New five-star hotel to grace Vientiane

Construction of the five-star Vientiane Complex at Km2 near Chao Fa Ngum Park will begin soon, at a cost of US$70 million.

Mr Nguyen Tan Dung (fifth left) and Mr Thongsing Thammavong ( fourth right ) at the groundbreaking ceremony.

The complex will be built on 20,000 square metres, or about 2 hectares, and feature an 11-storey building and three other buildings all in a modern style.

The development will comprise a 204-room five-star hotel, 174 rental apartments, 11,000sq metres of office space and a shopping centre.

The venture is being financed by the BIM Group of Vietnam, which has cooperated with the Logistics Department of the Ministry of Public Security to form the Vientiane Investment Development Company. The company is 80 percent owned by the investor, with the Lao side holding the remaining 20 percent.

Construction is expected to start soon to contribute to the development of Laos. It is expected that when the project is completed it will create about 300 jobs for Lao people.

Halong Investment and Development, or BIM Group, is a limited liability company, headquartered in Vietnam's Halong province.

BIM Group was founded by Mr Doan Quoc Viet, an entrepreneur who had owned and operated hotels, restaurants and trading businesses in Poland prior to his return to Vietnam.

BIM is one of the leading private investment companies in Vietnam, established in 1994 as a developer behind Halong Bay's first international standard luxury hotel, the Halong Plaza.

The company currently employs more than 1,500 staff and is a leader in a number of industries in Vietnam, such as real estate development, infrastructure development, tourism and transportation, salt production, and seafood.

Laos' economy continues to grow as the country gears up to hold important regional and international meetings, especially the Asia-Europe Meeting at the end of next year.

As a result, the real estate industry in Laos is booming, with more and more hotels, apartment complexes, offices and shopping centres under construction.

vientiane times

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