Vietnamese Businesses Contribute to the Socioeconomic Development of Laos

On Oct 13, the 17th anniversary of the Vietnamese Entrepreneur Day was held in Laos. With 400 investment projects, Vietnam is the third-largest investor in the country, following Thailand and China.
October 13, 2021 | 22:46

On Oct. 13, the Vietnam Business Association for Cooperation and Investment in Laos (BACI) held a ceremony in both in-person and offline modes to celebrate Vietnamese Entrepreneur Day in the capital Vientiane.

The event was attended by the Ambassador of Vietnam to Laos Nguyen Ba Hung, representatives of the Consulate General of Vietnam in Luang Prabang, Savannakhet and Champasak, and representatives of the Vietnamese business community in Laos.

At the ceremony, BACI interim president Duong Dinh Bang highlighted the history and meanings of the Vietnamese Entrepreneur Day (Oct. 13).

Bang said to boost economic cooperation based on the friendship and comprehensive cooperation between Laos and Vietnam, there had been numerous Vietnamese businesses investing in Laos recently.

Vietnamese Businesses Contribute to the Socioeconomic Development of Laos
Ambassador of Vietnam to Laos Nguyen Ba Hung presented flowers to BACI interim president Duong Dinh Bang in commemoration of Vietnamese Entrepreneur Day. Photo: Vietnam+

According to Bang, Vietnam is currently the third-largest investor in Laos following Thailand and China, with over 400 investment projects and committed capital of over US$ 5 billion.

In recent years, the Vietnamese business community in Laos has not only been contributing to Laos’ annual budget but also giving millions of dollars to projects that improve social welfare and infrastructure development and generate jobs for thousands of Laotian workers.

More significantly, Vietnamese businesses have played a vital role in changing the mindset of Laotian laborers from focusing on fragmented production to boosting industrial goods production, creating a new direction for sustainable economic development in Laos. These efforts have been acknowledged by the government and people of Laos; they have also been enhancing the friendship between the two countries.

Recognizing the efforts to overcome the Covid-19 pandemic of the Vietnamese business community in Laos, Ambassador Hung expressed his joy to know that most production activities remained stable and new investment projects of Vietnamese businesses in Laos continued to be developed, albeit at a slower pace, despite the pandemic.

Vietnamese Businesses Contribute to the Socioeconomic Development of Laos
Celebrating the Vietnamese Entrepreneur Day online in the Laotian provinces of Luang Prabang, Savannakhet, Oudomsay and Champasak. Photo: Vietnam+

Ambassador Hung also underlined the challenges that Vietnamese businesses in Laos had been facing and would continue to face. The ambassador required the Vietnamese business community to understand clearly the concept of new normal, address current challenges and optimize the use of available resources in terms of the labor force and technologies to co-exist with Covid.

The ambassador stressed that it was vital to ensure maximum safety in production by finding, updating and applying science and technology, especially digital solutions, in business and trade activities.

The businesses that attended the event noted that they already prepared specific plans to deliver business activities, complying with the relevant social distancing orders of the Laotian government, to maximize business and trade efficiency.

The ambassador highlighted that the Vietnamese business community in Laos should work closely with the Embassy to cooperate with the governments of Laos and Vietnam and find the best solutions to address the difficulties facing the businesses.

Ambassador Hung also urged Vietnamese businesses in Laos to become proactive and front-runners in the race for investment in Laos. The ambassador underlined that the Vietnamese businesses should support each other, showcasing their goodwill and dedication to business activities in Laos and contribute to tightening the close friendship between Laos and Vietnam.

On this occasion, the ambassador also praised and highlighted the positive contributions of the Vietnamese businesses in Laos in supporting the governments of both countries to fight against the Covid-19 pandemic.

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