Invested by the Vietnam National Chemical Group (Vinachem), the project spans as far as 10 sq km and is designed to turn out 320,000 tonne per year. It has a total investment of USD 522 million, of which Vietnam Development Bank provides USD 113.1 million (about 2.400 trillion VND) with loan maturity of 12 years, grace period of 4 years; Vinachem contributes USD 105 million and the remain is from Vietnam’s commercial banks.
The project is meant to ease the two countries’ reliance on imported potash fertilisers.
Addressing the ceremony, Lao PM Thammavong believed that on the back of Vietnam ’s expertise, the work will become operational in the near future, generating jobs for local workers and thus contributing to fostering Laos ’ economic development.
The Vietnamese leader, for his part, said the key project is part of a master plan to develop Vietnam’s chemical industry, adding that it will not only develop the local economy but also create a new driver for the bilateral economic ties.
He also took the occasion to ask Vinachem to work harder to meet schedule and deliver guaranteed quality.
Source: VNA