate developer is seen by economic experts as a positive step that will give fresh momentum to the high-end real estate segment in Vientiane while contributing to the bilateral economic ties and special relations between the two nations. — VNA/VNS