Government officials from relevant sectors met yesterday in Vientiane to discuss policies and legislation related to the development of That Luang Marsh Specific Economic Zone (SEZ).

The move is aimed to ensure That Luang Marsh SEZ becomes a model for SEZ development in Laos, contributing to further boosting the country’s economic growth and generating job opportunities for local people.

The main issues they discussed included the policy related to the development of real estate, taxes for the government, visa extensions for developers and security management in the zone.

Vice president of the zone’s management board, Mr Pheng Inthilath told Vientiane Times yesterday that the implementation of the one-stop-service was among the agenda at the meeting since it has not been as effective as anticipated.

Chairperson of the National Assembly’s Economic, Planning and Finance Committee Dr Souvanpheng Bouphanouvong said “We need to ensure all policies and legislation facilitates the development of special economic zones to attract more investment to Laos.”

Dr Souvanpheng also described the financial difficulties of the government since the revenue shortfall took place last year, sparking concerns for the government to respond to budget expenditure and paying monthly salaries for officials on time.

She confirmed that the SEZ was very important to attract investment to Laos and sustain econ omic growth therefore it was important for relevant sectors to discuss what more needed to be done in order to assist the business sector in Laos.

She said Japanese companies had now moved to invest in special economic zones in Laos, prompted by the tax break policy, low cost of labour and the country’s integration with the rest of the region and the world.

That Luang SEZ is a US$1.6 billion project being developed by Chinese developer Wan Feng Shanghai Real Estate Company.

The Chinese developer has started construction of 10 condominium blocks that will be18 floors in height. The developer is expecting to spend US$14.5 million to build each block and plans to sell them within five years after completion for US$17 million each. The That Luang SEZ will cover an area of 365 hectares in the six villages of Nonvai, Meuang Noi, Nonkhor Neua, Phonthan, Phonpapao and Donekoi, which are located in Xaysettha and Sisattanak districts.

The project is aimed to transform the marsh into a new business and residential centre as well as a tourism precinct, which has the potential to improve the livelihoods of local people and provide a pleasant green environment.

So far the Wan Feng Shanghai Real Estate Company has already spent more than US$60 million developing the project including constructing road access to the zone as well as installing electricity and water supply facilities and a drainage system.

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Project Snapshots:

Project Name: That Luang Lake Specific Economic Zone

– Location: Xaysettha District, Vientiane Capital, Laos
– Establishment Year: 2011
– Land Tenure: 99 years
– Investment Amount: 1,600,000,000 USD
– Developer: Private 100 % (Chinese)
– Area: 365 ha

– Location Advantage:

Available infrastructure system.
The project site is situated in the center of Vientiane Capital.

Investment Projects:

Embassy Cultural Area (Embassy Office, Department Store, Franchised Store, Superstore, Entertainment Center, 5 Star Hotel, Performance Center).
Financial and Business Area.
Intensive Residential Area (Service Facilities: Hospital, International School and Kindergarten).
Low-rise Residential Area (Many forms of residences: European style, modern style and Laos style).
Tourist and Leisure Area (Retail Complex, Leisure and Lifestyle Street, Resort and Hotel).
Golf Course.

Download legal acts development of SEZ

Source: http://www.sncsez.gov.la
Somsack Pongkhao, Vientianetimes
(Latest Update May 07, 2014)