Groundbreaking ceremony held for a 5-star Lasavong Plaza
(KPL) The FUND Investment Group held a groundbreaking ceremony for its 5-star hotel Lasavong Plaza in central Vientiane Capital on 29 September.
The ceremony saw the presence of the Minister of National Defense, Lt. Gen. Sengnouane Sayalath, the Minister of Industry and Commerce, Ms Khemmany Pholsena, Chairman of the FUND Investment Group Mr Fan Yan, and relevant officials.
"The Lasavong Plaza will be built on 150,000 sq m and have 33 floors. The 1.5 billion project will also include medical centre and shopping mall," said Mr Fan Yan.
The hotel will accommodate the ASEAN Summit 2016 and other national and international events.
The project is the cooperation between the Ministry of National Defense and the FUND Investment Group.
"This project will help attract investment from Chinese companies and boost socio-economic development in Lao PDR," said Mr Fan Yan.
The investment by Chinese investors has grown constantly, topping the largest investors list in the country since 2008.
Foreign investment in Laos has increased constantly on an annual basis since the country was opened up for foreign investment with the approval of the law on foreign investment promotion in 1988.