Thailand
Laos, Vietnam strive for trade/investment breakthrough
Laos and Vietnam are pushing for a breakthrough in joint trade and investment as the two neighbours celebrate their six-decade long special relations this week.
The two nations held grand ceremonies in their capitals on July 18 to mark the 60th anniversary of diplomatic relations and the 45th anniversary of the signing of the Treaty of Amity and Cooperation between Laos and Vietnam.
At the ceremonies, the countries’ top leaders delivered speeches hailing the longstanding friendly relations, special solidarity and comprehensive cooperation between the two nations, whose citizens fought shoulder to shoulder to achieve full independence and liberation of their homelands.
Politburo member and permanent member of the Communist Party of the Vietnam Central Committee’s Secretariat, Vo Van Thuong, is in Vientiane, while Politburo member, permanent member of the Lao People’s Revolutionary Party Central Committee’s Secretariat and Vice President Bounthong Chitmany is in Hanoi for the celebrations.
Receiving Dr Bounthong in Hanoi on Sunday, Vietnam’s President Nguyen Xuan Phuc affirmed that the Vietnamese Party, state and people treasure and are determined to preserve and constantly foster their great friendship, special solidarity, and comprehensive cooperation, according to the Voice of Vietnam.
“Mr Phuc underscored the need for both sides to promote their potential and internal resources to create new breakthroughs in trade and investment cooperation and become a solid pillar for the two countries’ relations,” the news agency reported.
He suggested that the two countries constantly strengthen their economic links, and jointly seek international capital to fulfil projects relating to linkages between the infrastructure of landlocked Laos and Vietnam’s coastline, in order to enhance international integration and trade, self-reliance, and sustainable and prosperous development.
President Phuc’s suggestion came as Laos and Vietnam are cooperating in a number of mega infrastructure projects that would enable Laos to access a deep seaport in Vietnam.
The government of Vietnam has agreed to increase Laos’ shareholding in Vung Ang port in central Ha Tinh province from the current 20 percent to 60 percent, according to an official report.
The two sides are currently assessing the value of the shares, to reach an agreement before the share transfer takes place.
The stakeholders plan to spend several hundred million dollars to upgrade the port to meet the growing need for sea freight, according to the Petroleum Trading Lao Public Company (PetroTrade) – the Lao company that has entered into a joint venture with the Lao and Vietnamese governments on the seaport development project.
The two countries also plan to build a railway linking the Lao capital Vientiane to the seaport, and an expressway to link their two capitals.
Vietnam is currently Laos’ key trading partner. The value of trade between Laos and Vietnam in the first five months of this year reached US$690 million, a year-on-year rise of 20 percent over the same period in 2021.
So far, 214 Vietnamese-funded projects have been approved, with total investment of about US$5.38 billion, making Vietnam the third largest foreign investor in Laos after China and Thailand.
Source: https://www.vientianetimes.org.la/freeContent/FreeConten2022_Laos139.php