Laos, The Largest Overseas Investment Market for Vietnamese Firms
|Officials visit the Vietnam - Laos exhibition booth on the sidelines of the forum. Photo: CPV newspaper
Lao Deputy Prime Minister Sonexay Siphandone on December 13 said that the Lao Government will further support Vietnamese investors and expects more investing in Laos to increase the effectiveness of the two country’s economic cooperation, VNA reported.
Speaking at a Vietnam-Laos trade and investment promotion forum in Ho Chi Minh City, he said that Vietnamese investment in Laos has made an important contribution to the country’s national construction, protection, and development.
Vietnam is currently the third largest investor out of 53 countries and territories investing in Laos. However, the current results are still not commensurate with the potential and cooperation needs of the two countries.
Sonexay said that after a difficult period due to the Covid-19, Laos is making efforts to help businesses and people adapt to the new situation and at the same time, focus on attracting all economic sectors at home and abroad to invest in the country.
The Lao government also tries to improve transport infrastructure and connections with countries in the region, strengthen freight services, and promote related industries such as services or tourism.
Nguyen Van Nen, Politburo member and Secretary of the HCM City Party Committee, said that good political relationship is a solid foundation for the two countries to carry out economic cooperation activities.
Laos is now the largest overseas investment market for Vietnamese enterprises, who have poured USD 5.34 billion into 238 projects in the neighbouring country. HCM City's companies post 44 projects with a total registered capital of about USD 496 million in Laos.
|The forum aims to improve the efficiency of economic cooperation commensurate with the Vietnam - Laos relations. Photo: CPV newspaper
Many Vietnamese-invested projects have proven effective, contributing to the socio-economic development of Laos, Nen said.
Lao Consul General in HCM City Phimpha Keomixay said that Vietnam's investment activities focus on almost all important economic sectors and fields in Laos such as agriculture, energy, production and distribution of essential goods, banking, tourism, hotel and trade center services.
They have helped not only expand the market for Vietnamese businesses but also create a foundation for the establishment of Laos' future industries, she noted.
At the forum, Vietnamese businesses signed 17 memoranda of understanding (MoUs) and one economic contract with ministries, agencies, and localities of Laos to implement cooperation projects in the fields of agriculture, energy, information technology, and tourism.
|Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen (R) and Lao Deputy Prime Minister Sonexay Siphandone. Photo: VNA
The same day, Secretary of the HCM City Party Committee Nguyen Van Nen has highlighted a need to provide all possible support for Vietnamese and Lao investors and people and facilitate their exchanges, connectivity and business activities in localities during a reception in the city for the Lao Deputy PM.
He stressed that the signing of cooperation MoUs and economic contracts at the Vietnam-Laos trade and investment promotion forum is the first step towards new and more specific cooperation plans expected by the two Prime Ministers.
Siphandone believed that ties between the two nations will grow closer during 2022 Vietnam-Laos Solidarity and Friendship Year and subsequent years.
He hailed the signing of 17 MoUs and one economic contract on agriculture, hydropower development and tourism at the forum, which he said shows that there remains huge room for bilateral trade and investment cooperation.
The guest pledged that the Lao Government and authorities will create favourable conditions for Vietnamese investors and businesses to operate effectively. He wished to welcome more Vietnamese firms to Laos.
Vietnamese investment has reached all regions of Laos and many fields such as finance-banking, telecommunications, services, agro-forestry.
PM Pham Minh Chinh had a meeting with his Lao counterpart Phankham Viphavanh in Brussels on December 13, as part of his trip to Belgium to attend the ASEAN-EU Commemorative Summit.
The two PMs welcomed the successful implementation of four key projects between the two countries and the start of three new ones, expressing their belief that these projects will be implemented effectively, contributing to promoting connection between the two economies and bringing practical benefits to the people and businesses of both nations.
They agreed to continue efforts to remove obstacles and difficulties facing cooperation projects, towards deepening the bilateral relations in a more substantive and comprehensive manner.
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