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Vietnam aims to speed up investment to Laos

Vietnam ranks third in terms of foreign direct investment in Laos after China and Thailand and as of May 2010, Vietnamese enterprises were operating 219 projects in Laos with total investment capital of US$2.4 billion, according to the Ministry of Planning and Investment.

However, economic cooperation still does not reflect the close relationship between the two countries.

This was the subject of a conference entitled “Investment opportunity for Vietnamese investors to Laos” held on August 24 at the offices of the Lao-Viet Bank in Vientiane.

Vietnamese President Nguyen Minh Triet joined the conference on the occasion of his official visit to Laos from August 24-26. Lao Standing Deputy Prime Minister, Mr Somsavat Lengsavad, co-chaired the conference with him.

During the conference, representatives of Vietnamese enterprises gave speeches about the investment potential of Laos, the results gained for Vietnamese investors and their petitions to the governments of the two countries to strengthen Lao-Viet economic cooperation.

Vietnamese enterprises suggested the two governments research and build a comprehensive strategy of cooperation up to 2020, and that they revisit and supplement the Lao-Viet Investment Incentive and Protection Agreement to make it appropriate for new economic development conditions.

There is Vietnamese investment in 16 of the 17 provinces of Laos, focusing on finance, banking, power and energy, mining, services and agro-forestry.

Speaking at the conference, Mr Triet reaffirmed that the Vietnamese government would continue promoting and improving conditions for Vietnamese investors in Laos. He also requested that Vietnamese enterprises in Laos try their best to ensure long-term investment and good economic, political and social practices for the common benefit of the two countries.

“I hope that the Vietnamese enterprises in Laos will be run decently because there is a special friendship between Laos and Vietnam and we will not accept any bad behaviour that could affect this precious friendship. I also encourage Vietnamese enterprises to cooperate with Lao enterprises to invest in third countries such as Myanmar,” said Mr Triet.

The Lao government is making efforts in administration reform and in stabilising politics, laws, finance and the economy as well as building infrastructure to ensure a good environment for investment.

Viet-Lao bilateral trade reached US$212 million in the first 6 months of 2010 and is expected to reach US$2 billion in 2015.

Mai Lan is a Vietnamese journalist working at the Vientiane Times under an exchange programme supported by the Norwegian government

 

By Mai Lan
(Latest Update August 26, 2010)