Laos expects more Vietnamese investors: Lao Deputy PM

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.
The MoU exchange ceremony between Vietnam and Lao enterprises. (Photo: VNA)
The MoU exchange ceremony between Vietnam and Lao enterprises. (Photo: VNA)

Speaking at a Vietnam-Laos trade and investment promotion forum in HCM 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 Ho Chi Minh 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 5.34 billion USD into 238 projects in the neighbouring country. HCM City's companies post 44 projects with a total registered capital of about 496 million USD in Laos.

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.

VNA