Vietnam, Laos, Cambodia benefit from development triangle mechanism hinh anh 1Deputy Foreign Minister Vu Hong Nam (Photo: VNA)

Hanoi (VNA) – The development triangle mechanism of Vietnam, Laos and Cambodia has brought great benefits to all three countries, Deputy Foreign Minister Vu Hong Nam told the media on the eve of the ninth Summit of the CLV Development Triangle Area.

The ninth Summit of Cambodia-Laos-Vietnam (CLV) Development Triangle Area (CLV 9) is slated to take place in Siem Reap, Cambodia on November 23 and 24.

The biggest benefit that the development triangle mechanism has created is the close connectivity among the three economies, with free movement of people thanks to the visa exemption policy, and around 30 flights each day between Vietnam and Laos and Cambodia.

The three countries have also opened up their border. Vietnam and Laos have completed border demarcation with 8 international and 17 national border gates, while Vietnam and Cambodia are still in the process of drawing their border line, but all 10 international and 65 national and auxiliary border gates have been opened for trade and people movement. The road systems of the three countries have been connected, facilitating land transport.

Trade and investment ties among the three countries have enjoyed a dynamic development thanks to open and harmonious policies. Two-way trade between Vietnam and Laos is around 2-3 billion USD each year, and that between Vietnam and Cambodia has surpassed 3 billion USD.

Vietnamese businesses have poured nearly 3 billion USD into Laos and 5 billion USD in Cambodia, while investment from Laos and Cambodia into Vietnam stood at 50 million USD, respectively.

The mechanism also enabled cooperation in education and health care, particularly Vietnam’s educational and medical services in border areas have opened to residents on the other side of the border.

Such outstanding results have prompted the three countries to expand the CLV mechanism to all their territories, Deputy FM Vu Hong Nam said.

As the biggest economy in the triangle area, Vietnam has played the leading role in the mechanism. Over the past 17 years, the three economies have connected across many areas, from investment and trade to transport, finance and banking.

Vietnamese businesses have taken the lead in making investment in the triangle area. Out of 183 Vietnamese investment projects in Laos, 48 are in the triangle development area and 61 out of 248 Vietnamese projects in Cambodia are located in the area.

Vietnam’s investment in education and health care has contributed to developing those two sectors in the development triangle.

Vietnam is active in drafting policies for the development triangle, turning the mechanism into a dynamic and creative forum.

In preparation for the CLV9, Vietnam hosted a Senior Official Meeting (SOM) and meetings of four sub-committees from October 31-November 1. The Prime Minister has instructed ministries and agencies to review work in CLV cooperation with a view to finding causes to any difficulties and seeking new ideas to further bolster the cooperation.

The summit is expected to issue a joint statement on connectivity of the three economies, among others. A list of 15 priority projects will also be tabled for discussion.-VNA