Vietnam - Laos promote sustainable development and prosperity together

Co-chairing the Vietnam - Laos Investment Cooperation Conference 2025, Prime Minister Pham Minh Chinh assessed that the special solidarity between Vietnam and Laos is of decisive significance to the cause of national construction and development of each country and called on businesses of the two countries to strengthen cooperation in the spirit of "special relations must have special mechanisms and treatments, from heart to heart".

Prime Minister Pham Minh Chinh and Prime Minister Sonexay Siphandone co-chaired the Vietnam - Laos Investment Cooperation Conference 2025 - Photo: VGP/Nhat Bac

Removing barriers, enhancing connections

On the afternoon of January 9, in Vientiane (Laos), Prime Minister Pham Minh Chinh and Lao Prime Minister Sonexay Siphandone co-chaired the Vietnam - Laos Investment Cooperation Conference 2025 with the theme "Promoting sustainable development and prosperity". This is the opening event of 2025, conveying the message and determination of the two governments to the business community on improving the effectiveness of Vietnam - Laos economic-trade-investment cooperation in 2025 and the next period.

Vietnam-Laos investment cooperation is also an important content that the two Prime Ministers discussed and agreed upon at the 47th meeting of the Vietnam-Laos Intergovernmental Committee on the same morning.

At the conference, Minister of Planning and Investment, Chairman of the Laos-Vietnam Cooperation Committee Phet Phomphiphak introduced the investment environment and policies of Laos. Minister of Planning and Investment Nguyen Chi Dung, Chairman of the Vietnam-Laos Cooperation Committee, gave a central report assessing the investment relationship between the two countries and orientations for 2025.

Minister of Planning and Investment, Chairman of the Vietnam - Laos Cooperation Committee Nguyen Chi Dung speaks at the conference - Photo: VGP/Nhat Bac

Accordingly, investment cooperation has had positive changes, many difficulties and obstacles have been promptly resolved; investment and trade promotion, guidance, inspection and supervision have been strengthened. In 2024, registered investment capital to Laos will be 191.1 million USD, an increase of 62.1% compared to 2023.

Up to now, Vietnam has invested in 267 projects in Laos, with a total investment capital of 5.7 billion USD, focusing on the fields of energy, mining, agriculture and forestry, food production and processing, telecommunications, banking, tourism, etc. Vietnamese enterprises have invested in 17/18 provinces and cities of Laos. Many investment projects of Vietnamese enterprises in Laos have operated effectively, contributing positively to socio-economic development, creating jobs and increasing income for thousands of workers, contributing to the budget of the Lao Government in the past 5 years reaching about 200 million USD/year, implementing social security policies accumulated to date about 160 million USD.

In terms of trade, 2024 will mark a milestone when the total trade turnover between the two countries reaches 2.2 billion USD, an increase of 33.9% compared to 2023. Laos has a trade surplus with Vietnam of 732.7 million USD, with a large contribution from Vietnamese enterprises investing and doing business in Laos.

At the conference, delegates representing large enterprises of the two countries also presented opportunities and possibilities for cooperation and investment, especially the investment orientation of Vietnamese enterprises in Laos in the coming time, focusing on mineral fields such as potassium salt, bauxite mining and processing, agriculture, aviation, etc.; at the same time, they raised some difficulties, obstacles and made suggestions and recommendations.

Speaking at the conference, Lao Prime Minister Sonexay Siphandone assessed that recently, many investment projects in various fields of Vietnamese enterprises investing in Laos have been implemented very actively and effectively. The Lao Prime Minister affirmed that the Lao Government always actively urges Vietnamese enterprises to promote investment in industries and fields that are in line with the plan and prioritize economic development. The Lao Government has considered applying a number of specific policies to encourage Vietnamese enterprises to invest.

Lao Prime Minister Sonexay Siphandone speaks at the Vietnam - Laos Investment Cooperation Conference 2025 - Photo: VGP/Nhat Bac

Prime Minister Sonexay Siphandone called on Vietnamese and Lao enterprises to increase their exploration of cooperation and investment opportunities in various fields, especially promoting cooperation in developing industrial zones to enhance deep processing of Lao raw materials... The Lao Prime Minister noted that enterprises investing in Laos need to pay attention to environmental protection, effectively use land, increase the application of modern science and technology, AI to improve production capacity, contribute to training human resources, and improve vocational skills for Lao workers...

Special relationship requires special mechanism and treatment.

Sharing with delegates, Prime Minister Pham Minh Chinh stated that in 2025, both countries will enter the final year of their respective Party Congresses. In the context of many difficulties and challenges, the regional and world situation is evolving rapidly, complicatedly and unpredictably, and facing many issues of national, comprehensive and global nature, the two countries of Vietnam and Laos, which have a special relationship, must unite even more to deal with emerging issues and continue to build and develop the country.

The Prime Minister called on businesses of the two countries to strengthen cooperation in the spirit of "special relations must have special mechanisms and treatments, from heart to heart" - Photo: VGP/Nhat Bac

With the spirit of "biting a grain of rice in half, breaking a vegetable in half", the Party and State of Vietnam always attach importance to and give the highest priority to preserving and developing friendly relations with Laos. "It can be said that the special solidarity between Vietnam and Laos is of decisive significance to the cause of national construction and development of each country," the Prime Minister emphasized.

Vietnam has a market of over 100 million people, Laos has a market of over 8 million people. These are favorable conditions, a great advantage for businesses of the two countries to cooperate, produce and trade.

The Prime Minister praised the efforts of businesses of the two countries in recent times, achieving positive cooperation results, contributing to the development of Vietnam and Laos, bringing practical benefits to the people of the two countries. The governments of the two countries have also made great efforts, many problems in long-standing projects in recent years have been resolved.

However, economic cooperation is still not commensurate with the distinct potential, outstanding opportunities, and competitive advantages of the two sides. Therefore, agencies and localities need to be more determined, act together more resolutely and actively, remove barriers and bottlenecks in terms of institutions, laws, mechanisms, policies on taxes, procedures, fees, and charges. Along with that, promote the connection of soft infrastructure and transport infrastructure; promote the connection of supply chains, and connect businesses between the two countries and with third countries on the basis of promoting the strengths of each side.

Regarding the recommendations of enterprises, the Prime Minister assessed that they were very close to reality, and suggested that ministries, agencies and localities of the two countries proactively resolve them, in the spirit of cutting procedures, decentralizing and delegating power to localities to complete procedures faster, creating the most favorable conditions for enterprises.

The Prime Minister hopes that ministries, localities and businesses of the two countries will share with each other; have high determination, great efforts, drastic actions, focus, and finish each task; value time, intelligence and timely decisiveness, these are the decisive factors for success in cooperation, production, investment and business.

"Special relations must have special mechanisms and treatments, from heart to heart, helping you is helping yourself. What comes from the heart will touch the heart," the Prime Minister sincerely expressed and called on businesses of the two countries to continue to unite, unify, help each other, be persistent, steadfast, determined, and resolute to strengthen investment and business cooperation with all their enthusiasm and capabilities; listen and understand together, share vision and action together, work together, win together, enjoy together, develop together, share joy, happiness and pride.

Source: https://thoibaonganhang.vn/viet-nam-lao-thuc-day-cung-phat-trien-ben-vung-va-thinh-vuong-159758.html