Promoting complementary strengths between the two economies of Vietnam and Laos

On the morning of August 19, at the Government Office, Prime Minister Pham Minh Chinh received Lao Minister of Planning and Investment and Chairman of the Laos-Vietnam Cooperation Committee Phet Phomphiphak, who is on a working visit to Vietnam.

Prime Minister Pham Minh Chinh received Lao Minister of Planning and Investment and Chairman of the Laos-Vietnam Cooperation Committee Phet Phomphiphak (Photo: Tran Hai).

Welcoming Minister Phet Phomphiphak and the delegation of the Lao Ministry of Planning and Investment to visit and work in Vietnam, through the Minister, Prime Minister Pham Minh Chinh conveyed his regards and best wishes to General Secretary and President Thongloun Sisoulith, Prime Minister Sonexay Siphandone and other senior leaders of Laos.

Prime Minister welcomes the results of the Conference on implementing the Cooperation Plan Agreement Vietnam-Laos 2024 and review and promote the Vietnam-Laos bilateral cooperation agreement for the period 2021-2025; highly appreciate the role of the Cooperation Committee of the two countries in making efforts and coordinating with the functional agencies of both sides in the first 6 months of 2024 to remove many difficulties and obstacles in key cooperation projects, promoting cooperation in many fields.

Prime Minister and Minister Phet Phomphiphak were pleased that the cooperation between the two countries continues to have strong and practical developments. Bilateral trade turnover in the first 6 months of 2024 reached nearly 928 million USD, an increase of 11.1% over the same period in 2023. Vietnam continues to be the 3rd largest investor in Laos, with 255 projects to date, with a total registered capital of 5.5 billion USD, many projects operating effectively, contributing positively to socio-economic development, creating jobs and increasing income for thousands of workers, supplementing revenue for the Lao state budget....

Prime Minister Pham Minh Chinh and Lao Minister of Planning and Investment, Chairman of the Laos-Vietnam Cooperation Committee Phet Phomphiphak (Photo: Tran Hai).

Informing that the two Governments are directing resolutely and thoroughly handling a number of difficulties and obstacles for a number of projects using Vietnam's aid for Laos, and Vietnam's investment projects in Laos, in the coming time, Prime Minister Pham Minh Chinh suggested that the two countries' Cooperation Committees focus on reviewing and resolutely implementing effectively the results of the High-level Agreements, the results of the 46th Meeting of the Vietnam-Laos Intergovernmental Committee; closely coordinating with relevant agencies to best prepare for visits and meetings between high-ranking leaders of the two countries, as well as the 47th Meeting of the Vietnam-Laos Intergovernmental Committee in the coming time. At the same time, it is necessary to review and enhance the coordinating role of the Cooperation Committee between the two countries in advising on overall mechanisms and policies, proposing solutions to remove difficulties and obstacles, promoting bilateral cooperation in the spirit of clear people, clear work, clear responsibilities, clear time, clear products, clear results; said and done, committed to do.

The Prime Minister suggested that the Lao Government should improve the investment and business environment, promptly resolve difficulties of Vietnamese enterprises investing in Laos; reform administrative procedures, support and facilitate the implementation of ongoing projects and new projects, focusing on areas such as energy, mining, mineral exploitation and processing, agriculture, tourism, education, etc.; promote complementary strengths between the two economies. In particular, focus on accelerating the progress of strategic cooperation projects, projects connecting transport infrastructure (highways, railways), and strengthening cooperation between localities, especially border localities.

The Prime Minister said that Vietnam always pays attention to and closely follows developments in Laos' socio-economic development to continue seeking effective and practical solutions to support Laos; the two sides exchange experiences in macroeconomic management and enhance cooperation in accordance with the situation, circumstances, conditions and needs of each side.

Lao Minister of Planning and Investment Phet Phomphiphak informed the Prime Minister about the activities of the Laos-Vietnam Cooperation Committee in recent times, as well as the results of the Conference on implementing the Vietnam-Laos Cooperation Plan Agreement in 2024 and reviewing and promoting the Vietnam-Laos Bilateral Cooperation Agreement for the period 2021-2025; thanked the Government and the Prime Minister for their attention, close direction, and creation of conditions for the Cooperation Committee of the two countries to make efforts and coordinate in implementing assigned tasks.

The Minister said that the Laos-Vietnam Cooperation Committee will continue to closely coordinate with agencies of the two countries to implement the agreements of the high-ranking leaders, the Politburo and the Government of the two countries so that the solidarity relationship, especially the Laos-Vietnam relationship, will become increasingly deeper, more substantial and effective, including the contents that the Prime Minister has commented on. In particular, continuing to coordinate to promote key investment cooperation projects, thoroughly resolving difficulties in a number of ongoing projects, especially promoting the implementation of important infrastructure connection projects that the two sides have agreed on such as the Hanoi-Vientiane expressway, the Vientiane-Vung Ang railway, etc. The Minister said that Laos is continuing to actively improve the investment and business environment to create favorable conditions for foreign enterprises, including Vietnamese enterprises, to operate effectively in Laos.

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