HCM City companies invited to augment investment in Lao province hinh anh 1Deputy Governor of  Laos' Xaysomboun province Phoikham Houngbounyuang was received by Tat Thanh Cang, Vice Secretary of HCM City Party Committee (Source: VNA)
HCM City (VNA) – Ho Chi Minh City enterprises have been invited to invest in energy – mining, processing, tourism and agro-forestry-fisheries in Laos’ Xaysomboun province as the industries are key to local economic development.

HCM City companies should also beef up trade activities and optimise incentives, said Xaysomboun Deputy Governor Phoikham Houngbounyuang, who is also the Vice Secretary of the provincial Party Committee, at an investment promotion conference in HCM City on April 5.

He added that t he province is expanding the transport network to rural areas to serve mass production and attract projects in clean agriculture, hydropower plants and mining.

According to the provincial Department of Planning and Investment, Xaysomboun is rolling out preferential policies on tax, land use and capital, among others, to invite both domestic and foreign private investment.

At the conference, Vice Chairman of the HCM City People’s Committee Le Van Khoa said the ASEAN Economic Community is opening up numerous opportunities for investment and trade cooperation between Vietnam and Laos.

The two sides’ relevant agencies and businesses should actively exchange information about potential industries and design coordination mechanisms to boost bilateral partnership, he noted.

More than 30 HCM City companies are investing over 250 million USD in Laos at present. Two-way trade approximated 6 million USD in 2015.

For its part, the Vietnamese southern municipality has also been involved in a host of campaigns in Laos to fuel investment and trade partnership.-VNA