Vietnam invests over 3.7 billion USD in the Development Triangle of Laos and Cambodia

In the Development Triangle area of Laos and Cambodia, Vietnam has 110 projects with registered investment capital of more than 3.7 billion USD (accounting for more than 24% of the total number of projects and more than 44% of capital to Laos and Cambodia in general).

*Representatives of the three countries co-chairing the Conference. (Photo: Pham Kien/VNA)*

According to a VNA reporter in Laos, on the morning of February 27, in Attapeu province, Southern Laos, the opening ceremony of the 13th Conference on Trade, Investment and Tourism Promotion of the Cambodia, Laos, Vietnam (CLV) Development Triangle Area took place.

Attending the event were representatives of relevant ministries and branches of the three countries; Government Committees, departments, branches and enterprises of 13 provinces in the Development Triangle area including Kon Tum, Gia Lai, Dak Lak, Dak Nong, Binh Phuoc (Vietnam), Sekong, Attapeu, Salavan, Champasak (Laos) and Stung Treng, Rattanakiri, Mondul Kiri, Kratie (Cambodia).

The conference assessed the results of promoting investment, trade and tourism of each country and of the localities in the CLV region; thereby assessing the situation, pointing out the limitations, difficulties, opportunities and proposing practical solutions, more closely linking each field of investment, trade and tourism to have close and effective cooperation in attracting resources, exploiting and using the potential and strengths of each locality and each country in the CLV region, contributing to socio -economic development, poverty reduction and strengthening the traditional friendship and cooperation between the three countries of Vietnam-Laos-Cambodia.

Delegates also affirmed that in recent years, the investment cooperation situation between enterprises of the three countries in the Cambodia-Laos-Vietnam Development Triangle has achieved certain results but is still not commensurate with the potential and strengths, as well as the strategic cooperation relationship between the three countries.

Many potential fields have not been well exploited such as agriculture, energy, especially clean energy such as hydropower, wind power, solar power, minerals, tourism, etc., have not been able to fully exploit their strengths.

Delegates also said that there are still some barriers to promoting investment activities in the Development Triangle area such as infrastructure has been upgraded, but is still weaker than other areas; investment capital is still lacking, investment incentives and policies are not really clear and administrative procedures related to goods transportation, customs laws, and taxes are still complicated and have not been resolved.

To contribute to removing and resolving the above limitations, the Director of the Foreign Investment Department, Ministry of Planning and Investment, Mr. Vu Van Chung, made many proposals, including recommending that countries should have policies to encourage and give investment incentives to difficult socio-economic areas and particularly difficult socio-economic areas, in which the provinces in the Development Triangle should be included in the list of those enjoying the highest investment incentives and incentives...; Proposing that in the process of building joint action programs of the Region, the three countries should study the formation of large-scale raw material areas to encourage and attract investors to build production, processing, product consumption facilities as well as export goods along the traffic routes connecting the provinces in the region to the border gates with Vietnam to the sea, ensuring the sustainable development of the entire Development Triangle as well as the interests of the member countries.

The Vietnamese representative also recommended that state agencies of the parties regularly review and accelerate the implementation of existing cooperation agreements and agreements between the parties and at the same time promptly develop new necessary cooperation agreements such as on labor, ensuring investment and business activities and resolving difficulties and obstacles for enterprises; Accelerate the effective implementation of bilateral and multilateral cooperation agreements and agreements between the parties to create a favorable legal framework for investment and business activities of enterprises...; Propose to upgrade and complete the infrastructure system, especially transport infrastructure, electricity, water, irrigation systems, irrigation...; Simplify customs procedures, facilitate the transportation of human resources, goods, equipment, and vehicles through border gates. Reduce the burden of procedures and costs of bringing workers who are citizens of the three CLV countries to work in the Development Triangle area...

According to the Vietnamese Ministry of Planning and Investment, in the Development Triangle area of Laos and Cambodia, Vietnam has 110 projects with registered investment capital of more than 3.7 billion USD (accounting for more than 24% of the total number of projects and more than 44% of registered investment capital to Laos and Cambodia in general).

Of these, there are 65 investment projects in Laos, with a capital of more than 2 billion USD, and 45 projects in Cambodia, with a capital of nearly 1.7 billion USD. Vietnam's investment projects in this region focus mainly on industrial crop cultivation, construction, mining and hydropower.

Many projects have been put into stable operation, making positive contributions and impacts on local economic development through contributions to state budget revenue, creating jobs for local workers, contributing to improving infrastructure through small civil works such as roads, schools, medical stations, and contributing to local social security.

In Vietnam, the five provinces of the Development Triangle Area, including Dak Lak, Dak Nong, Gia Lai, Kon Tum, and Binh Phuoc, are currently attracting 521 foreign direct investment projects from 30 countries and territories, with a total registered investment capital of more than 6 billion USD, including two investment projects from Cambodian enterprises.

To date, 5 provinces of Vietnam have invested in Laos and Cambodia in 48 projects, with a total registered capital of 1.91 billion USD, mainly in the Development Triangle area of Laos and Cambodia with 41 projects, with a total registered capital of 1.65 billion USD (accounting for 44% of Vietnam's total investment in the CLV area of Laos and Cambodia).../.

Source: https://www.vietnamplus.vn/viet-nam-dau-tu-tren-37-ty-usd-vao-tam-giac-phat-trien-thuoc-lao-va-camuchia-post929660.vnp

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