The MoU exchange ceremony between Vietnam and Lao enterprises. (Photo: VNA) HCM City (VNA) – Lao Deputy Prime MinisterSonexay Siphandone on December 13 said that the Lao Government will furthersupport Vietnamese investors and expects more investing in Laos to increase theeffectiveness of the two country’s economic cooperation.
Speaking at a Vietnam-Laos trade and investment promotionforum in HCM City, he said that Vietnamese investment in Laos has made an important contribution to the country’s national construction,protection, and development.
Vietnam is currently the third largest investor out of 53countries and territories investing in Laos. However, the current results arestill not commensurate with the potential and cooperation needs of thetwo countries.
Sonexay said that after a difficult period due to the COVID-19, Laos is making efforts to help businesses and people adaptto the new situation and at the same time, focus on attracting all economicsectors at home and abroad to invest in the country.
The Lao government also tries to improve transportinfrastructure and connections with countries in the region, strengthenfreight services, and promote related industries such as services or tourism.
Nguyen Van Nen, Politburo member and Secretary of the Ho ChiMinh City Party Committee, said that good political relationship is a solid foundation for the two countries to carry out economic cooperationactivities.
Laos is now the largest overseas investment market forVietnamese enterprises, who have poured 5.34billion USD into 238 projects in the neighbouring country. HCM City's companies post 44 projects witha total registered capital of about 496 million USD in Laos.
Many Vietnamese-invested projects have proven effective,contributing to the socio-economic development of Laos, Nen said.
Lao Consul General in HCM City Phimpha Keomixay saidthat Vietnam's investment activities focus on almost all importanteconomic sectors and fields in Laos such as agriculture, energy, production anddistribution of essential goods, banking, tourism, hotel and trade center services.
They have helped not only expand the market for Vietnamesebusinesses but also create a foundation for the establishment of Laos' futureindustries, she noted.
At the forum, Vietnamese businesses signed 17 memoranda of understanding (MoUs) and one economic contract with ministries, agencies, andlocalities of Laos to implement cooperation projects in the fields of agriculture, energy, information technology, and tourism./.
