Cruise ships in Ha Long Bay, Quang Ninh Province. Photo by Shutterstock/namanh.

The finance package consists of a loan of up to $50 million from IFC’s own account and another $37.5 million from other sponsors through the corporation’s Managed Co-Lending Portfolio Program, IFC announced in a recent statement.

At least $10 million of this financing package will be dedicated to developing tourism in Lao, IFC said.

IFC, a financial arm of the World Bank Group, said the loans will be used to finance sustainable tourism infrastructure projects in Vietnam and Laos, which will attract an increasing number of domestic and international tourists, thereby creating jobs and bolstering local economies.

"As part of this project, BIM Land will add a significant number of international quality hotel rooms or serviced apartments — more than 1,500 — in Vientiane, Ha Long Bay, and Phu Quoc Island," said Doan Quoc Huy, the private company’s CEO.

The project is expected to create approximately 1,400 jobs, 60 percent of which are supposed to go to women.

In 2018, Vietnam recorded 15.5 million foreign visitors and Laos attracted approximately 4.2 million, the IFC statement said.

According to the Vietnam National Administration of Tourism, the local tourism industry raked in revenues of VND620 trillion ($26.8 billion) in 2018, up 14.6 percent against 2017, and contributing 7.5 percent to GDP.

VNF ( Vnexpress )