Vietnam Electricity (EVN) has signed 19 contracts to purchase electricity from 26 hydropower plants in Laos with a total capacity of 2,689 MW. Laos will study and adjust regulations on the time for implementing hydropower investment.
Prime Minister Pham Minh Chinh and Lao Prime Minister Sonexay Siphandone arrive at the meeting room to co-chair the 46th meeting of the Intergovernmental Committee on January 7 - Photo: VGP
On January 7, at the Government Headquarters, Prime Minister Pham Minh Chinh and Lao Prime Minister Sonexay Siphandone co-chaired the 46th meeting of the Intergovernmental Committee on Vietnam - Laos Bilateral Cooperation.
Vietnam to increase investment in Laos in 2023
The meeting focused on discussing and agreeing on the contents of evaluating the implementation results in the past year, especially the issues that have been completely resolved by both sides, the remaining work, the handling direction as well as new tasks and directions in 2024.In terms of economic, trade and investment cooperation, there are currently 245 Vietnamese projects with valid investment certificates in Laos, with a total registered investment capital of about 5.5 billion USD.
In 2023, Vietnam's investment capital to Laos will be 116.6 million USD, an increase of 65.3% compared to 2022. Accumulated realized capital will reach about 2.75 billion USD.
Enterprises have contributed about 200 million USD/year in taxes and other financial obligations in the past 5 years. The cumulative amount from 2015 to present is about 1.7 billion USD, contributing 150 million USD to social security work.
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 facilitated by Vietnamese authorities in the investment and business process.
Total bilateral trade turnover reached about 1.6 billion USD, down slightly by 2.1% compared to the same period in 2022. However, import value from Laos increased by 4.2%.
Overview of the meeting - Photo: VGP
Cooperation in electricity trading continues to be promoted, with Vietnam's electricity import from Laos basically achieving the set target for the 2021-2025 period.
EVN has signed 19 power purchase agreements (PPAs) with investors to purchase electricity from 26 hydropower plants invested in Laos with a total capacity of 2,689 MW.
Difficulties and obstacles that have existed for many years in a number of key projects have been promptly and completely resolved.
The two sides have inaugurated and handed over, putting Nong Khang airport into operation since May 2023. The two countries also found a way to report to the competent authority for consideration and decision on Vinachem's potash salt project.
In addition, the issue of overlapping concession areas at Thaco Group's agricultural project and Viet Phuong Group's bauxite mining and alumina processing project has been resolved.
Vietnam and Laos have also completed negotiations and agreements on the purchase price of electricity from the Xekaman 3 Hydropower Plant.
Laos studies adjusting implementation time of hydropower investment for Vietnam
Lao Prime Minister Sonexay Siphandone speaks at the meeting - Photo: VGP
Regarding the focus of cooperation in 2024, the two sides agreed to continue to concretize and effectively implement the agreement between the two Politburoes of Vietnam and Laos and the results of the meeting of the heads of the three parties between General Secretary Nguyen Phu Trong, General Secretary and President of Laos Thongloun Sisoulith and President of the Cambodian People's Party Hun Sen as well as focus on implementing the joint statements and agreements signed at the 46th session.
The two sides will strengthen and deepen political and diplomatic relations, achieve greater efficiency, improve and enhance the practicality and effectiveness of cooperation at all levels, sectors and localities. Continue to closely cooperate in defense and security, build a peaceful, stable, cooperative and comprehensively developed Vietnam-Laos border.
The two sides agreed to increase information exchange, share experiences in macroeconomic management, build an independent and self-reliant economy, strengthen connectivity between the two economies, and promote Vietnam-Laos investment and trade cooperation.
Organize dialogues between Vietnamese enterprises and Lao authorities, and focus on resolving outstanding issues, difficulties, and obstacles in cooperation and investment projects.
The Lao government will create favorable conditions for large, key projects of Vietnamese enterprises, and will study and adjust regulations on implementation time in hydropower and mining investment to suit the new situation.
Regarding trade, the two countries aim to promote strong growth in trade turnover, striving to continue increasing trade turnover between the two countries in 2024 by 10-15% compared to 2023.
Focus on solving difficulties, promoting the implementation of transport infrastructure connection, researching new thinking and new approaches in implementing transport connection between the two countries.
Prime Minister Pham Minh Chinh at the meeting - Photo: VGP
Vietnam and Laos will mobilize resources and increase the search for investors interested in the Vung Ang - Vientiane railway and Hanoi - Vientiane expressway projects. Agriculture and rural development are considered one of the pillars of economic cooperation between the two countries.
Regarding cooperation in education - training and human resource development, the Vietnamese Government continues to provide 1,120 scholarships for Lao officials and students to study in Vietnam, and continues to send teachers to teach Vietnamese in Laos.
The two sides agreed to implement solutions to promote tourism connectivity between the two countries and the three countries of Vietnam - Laos - Cambodia "One journey, Three destinations".
The two governments, ministries and agencies will continue to closely coordinate and support each other at multilateral and regional forums. Vietnam will actively and effectively support Laos to successfully assume the role of ASEAN Chair in 2024, AIPA 45 and other high-level conferences.
Prime Minister Pham Minh Chinh and Lao Prime Minister Sonexay Siphandone witnessed the handover ceremony of cooperation documents at the Vietnam - Laos Investment Cooperation Conference - Photo: VGP
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