Prime Minister Pham Minh Chinh and Lao Prime Minister Sonexay Siphandone co-chaired the Vietnam-Laos Investment Cooperation Conference - Photo: VGP/Nhat Bac
Also attending the conference were: Minister of Planning and Investment Nguyen Chi Dung, Chairman of the Vietnam-Laos Cooperation Committee; representatives of leaders of ministries, departments, branches, central agencies and representatives of associations and enterprises of Vietnam and Laos.
Previously, on January 6, the two Prime Ministers had a very successful meeting with many important contents, including enhancing effective investment cooperation between the two countries. At the conference, delegates assessed the results achieved in recent years and discussed the direction of investment cooperation between the two countries in the coming time.
Total registered investment capital to Laos reaches nearly 5.5 billion USD
The conference heard Minister of Planning and Investment Nguyen Chi Dung assess the situation of Vietnam-Laos investment cooperation, and Lao Minister of Planning and Investment Khamjane Vongphosy introduce the investment environment and investment attraction policies of Laos.
Delegates focused on analyzing the situation and potential for cooperation and investment between businesses of the two countries in key areas such as mining, pharmaceuticals, construction, tourism, application of technology in investment and development of agricultural projects in Laos, wind power cooperation, etc.; at the same time, they raised some difficulties and recommendations.
Prime Minister Pham Minh Chinh emphasized that economic and investment cooperation between the two countries is an objective need and has strategic significance - Photo: VGP/Nhat Bac
In the 11 months of 2023, Vietnam had 7 newly licensed projects and 2 projects with increased capital, with a total registered capital of more than 114 million USD (up 71.7% over the same period). Also in the 11 months, bilateral trade turnover reached 1.5 billion USD.
To date, Vietnam’s total registered investment capital in Laos has reached nearly 5.5 billion USD. Laos has always maintained its first position among 80 countries and territories with overseas investment by Vietnamese enterprises. Vietnam has also always been in the top 3 countries with the largest direct investment in Laos.
Many projects of Vietnamese enterprises operate effectively, contributing positively to the socio-economic development of Laos in many fields; at the same time, creating jobs for tens of thousands of workers, improving their lives, and supplementing the revenue for the Lao State budget (an average of about 200 million USD per year).
In addition, many Vietnamese enterprises in Laos have fulfilled their social responsibilities well, actively sponsored the community, built schools, clinics, roads, resettlement houses... for people in project areas, poor people in remote areas (with a total value of about 150 million USD), contributing to strengthening the good traditional friendship and comprehensive cooperation between the two countries.
On the other hand, Laos currently has 18 investment projects being implemented stably in Vietnam with a total registered capital of over 110 million USD. Lao enterprises are always facilitated by Vietnamese authorities in the investment and business process.
Prime Minister Sonexay Siphandone said that the growth of Vietnamese enterprises investing in Laos in recent times has contributed to promoting Laos' development - Photo: VGP/Nhat Bac
Laos highly appreciates Vietnam's investment
Lao Minister of Planning and Investment Khamjane Vongphosy highly appreciated the activities of Vietnamese enterprises, not only for economic benefits but also for their important contributions to Laos' socio-economy, with most of the investments being in remote, isolated and disadvantaged areas.
Appreciating the significance of the conference, Lao Prime Minister Sonexay Siphandone highly agreed with the practical assessments of the investment and business situation in Laos; acknowledged the opinions reflecting difficulties, as well as proposals on measures to support businesses to overcome difficulties and obstacles and develop.
Prime Minister Sonexay Siphandone said that the growth of Vietnamese enterprises investing in Laos in recent times has contributed to stimulating development, realizing socio-economic goals and building an independent and self-reliant economy of Laos; he said that in the coming time, the Governments, enterprises and people of the two countries need to continue to make efforts and determination to create new turning points, make efforts to implement new cooperation projects, concretize and effectively implement the agreement between the two Politburoes of Vietnam and Laos, so that the Vietnam-Laos cooperation relationship will increasingly develop in depth, substantially and effectively.
Prime Minister Sonexay Siphandone said that recently, the Lao Government has focused on building and perfecting institutions, including investment incentive policies; developing plans, including plans for 12 economic zones and industrial parks nationwide; is requesting ministries and branches to continue researching and supplementing investment incentive policies suitable for each stage; and at the same time continue to listen to and resolve difficulties and obstacles for businesses to develop.
