Lao Permanent Deputy Prime Minister Somsavat Lengsavat has affirmed that Laos-Vietnam economic cooperation has seen solid developments and brought mutual benefit to both sides.
Talking on economic cooperation between Laos and Vietnam during the 2006-09 period and future prospects, Deputy PM Somsavat, who is also Chairman of the Laos-Vietnam Cooperation Sub-Committee, said that Vietnam’s investment in Laos was small from 2006 to the end of the third quarter of 2007.
But since the end of 2008, a wave of investment by Vietnamese businesses has helped Vietnam become one of Laos’ three biggest investors, he said.
There are many bright prospects for bilateral economic ties, confirmed the Lao Deputy PM, adding that the two governments have set orientations for cooperation in which both sides will bring their strengths to the effort.
Laos has strong potential in hydro-electricity, land and minerals while Vietnam has capital, capability and technology so that both countries can cooperate in building hydroelectric projects, planting industrial crops and exploiting minerals, Somsavat said.
However, enterprises on both sides should have a thorough grasp of the other country’s laws and regulations to avoid unnecessary mistakes, he noted.
Deputy PM Somsavat highlighted direct cooperation between the Lao Government and Vietnamese companies and conglomerates, which he said is a good model creating mutual benefits.
He also said that the Hoang Anh Gia Lai Joint Stock Company has provided 4 million USD in non-refundable aid and 15 million USD in a non interest bearing loan to the Lao Government to build the athletes village for the 25th Southeast Asian Games.
The Long Thanh Golf Company of Vietnam is investing more than 1 billion USD in exploring gold ore in the southern Lao province of Attapu and building a golf course and villas in Vientiane .
According to Laos’ Ministry of Planning and Investment, 2009 was the second consecutive year that Vietnam topped Laos’s investor list with 48 investment projects totalling 1.42 billion USD. It was followed by China with 47 projects which are valued at 932.8 million USD and Thailand with 37 projects worth 908.6 million USD in total.
During the 1989 to Sept. 2009, Vietnam had 207 projects totalling 2.123 billion USD focusing on services, mining, hydroelectricity and industrial crops./.
Talking on economic cooperation between Laos and Vietnam during the 2006-09 period and future prospects, Deputy PM Somsavat, who is also Chairman of the Laos-Vietnam Cooperation Sub-Committee, said that Vietnam’s investment in Laos was small from 2006 to the end of the third quarter of 2007.
But since the end of 2008, a wave of investment by Vietnamese businesses has helped Vietnam become one of Laos’ three biggest investors, he said.
There are many bright prospects for bilateral economic ties, confirmed the Lao Deputy PM, adding that the two governments have set orientations for cooperation in which both sides will bring their strengths to the effort.
Laos has strong potential in hydro-electricity, land and minerals while Vietnam has capital, capability and technology so that both countries can cooperate in building hydroelectric projects, planting industrial crops and exploiting minerals, Somsavat said.
However, enterprises on both sides should have a thorough grasp of the other country’s laws and regulations to avoid unnecessary mistakes, he noted.
Deputy PM Somsavat highlighted direct cooperation between the Lao Government and Vietnamese companies and conglomerates, which he said is a good model creating mutual benefits.
He also said that the Hoang Anh Gia Lai Joint Stock Company has provided 4 million USD in non-refundable aid and 15 million USD in a non interest bearing loan to the Lao Government to build the athletes village for the 25th Southeast Asian Games.
The Long Thanh Golf Company of Vietnam is investing more than 1 billion USD in exploring gold ore in the southern Lao province of Attapu and building a golf course and villas in Vientiane .
According to Laos’ Ministry of Planning and Investment, 2009 was the second consecutive year that Vietnam topped Laos’s investor list with 48 investment projects totalling 1.42 billion USD. It was followed by China with 47 projects which are valued at 932.8 million USD and Thailand with 37 projects worth 908.6 million USD in total.
During the 1989 to Sept. 2009, Vietnam had 207 projects totalling 2.123 billion USD focusing on services, mining, hydroelectricity and industrial crops./.
