Vietnam has invested 4.6 billion USD in Laos, especially in the fields of mining, electricity, agriculture and services, promoting strategic cooperation between the two countries.
From January 9-10, at the invitation of Prime Minister of the Lao People's Democratic Republic Sonexay Siphandone, Prime Minister Pham Minh Chinh and the Vietnamese high-ranking delegation visited the Lao People's Democratic Republic and co-chaired the 47th meeting of the Vietnam-Laos Intergovernmental Committee.
On this occasion, on the afternoon of January 9, the two Prime Ministers co-chaired the Vietnam - Laos Investment Cooperation Conference. Also attending the Conference were Minister of Planning and Investment Nguyen Chi Dung, Chairman of the Vietnam - Laos Cooperation Committee; Minister of Planning and Investment, Chairman of the Laos - Vietnam Cooperation Committee Phet Phomphiphak, Minister of Industry and Trade Nguyen Hong Dien and many other Ministers, leaders of ministries, sectors, localities and enterprises of the two countries.
Speaking at the conference, Mr. Phet Phomphiphak - Minister of Planning and Investment, Chairman of the Vietnam - Laos Cooperation Committee emphasized the importance of the event for the development of relations between the two countries.
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| Mr. Phet Phomphiphak - Minister of Planning and Investment, Chairman of the Vietnam - Laos Cooperation Committee spoke at the Conference. Photo: VNA |
Minister Phet Phomphiphak expressed his pride and honor to welcome Prime Minister Pham Minh Chinh and the high-ranking Vietnamese delegation who are on a working visit to Laos and affirmed the strong commitment of the two governments in promoting strategic investment cooperation, creating favorable conditions for businesses and investors to access each other's markets.
Vietnam - Laos trade relations continue to "blossom and bear fruit"
At the conference, introducing the environment and investment attraction policies of Laos, Minister Phet Phomphiphak said that Laos - a country located in Southeast Asia, is constantly striving to develop its economy through encouraging trade and investment cooperation, with the goal of building a strong economy and strong connections with countries in the region and around the world.
Minister Phet Phomphiphak affirmed that Vietnam has always been an important partner, making great contributions to the development of the Lao economy, especially in the fields of trade and investment.
Providing specific information on the situation of trade and investment cooperation between the two countries, Minister Phet Phomphiphak said that the bilateral trade value between Vietnam and Laos in the first 11 months of 2024 reached nearly 1.94 billion USD, an increase of 1.2% over the same period in 2023. "This is a positive signal, demonstrating the continuous development of trade relations between the two countries" - Minister Phet Phomphiphak commented and added that Laos imported goods from Vietnam with a total value of 641.8 million USD, an increase of 32% compared to 2023, while the export value from Laos to Vietnam reached 1.3 billion USD, an increase of 26.2% over the same period.
In terms of investment, Laos has become an attractive destination for international investors, especially from Vietnam. Since 1989, Laos has attracted many foreign investments, including a total of 417 investment projects from Vietnam with a value of up to 4.6 billion USD.
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| Overview of the Vietnam - Laos Investment Cooperation Conference. Photo: Nguyen Minh |
The main investment sectors include mining, electricity, agriculture, and services, contributing to promoting sustainable economic development in Laos. In particular, investment from Vietnam currently ranks third among 53 countries investing in Laos, demonstrating the strong and long-term cooperative relationship between the two countries.
Special economic zones - a new direction to attract investment in Laos
Also in his speech at the Vietnam - Laos Investment Cooperation Conference, giving his views on the Lao Government's investment development policies and directions in the coming time, Minister Phet Phomphiphak said that the Lao Government has developed strong policies to improve the business environment and attract investment.
One of the important goals of the Lao Government is to continue promoting key economic sectors in the new development stage, including: agricultural production, processing of agricultural products for export; tourism services; processing industries related to resources and regional production chains; transportation and logistics services. In addition, supporting industries such as electricity, mineral exploitation and processing, and information technology serving the digital economy also receive special attention.
In 2024, the Lao government revised the Investment Promotion Law to reduce unnecessary barriers and create a more favorable business environment. The government also focused on developing connecting infrastructure, including railways, highways, airports, land ports and logistics systems, to facilitate domestic and foreign investors and businesses.
In addition, the Lao government has encouraged the private sector to participate in the development of special economic zones across the country. To date, Laos has had a total of 21 economic zones, attracting the participation of 1,430 companies with a total investment value of up to 65 billion USD. This is a great opportunity for investors, especially from Vietnam, to participate in the development of large-scale and high-potential projects in Laos.
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| Minister of Industry and Trade Nguyen Hong Dien also attended the conference. Photo: Nguyen Minh |
Minister Phet Phomphiphak affirmed that the Vietnam - Laos Investment Cooperation Conference is an important event in exchanging, discussing and finding solutions to promote trade and investment cooperation between the two countries. Enterprises of the two countries will have the opportunity to share experiences and propose solutions to remove obstacles, improve the investment environment, and create favorable conditions for the sustainable development of both economies.
With continuous efforts in improving investment policies, the Lao Government believes that in the future, trade and investment cooperation between Vietnam and Laos will continue to grow strongly, contributing to the economic development of each country and strengthening the cooperative relationship between the two countries.
Minister of Industry and Trade Nguyen Hong Dien accompanied Prime Minister Pham Minh Chinh to visit the Lao People's Democratic Republic and co-chaired the 47th meeting of the Vietnam-Laos Intergovernmental Committee from January 9-10 at the invitation of Prime Minister of the Lao People's Democratic Republic Sonexay Siphandone. Accompanying Minister Nguyen Hong Dien were leaders of functional Departments and Offices in the Ministry of Industry and Trade such as: Department of Asia - Africa Market, Inter-sectoral Steering Committee for International Economic Integration, Ministry Office, Industry and Trade Newspaper... In 2024, the trade turnover between Vietnam and Laos is estimated to reach 2.2 billion USD, an increase of nearly 34% compared to 2023. This is the first time that the bilateral trade turnover of the two countries has exceeded the 2 billion USD mark, far exceeding the target previously set by the two governments, a clear demonstration of the tireless efforts of the governments, authorities and businesses of both countries. |
Source: https://congthuong.vn/bo-truong-bo-ke-hoc-va-du-tu-lao-viet-nam-dong-gop-lon-vao-su-phat-trien-kinh-te-lao-368804.html
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