Teamwork needed to resolve Laos-Vietnam investment issues: DPM
Teamwork needed to resolve Laos-Vietnam investment issues: DPM
The Lao committee in charge of economic cooperation between Laos and Vietnam has stressed the need for the two governments to work together to remove obstacles and address issues concerning investment cooperation.
Lao Deputy Prime Minister (DPM) Somsavat Lengsavad made the comment at a conference on economic and investment cooperation between Vietnam's Central Highlands and south-central provinces and the central and southern provinces of Laos.
Mr Somsavat, who is Chairman of the Laos-Vietnam Cooperation Committee, and his Vietnamese counterpart Nguyen Xuan Phuc co-chaired the conference held in Vietnam on November 2, according to a press release from the Lao Government Office.
The second annual economic conference, hosted by the Association of Vietnamese Investors in Laos, gathered businesses from Vietnam's Central Highlands and south-central provinces, and their counterparts from the bordering central and southern areas of Laos.
Mr Somsavat's comment came after reports of delays in the implementation of some energy and mining projects that the Lao government had licensed to Vietnamese firms.
In an attempt to address the issue, Mr Somsavat proposed that the ministries of Planning and Investment of each country meet regularly to update one another on the current investment situation.
He also proposed that the two governments each assign a committee to monitor the progress of investment projects and ensure their effectiveness, while noting any difficulties so solutions could be sought in a timely fashion.
Vietnamese DPM Nguyen Xuan Phuc urged the relevant ministries and investors to work together to speed up the implementation of licensed projects, Vietnam's Tuoi Tre newspaper reported.
Mr Somavat also recommended that the two governments instruct the two countries' ministries and relevant sectors to review the regulations and legislation to ensure they are favourable for cooperation, according to the press release.
He suggested both countries review the implementation of agreements reached by their leaders, including the agreement on tariff cuts for border trade.
The meeting noted that Vietnam's total investment in Laos has reached about US$5 billion, with 423 projects approved by the Lao government.
As of the end of September, bilateral trade between Vietnam and Laos totalled nearly US$1 billion.
DPM 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, while Laos has resources.
He also said local administrations in border areas of Laos and Vietnam should boost cooperation to make the most of their potential.
vientiane times
