National Assembly Chairman Vuong Dinh Hue meets with Vietnamese business community in Laos

National Assembly Chairman Vuong Dinh Hue thanked the Lao National Assembly and Government for their direct concern and efforts to remove difficulties for Vietnamese enterprises; at the same time, he praised the determination and efforts of Vietnamese enterprises, saying that this is a key and decisive factor.

National Assembly Chairman Vuong Dinh Hue speaks at a meeting with the Vietnamese business community in Laos. (Source: VNA)

During a working trip to Laos, on the evening of December 5, in the capital Vientiane, National Assembly Chairman Vuong Dinh Hue and a high-ranking delegation of the Vietnamese National Assembly met with representatives of more than 160 Vietnamese enterprises in Laos.

Also attending the meeting on the Lao side were Comrade Saleumxay Kommasith, Politburo member, Deputy Prime Minister, Minister of Foreign Affairs of Laos; Comrade Sommad Pholsena, Vice Chairman of the Lao National Assembly.

At the meeting, Vietnamese Ambassador to Laos Nguyen Ba Hung and representatives of the leaders of ministries and branches of the two countries reported to National Assembly Chairman Vuong Dinh Hue on the results of economic, trade and investment cooperation between the two countries and the settlement of recommendations and proposals of Vietnamese enterprises at the meeting during the National Assembly Chairman's official visit to Laos in 2022.

Speaking at the meeting, National Assembly Chairman Vuong Dinh Hue expressed his joy at returning to visit the beautiful country of Laos and emphasized that compared to more than a year ago, Laos has overcome many difficulties and challenges and achieved remarkable achievements in socio-economic development. The macro-economy has improved, the results are very encouraging, the growth rate can reach 4.2-4.5%. Inflation has been controlled and cooled down. Laos' budget revenue met the target assigned by the National Assembly, many provinces exceeded the target; the number of tourists increased... National Assembly Chairman Vuong Dinh Hue said that these are very encouraging signals for investors and the business community.

Recognizing and praising the performance of the Vietnamese business community in Laos; the business investment situation has improved, National Assembly Chairman Vuong Dinh Hue also stated that many recommendations and proposals of businesses in the 2022 meeting in Laos have been addressed by the Party, National Assembly, and Government of Vietnam and Laos; a number of large projects, with tripartite investment (Vietnam-Laos and a development partner) continue to be launched such as Vinamilk's dairy farming project in cooperation with Japan, or large-scale renewable energy and wind power projects are also being promoted for investment...

National Assembly Chairman Vuong Dinh Hue with representatives of Vietnamese businesses in Laos. (Source: VNA)

National Assembly Chairman Vuong Dinh Hue thanked the Lao National Assembly and Government for their direct concern and efforts to remove difficulties for Vietnamese enterprises; at the same time, he praised the determination and efforts of Vietnamese enterprises, saying that this is a key and decisive factor.

The National Assembly Chairman emphasized the burning desire of both countries to create a breakthrough in developing bilateral trade relations. Currently, bilateral trade between Vietnam and Laos has only reached about 1 billion USD, investment is about 5 billion USD but there are no driving projects, many projects are facing difficulties in implementation.

Therefore, according to National Assembly Chairman Vuong Dinh Hue, it is necessary to create a breakthrough in economic, trade and investment cooperation between the two countries.

Taking note of the recommendations of businesses, National Assembly Chairman Vuong Dinh Hue stated that the important issues for recovery and development are institutions, legal policies, human resources, especially high-quality human resources, infrastructure costs, logistics, etc. Vietnam identifies these as strategic breakthroughs. Laos is also very interested in these areas.

Faced with current common difficulties, National Assembly Chairman Vuong Dinh Hue hopes that Vietnamese businesses in Laos will be more patient and determined because the Party, National Assembly and Government of the two countries are making efforts to create an increasingly better investment environment.

Emphasizing that the economic and social situation this year is better than last year, the National Assembly Chairman also highlighted the spirit of optimism, determination, patience, efforts to overcome difficulties, as well as "persevering determination" as the "key" to success of enterprises in production and business; requested the Ambassador to fully synthesize the recommendations of enterprises to update and report to competent authorities, with recommendations that can be submitted for consideration at the 46th Intergovernmental Committee Meeting taking place in early 2024.

Delegates attending the event. (Source: VNA)

Regarding the recommendation that the two countries increase the exchange of experience in macro-management, planning, sectors and regions, National Assembly Chairman Vuong Dinh Hue stated that this is a correct and accurate recommendation and currently, the two Parties and two States are focusing on these areas.

Regarding infrastructure, according to the National Assembly Chairman, this is an important issue and also a common concern. The two sides are preparing for a project related to Vung Ang Port, creating conditions for Laos to connect to the sea; building a railway connecting from Laos to Vung Ang Port... Financial institutions such as the World Bank (WB) and the Asian Development Bank (ADB) are interested in this project. If capital cannot be arranged from these organizations, National Assembly Chairman Vuong Dinh Hue suggested that the two sides could consider public investment.

Regarding transportation, National Assembly Chairman Vuong Dinh Hue said that it is possible to choose Vinh intersection (Nghe An) as the connection point with Hanoi-Vientiane expressway to facilitate East-West connection, promote freight transport and tourism. The Intergovernmental Committee of the two countries will discuss this issue. Along with the opening of a direct flight route from Ho Chi Minh City to Vientiane, which will officially come into operation early next year, the National Assembly Chairman emphasized that the completion of connecting routes via road, air and rail will be decisive factors in creating fundamental changes in bilateral trade and investment relations.

National Assembly Chairman Vuong Dinh Hue also acknowledged the businesses' recommendations on cooperation in the fields of finance, currency, exchange rates, etc.; said that these recommendations will be forwarded to competent authorities for consideration.

Stating that both countries always create favorable conditions for the Vietnam Business Association in Laos (Avila) to develop, National Assembly Chairman Vuong Dinh Hue said that when the infrastructure connecting the two sides develops, the lives of the people on both sides will be improved, and the Association will continue to develop further.

On this occasion, National Assembly Chairman Vuong Dinh Hue said that the National Assembly agreed with the policy of developing a Decree on the Investment Support Fund for domestic and foreign enterprises; assigned the Ministry of Planning and Investment to record and study the opinions of enterprises in Laos during the process of developing this draft decree.

At the meeting, National Assembly Chairman Vuong Dinh Hue acknowledged the opinions of businesses on the fields of high-tech agricultural investment, rubber plantation, large-scale agricultural production for export; energy, especially renewable energy, wind power, solar power; mining, tourism, especially tourism in the Development Triangle of Cambodia-Laos-Vietnam to continue to effectively implement the model of "three countries, one destination"; infrastructure investment, encouraging the state and private sector to work together...

National Assembly Chairman Vuong Dinh Hue noted that every year the Vietnam Business Association in Laos (Avila) collects opinions and proposals from Vietnamese businesses in Laos and sends them to relevant domestic agencies for timely consideration and resolution.

Source: https://baoquocte.vn/chu-tich-quoc-hoi-vuong-dinh-hue-gap-cong-dong-doanh-nghiep-viet-nam-tai-lao-252721.html