Laos, Vietnam hold talks to boost investment
Laos, Vietnam hold talks to boost investment
Leadership from Laos joined talks with counterparts in Vietnam this weekend in an effort to reduce obstacles to trade and investment, Vietnam-based Baomoi online news reported.
Lao Deputy Prime Minister Somsavat Lengsavad and Vietnamese counterpart Nguyen Xuan Phuc co-chaired a conference on economic and investment cooperation between Vietnam’s Central Highlands and south-central provinces and the central and southern provinces of Laos.
The move is seen as necessary to boost Vietnamese investment in Laos to hit US$5.8 billion in 2015, an increase on the current total value of US$5 billion.
As many as 80 representatives of Vietnamese investors in Laos and delegates from ministries, agencies and localities from both countries attended the event in Quy Nhon city, Binh Dinh province, Baomoi reported.
Laos has granted investment licenses to 423 Vietnamese-funded projects with a combined capitalisation of around US$5 billion which ranks second among foreign investors in the country.
Investments from Vietnamese businesses in central and southern provinces of Laos make up 95 percent of Vietnam’s total foreign direct investment (FDI) in the country.
By the end of September, the two-way trade turnover between Vietnam and Laos reached nearly US$1 billion.
Vietnamese-invested projects in Laos have helped the country increase revenue collection, boost economic growth and generate about 300,000 jobs.
However, there remained some delays in the energy and mining sectors that need to be addressed in a timely fashion.
The news agency quoted Vietnamese Deputy Minister of Planning and Investment Nguyen Chi Dung as saying that the two governments should issue incentive policies for investors in disadvantaged regions particularly in border areas.
He drew participants’ attention to infrastructure upgrades, particularly power generation and transmission, water supply, and irrigation network.
Meanwhile, Deputy PM Phuc highlighted huge cooperation potential between Laos and Vietnam in the fields of agro-forestry, energy, mineral processing, and tourism development.
Vietnam has many advantages in seaports, tourism, and financial capacity, and this would help businesses increase two-way trade and foster bilateral tourism cooperation, he said.
Mr Phuc stressed the need to provide more support for Vietnamese and Lao firms and maintain regular dialogue mechanism between the two countries.
It was also essential to speed up the completion of agreements related to trade and investment, create a legal framework, and give financial assistance to investment projects of both sides, he said.
He called on both Vietnamese and Lao companies to take heed of social responsibilities, pay attention to job creation, apply advanced technologies, protect the environment as well as contribute to reductions in poverty rates and increases in social welfare.
Authorities of border provinces should promote greater information exchange and diversify cooperation models in order to take advantage of opportunities, Mr Phuc said.