Prime Minister Pham Minh Chinh emphasized that each cooperation program and project has not only economic significance but also profound political significance - Photo: VGP/Nhat Bac
The Lao Prime Minister hopes that Vietnamese businesses will continue to research and invest in Laos in areas where Laos has strengths, such as clean agriculture, agricultural processing, minerals, clean energy, etc.
He said that in 2024, Laos will assume the ASEAN Chairmanship, with the theme "Enhancing Connectivity and Resilience". The Lao Government hopes that Vietnam in general and the Vietnamese business community in particular will support Laos to successfully assume its role; and hopes to welcome more Vietnamese people to visit Laos, especially during the Laos Tourism Year 2024.
Vietnam-Laos economic and investment cooperation is an objective need and strategic significance.
For his part, Prime Minister Pham Minh Chinh emphasized that the great friendship, special solidarity and comprehensive cooperation between Vietnam and Laos is developing well in all fields.
In particular, the Prime Minister emphasized that economic and investment cooperation between the two countries is an objective need; has strategic significance; needs to be prioritized to further promote to develop distinct potential, outstanding opportunities, competitive advantages and contribute to building an independent, self-reliant, proactive, and internationally integrated economy of each country, commensurate with the potential and stature of the great friendship and special solidarity between Vietnam and Laos, for the practical interests of the people and businesses of the two countries.
Delegates focused on analyzing the situation and potential for cooperation and investment between businesses of the two countries in key areas, and raised some difficulties and recommendations - Photo: VGP/Nhat Bac
Appreciating the results of cooperation in recent times, Prime Minister Pham Minh Chinh said that economic and investment cooperation between the two countries in the coming time needs to have a breakthrough. In particular, it is necessary to promote public-private cooperation to develop infrastructure, connect the two economies, especially the Hanoi-Vientiane expressway, the Vung Ang-Vientiane railway to connect Laos to the sea, aviation cooperation, and infrastructure connecting border gates.
Along with that, creating a breakthrough in developing high-quality human resources of both sides, considering this a key task in the relationship between the two countries in the coming time; focusing on promoting cooperation in priority areas such as: high-tech industry, innovation, energy, mining, high-tech agriculture, e-commerce...
Laos has abundant raw materials, while Vietnamese enterprises have processing capabilities, especially Vietnam has a large market with dozens of signed free trade agreements (FTAs), which can help Lao goods access, the Prime Minister pointed out.
The Head of the Vietnamese Government requested ministries, branches, localities and enterprises of both sides to coordinate and resolve pending projects and outstanding issues; prioritize and promote investment. The Government of each country continues to develop policies, perfect institutions, create a legal framework and a favorable investment environment; increase public investment to lead private investment; continue to reform administrative procedures to reduce compliance costs and input costs for enterprises; in particular, have appropriate priority policies for enterprises of both countries, in the spirit of "harmonized benefits, shared risks", "harmonized interests between the State, people and enterprises".
Prime Minister Pham Minh Chinh and Lao Prime Minister Sonexay Siphandone witnessed the ceremony of handing over investment certificates and investment cooperation memorandums between agencies, investors and enterprises of Vietnam and Laos - Photo: VGP/Nhat Bac
Prime Minister Pham Minh Chinh emphasized that each cooperation program and project has not only economic significance but also profound political significance. The success of investment cooperation programs and projects affirms and consolidates political trust, contributes to socio-economic development, brings material wealth, and increasingly happy and prosperous lives to the people of each country; consolidates and enhances the great friendship, special solidarity, and rare Vietnam-Laos relationship; contributes to building an environment of peace, cooperation and development in the region and the world.
The Prime Minister believes that the results of Vietnam-Laos investment cooperation in 2024 will be higher than in 2023, creating a premise for the results in 2025 to be higher than in 2024 and this term to be higher than the previous term.
The direction of the two Prime Ministers will be the basis for ministries, branches and enterprises of the two countries to absorb and complete the cooperation plan between the two Governments in 2024 and organize the implementation of specific cooperation activities from the beginning of 2024.
At the conference, Prime Minister Pham Minh Chinh and Lao Prime Minister Sonexay Siphandone witnessed the ceremony of awarding investment certificates and investment cooperation memorandums between agencies, investors and enterprises of Vietnam and Laos in the fields of finance, agriculture and mineral exploitation.
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