The Lao diplomat made the statement while speaking to the media on the occasion of the 60th founding anniversary of Vietnam-Laos diplomatic relations (1962-2022) and the 45th anniversary of the signing of the bilateral Treaty of Amity and Cooperation (1977-2022).
He underlined that Vietnam and Laos are close neighbours that have shared difficulties and supported each other during many decades in their past struggles for national salvation, and the current cause of national construction and defence in each country.
Currently, despite complicated and unpredictable developments in the region and the world, the bilateral relationship has still been developing more fruitfully, bringing practical benefits to people of both nations, he said.
He noted that the bilateral relations in politics, defence, security and diplomacy have been strengthened with smooth coordination at international and regional forums.
Particularly, the partnership between the two countries in economy, trade, investment, education and culture has been continuously bolstered, said the ambassador, stressing that Vietnam is one of the biggest investors in Laos, and the number of Lao students studying in Vietnam has been on the rise.
Sengphet underlined that Vietnam and Laos have enjoyed close and special economic cooperation. After the two sides adjusted mechanisms and policies to suit the real situation in each country, their economic, trade and investment collaboration have thrived.
Vietnamese investors have played an important role and made significant contributions to the socio-economic development of Laos. Since 1988, Vietnam has run 417 projects in Laos with total capital of 4.6 billion USD, he said, noting that Vietnam now ranks third among 54 countries and territories investing in Laos.
Meanwhile, two-way trade in May 2022 exceeded 132 million USD, up 16.52% year on year, pushing the total value in the first five months of this year to 690 million USD, a rise of 21%.
The diplomat said that economic cooperation with Vietnam has fostered Laos’s economic growth, improving living conditions of Lao people, and positively contributing to defence-security ties between the two countries.
Regarding bilateral coordination in digital transformation process, he said that this is an important factor for the industrialisation and modernisation of Laos.
He said that Laos has designed strategies for digital economic development, while issuing a number of legal documents in the field, including the Law on E-Commerce, and Law on Electronic Signatures. Laos has joined international deals such as the Regional Comprehensive Economic Partnership (RCEP), he said, adding that Laos has also expanded its partnership with other countries in digital technology development.
According to the ambassador, the country is in need of investment from leading firms in the digital economy of Vietnam to catch up with countries in the region and the world in the field.
For Vietnamese businesses intending to invest in Laos, the ambassador said that his country is offering various incentives for foreign investors in many aspects, while improving its domestic industries and infrastructure system.
Laos is calling for investment in three major regions, including the remote and difficult region with tough conditions for investors, the region with favorable conditions, and the special economic region, he said.
The diplomat also highlighted preferential policies that Laos is offering to investors in particular regions and sectors.
He advised investors to focus on the cultivation, breeding and processing sectors to increase added value for farm produce, and create more jobs for local residents.
