|Representatives of BIDV and the Laos government sign a $53 million credit contract for road construction in Vientiane on June 20. — Photo thoibaonganhang.vn
VIENTIANE — The Bank for Investment and Development of Viet Nam (BIDV) will lend US$53.16 million to Laos to help the country build a road in its northern province of Houaphanh.
The credit contract, with a lending term of 15 years, was signed by representatives of the bank and the Laos government in Vientiane on June 20.
Laos Deputy Prime Minister Somsavad Lenhsavad and Vietnamese Deputy Minister of Planning and Investment Nguyen Chi Dung attended the ceremony.
The 67-kilometre two-lane road, connecting Tha Lau and Sam Tay districts, will link with Viet Nam's road systems in the central province of Thanh Hoa.
It is particularly believed that a link with Viet Nam's Nghi Son deep-water seaport will promote trade activities and socio-economic development in the concerned areas.
The project is part of a plan to develop the shortest land link between Ha Noi and Vientiane. The transport ministries of the two nations signed a memorandum of understanding to speed up the project's progress in late March. The construction is expected to begin later this year.
The credit contract marked the 15th anniversary of the Laos-Viet Nam Joint Venture Bank, an affiliate of the BIDV in Laos. — VNS