Vietnamese and Lao Prime Ministers agree to promote breakthroughs in economic and investment cooperation

According to VNA, Vietnam-Laos investment cooperation has continued to have positive changes in recent times. Vietnam currently has 241 investment projects in Laos with a total registered capital of 5.47 billion USD. Laos always maintains the first position among 80 countries and territories with overseas investment by Vietnamese enterprises.

Vietnam is also always in the top 3 countries with the largest direct investment in Laos. Many projects of Vietnamese enterprises operate effectively, contributing positively to the socio -economic development of Laos. However, the above results are not commensurate with the potential and good relations between the two countries.

Lao Prime Minister Sonexay Siphandone acknowledged the opinions reflecting the difficulties, as well as the proposals on measures to support businesses to overcome difficulties and obstacles and develop.

Prime Minister Sonexay Siphandone said that the growth of Vietnamese enterprises investing in Laos in recent times has contributed to stimulating development, realizing socio-economic goals and building an independent and self-reliant economy of Laos.

The Lao Prime Minister hopes that Vietnamese businesses will continue to learn about and invest in Laos in areas where Laos has strengths such as clean agriculture, agricultural processing, minerals, clean energy, etc.

Lao Prime Minister Sonexay Siphandone speaks at the conference. Photo: Hai Nguyen

Prime Minister Pham Minh Chinh emphasized that the great friendship, special solidarity and comprehensive cooperation between Vietnam and Laos are developing well in all fields. In particular, economic and investment cooperation between the two countries is an objective need, of strategic significance, which needs to be prioritized to further promote to develop the unique potential, outstanding opportunities, competitive advantages and contribute to building an independent, self-reliant, proactive and internationally integrated economy of each country.

Appreciating the results of cooperation in recent times, Prime Minister Pham Minh Chinh said that economic and investment cooperation between the two countries in the coming time needs to have a breakthrough. In particular, it is necessary to promote public-private cooperation to develop infrastructure, connect the two economies, including investing in the construction of highways, railways, and air routes connecting the two countries; building infrastructure connecting border gates.

Along with that, creating a breakthrough in developing high-quality human resources of both sides, considering this a key task in the relationship between the two countries in the coming time; focusing on promoting cooperation in priority areas such as high-tech industry, innovation, energy, mining, high-tech agriculture, e-commerce...

Prime Minister Pham Minh Chinh speaks at the conference. Photo: Hai Nguyen

“Laos has abundant raw materials, while Vietnamese enterprises have processing capabilities. In particular, Vietnam has a large market with 15 signed Free Trade Agreements (FTAs), which can help Lao goods access,” the Prime Minister pointed out.

The Head of the Vietnamese Government requested ministries, branches, localities and businesses of both sides to coordinate and resolve pending projects and outstanding issues; prioritize and promote investment. The Governments of each country continue to develop policies, perfect institutions, create a legal framework and a favorable investment environment; increase public investment to lead private investment; continue to reform administrative procedures to reduce compliance costs and input costs for businesses; in particular, have appropriate priority policies for businesses of both countries, in the spirit of "harmonized benefits, shared risks", "harmonized interests between the State, people and businesses".

Prime Minister Pham Minh Chinh. Photo: Hai Nguyen — Prime Minister Pham Minh Chinh said that economic and investment cooperation between the two countries in the coming time needs to have a breakthrough. Photo: Hai Nguyen

Prime Minister Pham Minh Chinh emphasized that each program and project not only has economic significance but also has profound political significance. The success of investment cooperation programs and projects demonstrates and strengthens political trust, contributes to socio-economic development, brings happiness and prosperity to the people of each country; consolidates and strengthens the great friendship and special solidarity between Vietnam and Laos; contributes to building a peaceful, cooperative and developing environment in the region and the world; believes that the results of Vietnam - Laos investment cooperation in 2024 will be higher than in 2023, creating a premise for the results in 2025 to be higher than in 2024 and this term, higher than the previous term.

Ceremony to award investment certificates and memorandum of understanding on investment cooperation between Vietnam and Laos. Photo: Hai Nguyen

At the conference, Prime Minister Pham Minh Chinh and Lao Prime Minister Sonexay Siphandone witnessed the ceremony of awarding investment certificates and investment cooperation memorandums between agencies, investors and enterprises of Vietnam and Laos in the fields of finance, agriculture and mineral exploitation.

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