Prime Minister talks about cooperation plan to build highway and railway connecting Vietnam - Laos

(Dan Tri) - Promoting public-private partnership to develop infrastructure, especially the Hanoi - Vientiane expressway, the Vung Ang - Vientiane railway... is the orientation emphasized by Prime Minister Pham Minh Chinh.

This important orientation was suggested by Prime Minister Pham Minh Chinh when he and Lao Prime Minister Sonexay Siphandone co-chaired the Vietnam - Laos Investment Cooperation Conference on the morning of January 7, during Mr. Sonexay Siphandone's official visit to Vietnam. Promoting the connection between the two economies, Lao Prime Minister Sonexay Siphandone acknowledged the growth of Vietnamese enterprises investing in Laos in recent times. According to him, this has contributed to stimulating development, realizing socio-economic goals and building an independent and self-reliant economy of Laos. The head of the Lao Government emphasized that the two countries need to make efforts and determination to create new turning points, implement new cooperation projects, concretize and effectively implement the agreement between the two Politburoes of Vietnam and Laos.

Prime Minister Pham Minh Chinh and Lao Prime Minister Sonexay Siphandone attend the Vietnam - Laos Investment Cooperation Conference (Photo: Doan Bac).

Mr. Sonexay Siphandone said that 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. The Government is also asking ministries and branches to continue researching and supplementing investment incentive policies suitable for each stage; at the same time, continue to listen to and resolve difficulties and problems for businesses to develop. The Lao Prime Minister hopes that Vietnamese businesses will continue to learn about and invest in Laos in areas where the country has strengths, such as clean agriculture, agricultural processing, minerals, clean energy, etc.

Lao Prime Minister Sonexay Siphandone speaks at the Conference (Photo: Doan Bac).

Meanwhile, Prime Minister Pham Minh Chinh acknowledged that economic and investment cooperation between the two countries is an objective need and has strategic significance. He emphasized that both sides need to prioritize promoting and exploiting their unique potentials, outstanding opportunities, competitive advantages and contributing to building an independent, self-reliant, proactive and internationally integrated economy of each country. Acknowledging 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, according to the head of the Vietnamese Government, 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. In addition, the Prime Minister directed that it is necessary to create 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. The Prime Minister also said that it is necessary to focus on promoting cooperation in priority areas such as high-tech industry, innovation, energy, mining, high-tech agriculture, e-commerce, etc.

Prime Minister Pham Minh Chinh proposed promoting cooperation to connect the two economies of Vietnam and Laos (Photo: Doan Bac).

"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," according to the Prime Minister. The head of the Vietnamese Government suggested that the governments of each country develop policies, increase public investment to lead private investment; continue to reform administrative procedures to reduce compliance costs and input costs for businesses. In particular, the Prime Minister emphasized the need for appropriate priority policies for businesses of the two countries, in the spirit of "harmonized benefits, shared risks", "harmonized interests between the State, people and businesses". "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 strengthens political trust, contributing to the socio-economic development of each country," according to the head of the Vietnamese Government. At the conference, Prime Minister Pham Minh Chinh and his counterpart Sonexay Siphandone witnessed the ceremony of granting investment certificates and memorandums of understanding on investment cooperation between agencies, investors, and enterprises of Vietnam and Laos in the fields of finance, agriculture, and mineral exploitation. Total registered investment capital to Laos reached nearly 5.5 billion USD. 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 to Laos has reached nearly 5.5 billion USD. Laos has always maintained the first position among 80 countries and territories with overseas investment by Vietnamese enterprises. Vietnam is also always in the top 3 countries with the largest direct investment in Laos.

Overview of the Vietnam - Laos Investment Cooperation Conference (Photo: Doan Bac).

Many projects of Vietnamese enterprises operate effectively, contributing positively to the socio-economic development of Laos in many fields, creating jobs for tens of thousands of workers, 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 sponsoring the community, building schools, roads, resettlement houses... for people in project areas, poor people in remote areas (with a total value of about 150 million USD).

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 (Photo: Doan Bac).

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.

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