Vietnam contributes to Lao socio-economic development hinh anh 1A Laos-Vietnam joint venture bank (Photo VNA)

Vientiane (VNA)
– Since the signing of the Vietnam-Laos Treaty on Amity and Cooperation on July 18, 1977, the traditional relationship, special solidarity and comprehensive cooperation between the two nations have been strengthened, especially in the economy.

Thanks open policies and strong support from the two Parties and States over the last four decades, collaboration between the two nations’ enterprises has been fostered, contributing to further developing the sustainable Vietnam-Laos relations.

Head of the External Affairs Commission of the Lao People's Revolutionary Party (LPRP) Central Committee Sounthone Sayachac, said Vietnam is one of the leading foreign investors in her country.

Trade and investment cooperation between Vietnam and Laos has been growing, importantly contributing to Laos’s socio-economic development, he added.

According to data of the Lao Ministry of Planning and Investment, Vietnam’s investment to Laos has incessantly increased, becoming the third largest foreign investor in the country, with a total capital of 3.7 billion USD.

Vietnam’s projects in Laos are being smoothly operated, contributing 240-260 million USD to Laos’s budget every year, and creating about 35,000 jobs for local labourers.

Meanwhile, the Vietnamese Ministry of Planning and Investment said Laos is Vietnam’s largest foreign investment market with 408 projects.

Established in 1999 between the Bank of Investment and Development of Vietnam (BIDV) and the Lao Foreign Trade Bank, the Lao Vietnam Joint Venture Bank (Lao-VietBank) has become the symbol of economic cooperation between the two countries.

 It serves as a bridge to promote the bilateral trade and investment ties.-VNA