Vietnamese, Lao businesses enhance partnership hinh anh 1Chairman of the Vietnam Business Association for Cooperation and Investment in Laos Nguyen The Hien (R) and Chairman of the Young Entrepreneurs Association of Laos Khamsen Sisavong sign the coopeation deal in Vientiane on May 14 (Photo: VNA)

Vientiane (VNA) – A cooperation deal has been signed between the Vietnam Business Association for Cooperation and Investment in Laos (BACI) and the Young Entrepreneurs Association of Laos (YEAL), expected to open up more partnership chances for the countries’ businesses.

At the signing ceremony in Vientiane on May 14, BACI Chairman Nguyen The Hien said Vietnamese businesses are investing over 4.1 billion USD in more than 400 projects in Laos. Enterprises of both sides are working together to bring cooperation in various fields like mining, agriculture and services on par with the countries’ potential and advantages.

He underlined that bilateral cooperation outcomes in recent years have demonstrated efforts by Vietnamese and Lao businesses, governments, ministries, and sectors.

The BACI’s establishment was one of the practical activities of the Vietnamese Government and business community to improve their investment’s effectiveness in Laos, Hien said, noting that his association has become a true bridge for bilateral trade and investment ties.

He said the BACI-YEAL agreement will continue opening up many opportunities for investment cooperation, thus contributing to each country’s development.

For his part, YEAL Chairman Khamsen Sisavong said the YEAL-BACI cooperation is important to both at present and in the future. The two associations should also make use of opportunities to coordinate more closely to help solve youth unemployment in Laos.

He asked them to jointly organise discussions on partnership in developing export products and set up a cooperation board to boost substantive ties. He also called on Vietnamese firms working in the finance-banking sector of Laos to create favourable conditions for local companies to access soft loans.

At the meeting, the countries’ businesses also inked five cooperation documents.

Founded in 2010, the BACI now has 100 member companies. Meanwhile, there are more than 800 firms that are members of the YEAL, which was set up in 2002.-VNA