Vietnam’s investment in Laos tops US$5 billion
Vietnam’s investment in Laos tops US$5 billion
Vietnam’s investment in Laos has reached around US$5 billion with over 400 projects approved by the Lao government, according to a report in Vietnam’s Tuoi Tre newspaper on Monday.
Laos has licensed 423 investment projects worth about US$5 billion for Vietnamese businesses, about 95 percent of which have been implemented in the central and southern regions.
A second annual economic discussion, hosted by the Association of Vietnamese Investors in Laos, recently gathered businesses from Vietnam’s Central Highlands and south-central provinces, and their counterparts from the bordering central and southern areas of Laos.
Realty developer Hoang Anh Gia Lai stands out from other Vietnamese businesses in Laos with total investment of US$1.2 billion, mostly in the agricultural and hydropower sectors.
As of the end of September, bilateral trade between Vietnam and Laos reached nearly US$1 billion.
Vietnamese-run projects in Laos have generated 30,000 stable jobs for locals.
Delegates at the seminar noted that some projects, particularly those in the energy and mining sectors, have been carried out slowly.
Deputy Head of the Planning and Investment Ministry, Mr Nguyen Chi Dung, suggested that the two governments offer incentives and policies to attract investment, as well as upgrade and improve traffic and utility infrastructure.
Vietnamese Deputy Prime Minister Nguyen Xuan Phuc said there are advantages for Lao and Vietnamese businesses to boost bilateral investment and cooperation.
Vietnam has favourable conditions and strong financial muscles in seaports and tourism, while Laos has potential in natural resources, Mr Phuc said.
He urged ministries and investors from both countries to speed up the implementation of the licensed projects, adding that local administrations in border areas between Laos and Vietnam should strengthen cooperation to take the best advantage of their potential.
Lao Deputy Prime Minister Somsavat Lengsavad said the Lao government will work harder to tackle difficulties and create favourable conditions for Vietnamese investors.
Mr Somsavat said the two governments will work together closely to instruct ministries on both sides to review bilateral cooperation agreements and solve any issues that arise.
He added that Laos particularly appreciated projects run by Hoang Anh Gia Lai, the Bank for Investment and Development of Vietnam, and the military-run mobile network operator Viettel in the southern region.
