Hoang Anh Gia Lai (HAGL) Joint-stock Company signed an agreement in Vientiane last Saturday to provide Lao with US$14 million to construct a village area for hosting the 25th Southeast Asian (SEA) Games next year.
At the signing ceremony, Laos’ Standing Prime Minister Somsavat Lengsavad thanked the Vietnamese government and HAGL for assisting Laos build the facilities for the 25th SEA Games.
Four million dollars will be non-refundable aid, while the remaining $10 million comes in the form of a three-year interest-free loan.
HAGL is also responsible for building 1,000 rooms at the SEA Games Village inside the Lao
National University campus, located around nine kilometers from downtown Vientiane City.
The groundbreaking ceremony is set to take place on July 25 and more than 1,000 Vietnamese workers will be recruited to build them.
“This is a project to support sports competition among nations in the region, so it is a great honor for HAGL to build it,” HAGL CEO Doan Nguyen Duc said.
“We will try to finish it by June next year.”
As part of the plan to pay back the funds, the Lao government will allow HAGL to invest in trade in the country.
The Vietnamese company will be provided with 10,000 hectares in Attapeu District to plant rubber trees and be able to build factories, trading centers, hotels and offices for lease in Vientiane.
The groundbreaking ceremony is set to take place on July 25 and more than 1,000 Vietnamese workers will be recruited to build them.
*** I AM LAUGHING MY ARSE OFF RIGHT NOW***
The Vietnamese company will be provided with 10,000 hectares in Attapeu District to plant rubber trees and be able to build factories, trading centers, hotels and offices for lease in Vientiane.
Laos got a bad deal on this. Whoever made this deal need to be shot for incompetent. Why do we get taken advantage of every time.
