Vietnam-Laos Industrial Park: New direction to strengthen bilateral ties
Vietnam-Laos Industrial Park: New direction to strengthen bilateral ties
Numerous Vietnamese projects in various sectors have effectively contributed to Laos' development, creating jobs and improving the livelihoods of tens of thousands of local workers.
Leaders of Vietnam and Laos express their wish for enterprises that have invested in industrial parks in Vietnam to explore the development of Vietnam-Laos industrial parks.
Prime Minister Pham Minh Chinh and his Laos counterpart Sonexay Siphandone. Photos: Nhat Bac/VGP |
The view was shared by Prime Minister Pham Minh Chinh and his Laos counterpart Sonexay Siphandone, who both attended the Vietnam – Laos Investment Cooperation Conference held on January 9.
At the conference, the Minister of Planning and Investment and chairman of the Laos-Vietnam Cooperation Committee, Phet Phomphiphak, presented Laos' investment environment and attraction policies. Vietnam's Minister of Planning and Investment, Nguyen Chi Dung, Chairman of the Vietnam-Laos Cooperation Committee, assessed the current investment cooperation status and outlined directions for 2025.
Representatives of major enterprises from both countries reported on cooperation and investment opportunities, highlighting potential areas for Vietnamese enterprises in Laos, such as potassium salt mining, bauxite extraction, and processing, agriculture, and aviation.
Truong Hai Group Chairman, Tran Ba Duong, highlighted large-scale agricultural development, industrial parks, and logistics centers in Laos, while Vietjet Vice Chairman, Nguyen Anh Tuan, discussed master planning for airport system development, investment in aviation, and expansion into tourism and other sectors.
Despite global complexities and challenges, trade and investment cooperation between Vietnam and Laos continued to grow and achieve positive results.
Vietnam's registered investment capital in Laos exceeded US$5.7 billion. Laos remains the top destination for Vietnam’s overseas investments, while Vietnam is one of the top three direct investors in Laos. In 2024 alone, Vietnamese investments in Laos grew over 62% compared to 2023, reaching more than $191 million.
Numerous Vietnamese projects in various sectors have effectively contributed to Laos' development, creating jobs and improving the livelihoods of tens of thousands of Lao workers. These projects have also contributed an average of $200 million annually to the Lao national budget, with cumulative contributions since 2015 amounting to approximately $1.8 billion. Investments in sustainable development projects include the Truong Son Wind Power Plant, with a capital investment of $70.7 million, and other significant initiatives.
Several large-scale projects were advanced in 2024, such as potassium salt mining, bauxite extraction, and wind power projects like Savan 1. These efforts have catalyzed further Vietnamese investment in Laos.
The total bilateral trade in 2024 is estimated to reach $2.2 billion, marking an impressive 33.9% increase over 2023. Laos achieved a trade surplus of $732.7 million with Vietnam. Vietnamese enterprise investments have significantly boosted Laos’ export performance.
Overview of the event. |
Vietnamese enterprises have also demonstrated social responsibilities by contributing approximately $180 million to community initiatives.
Lao Prime Minister Sonexay Siphandone praised the effective implementation of Vietnamese investment projects and emphasized the Lao government’s commitment to fostering investments in line with economic priorities. Special policies are being considered to encourage further involvement by Vietnamese enterprises.
He urged enterprises to explore cooperation in industrial park development for deep processing of Lao raw materials and clean energy projects like wind power.
Environmental protection, efficient land use, and modern technology applications, including AI, were emphasized as key priorities for investment. Enterprises were encouraged to contribute to the training of Lao workers.
Vietnamese Prime Minister Pham Minh Chinh reaffirmed Vietnam's commitment to nurturing its relationship with Laos, describing it as crucial to national development. Given their shared geography and cultural ties, both countries have favorable conditions for enhanced business cooperation.
He highlighted the need to intensify efforts to remove barriers and promote institutional reforms to unlock the full potential of bilateral cooperation. Both governments aim to strengthen supply chain connectivity and leverage each other's strengths for mutual benefit.
Prime Minister Chinh said the investments demonstrate the deep-rooted friendship and mutual responsibility between the nations. He called on enterprises to address challenges promptly so as not to lose opportunities.
The Prime Minister concluded by affirming that the shared mission of both countries is to maintain independence, sovereignty, and prosperity and to contribute to the happiness and welfare of their people.
