Vietnam invests over 3.7 billion USD in Development Triangle provinces of Laos, Cambodia

Director of the MPI’s Foreign Investment Agency Vu Van Chung speaks at the conference held in Attapeu province of Laos on February 27. (Photo: VNA)

Vientiane (VNA) – Vietnam has invested over 3.7billion USD in 110 projects in the Lao and Cambodian provinces located in thethree countries’ Development Triangle so far, statistics show.

The Vietnamese Ministry of Planning and Investment (MPI)revealed the data at the 13th conference on trade, investment, and tourismpromotion for the Cambodia - Laos - Vietnam (CLV) Development Triangle held in Attapeuprovince of Laos on February 27.

The event draw officials of the three countries along withauthorities and businesses of the 13 provinces in the CLV Development Triangle,namely Kon Tum, Gia Lai, Dak Lak, Dak Nong, and Binh Phuoc of Vietnam; Sekong,Attapeu, Salavan, and Champassak of Laos; and Stung Treng, Rattanakiri, MondulKiri, and Kratie of Cambodia.

Participants shared the view that over the past years,investment cooperation among CLV businesses in the Triangle has reaped certainresults but yet to match the potential, strength, and strategic cooperation oftheir countries. Some potential fields haven’t been properly capitalised onsuch as agriculture, clean energy, mining, and tourism.

There remain certain barriers to investment in the Trianglesuch as limited infrastructure, a shortage of investment capital, unclearinvestment incentives, and complex administrative procedures on goodstransportation, customs, and taxation, they pointed out.

Proposing some solutions to those shortcomings, Director ofthe MPI’s Foreign Investment Agency Vu Van Chung said the three countries needto devise specific investment incentives for disadvantaged socio-economic areas,and the provinces located in the Triangle should benefit from the best policies.

Representatives of Vietnam, Laos, and Cambodia co-chair the conference. (Photo: VNA)

In common action plans for the Triangle, the countries shouldform large-scaled material zones to encourage investors to come to purchasematerials, build production and processing facilities, and export productsalong the roads connecting the provinces with border gates and then Vietnam’sseaports, thereby helping secure sustainable development for the Triangle andthe three countries as a whole, he noted.

The official also recommended CLV state agencies acceleratethe implementation of cooperation agreements to facilitate investment and businessactivities; soon draft new deals necessary for labour, investment, business partnerships;upgrade and complete infrastructure, especially transport, electricity, water,and irrigation facilities; and simplify customs procedures for sendingmanpower, goods, equipment, and vehicles via border gates.

The 110 projects of Vietnam and their registered value ofover 3.7 billion USD in the Lao and Cambodian provinces in the Triangle accountfor more than 24% and 44% of Vietnam’s total projects and investment value inthe other two countries, respectively. They consist of 65 projects worth over 2billion USD in Laos and 45 projects worth nearly 1.7 billion USD in Cambodia, accordingto the MPI.

It noted that the Vietnamese projects concentrateon industrial tree cultivation, construction, mining, and hydropower. Many ofthem have helped with local development via their contributions to budgetcollection, job collection, infrastructure improvement, and social security.

Meanwhile, the five Vietnamese provinces in the Triangle haveattracted 521 foreign direct investment projects worth over 6 billion USD from30 countries and territories, including two projects of Cambodia.

The provinces have invested in 48 projects worth 1.91 billionUSD in Laos and Cambodia, including 41 projects worth 1.65 billion USD in theTriangle, the MPI added./.

VNA