Cambodia, Laos, Vietnam boost trade, investment

The 11th Investment-Trade and Tourism Promotion Forum of the Cambodia-Laos-Vietnam (CLV) Development Triangle took place in the southern province of Binh Phuoc on December 18.

At the event

Speaking at the event, head of the Ministry of Industry and Trade’s Foreign Investment Agency Do Nhat Hoang said that Vietnam has so far invested US$3.6 billion in 113 projects in the area, including US$1.6 billion in 48 projects in Cambodia and nearly US$2 billion in 65 projects in Laos, mostly in agriculture and rubber production.

Hoang asked the ministries and agencies of the three countries to promptly refine the legal regulations on business and investment, and procedures regarding taxation, customs and labour, while prioritising transport infrastructure investment.

A Lao representative said the forum offers a chance to boost the economic growth and infrastructure development of each country and the region as a whole.

He added that two-way trade between Laos and Vietnam topped US$800 million last year and surpassed US$500 million in the first half this year, up 14% annually. Meanwhile, trade between Laos and Cambodia has also prospered.

Vice Chairman of the Binh Phuoc provincial People’s Committee Huynh Anh Minh said local investors poured US$148 million into the development triangle, predominantly in rubber processing and cashew cultivation.

Representatives from 13 regional provinces introduced the potential and business opportunities to investors. They suggested paying attention to the training of tour guides with good foreign language command and building the border area into a friendly destination.

A representative from the Council for the Development of Cambodia revealed that agricultural investors in Cambodia are exempt from tax for nine years since the first yield.

VNF/VNA