The Association of Vietnamese Investors in Laos (AVIL) aims to invest a total of 5.8 billion USD in the country by 2015, said the association at its meeting with Laos-based Vietnamese investors in Vientiane on September 24.

Vietnam is the second largest investor in Laos, with 413 projects underway and a total investment capital of around 5 billion USD, according to the organisers.

The investment projects have actively contributed to Laos’ economy, expected to generate 150 million USD in 2014 alone, and provide jobs for approximately 30,000 local residents.

During the first eight months of 2014, bilateral trade between Laos and Vietnam totalled 884 million USD, up by 41.6 percent compared to the same period last year. The figure is expected to reach over 1 billion USD by the end of 2014 and 1.5-1.7 billion USD by 2015.

The number of Lao tourists to Vietnam increased by 20 percent to a total of 101,770 tourists.

Speaking at the meeting, Vuong Dinh Hue, Head of the Party Central Committee’s Economic Commission praised efforts made by Vietnamese businesses in Laos, expressing hope that they will continue contributing to developing the host country’s economy, thus fostering the special relationship between Vietnam and Laos.-VNA