Laos attracts more investments from Vietnam
Vietnamese entrepreneurs have so far poured investments worth US$5.34 billion into 238 projects in Laos, according to a report by VietnamPlus.
Laos is now the largest overseas investment market for Vietnamese enterprises. Of the total, companies from Ho Chi Minh invested in 44 projects in Laos with a total registered capital of US$496 million.
Meanwhile Vietnam is the third largest investor in Laos after China and Thailand. Vietnamese businesses currently have investments in various fields including agriculture, electricity, mining and services.
These figures were reported during a recent official visit to Ho Chi Minh City by the Lao Deputy Prime Minister, Dr Sonexay Siphandone.
During the visit, Dr Sonexay and other senior officials witnessed the signing of memorandums of understanding for 17 projects involving a total investment capital of 3.82 trillion dong.
Dr Sonexay attended a trade and investment forum that opened up opportunities for further investments by Vietnamese enterprises in Laos. He also heard from Vietnamese investors about ways to further improve the business climate in Laos.
The Deputy Prime Minister said the Lao government has placed great emphasis on attracting foreign investments, especially from Vietnam, to boost economic growth in the country.
The government has spent a huge amount of capital on developing infrastructure, including roads, railways and expressways, to enable Laos to be more connected with countries in the region, and on improving the logistics system to facilitate economic activities, he said.
Dr Sonexay told Vietnamese businesses that the Lao government will further support Vietnamese investors, and hopes to attract more investments in Laos to increase effective economic cooperation between the two countries.
He said Vietnamese investments in Laos have made an important contribution to the country’s national construction, protection and development.
Mr Nguyen Van Nen, the Politburo member and Secretary of the Ho Chi Minh City Party Committee, was quoted by VietnamPlus as saying that a good political relationship is a solid foundation for the two countries to carry out economic cooperation activities.
The Lao Consul General in Ho Chi Minh City, Ms Phimpha Keomixay, said Vietnamese enterprises have focused on almost all important economic sectors in Laos, including agriculture, energy, production and distribution of essential goods, banking, tourism, hotelS and trade centre services.
They have helped to expand the market for Vietnamese businesses and created a foundation for the establishment of Laos’ future industries, she noted.
The government of Laos and Vietnam are keen to increase the value of bilateral trade to US$2 billion in the near future by maximising the potential offered by the two countries.
The value of trade between Laos and Vietnam surged to US$949 million from January to July this year. This was an increase of 24.11 percent over the figure for the same period of last year.