Vientiane (VNA) - Prime Minister Pham Minh Chinh and his Lao counterpart Sonexay Siphandone co-chaired the Vietnam - Laos investment promotion conference in Vientiane on December 1, mapping out ways to realise major economic, investment, and trade goals agreed for 2026 and the 2026-2030 period.
The event reviewed bilateral economic and investment ties, showcased each country’s business climate and priority sectors for investment attraction, and spotlighted opportunities in power generation, rubber, agro-processing, chemicals and mining. Particular emphasis was placed on advancing flagship connectivity projects, including the Hanoi-Vientiane expressway and the Vung Ang-Vientiane railway.
Two-way trade surged 50.4% year-on-year to an estimated 2.6 billion USD in the first 11 months of 2025. Laos remains Vietnam’s top overseas investment destination among 85 markets, while Vietnam ranks as Laos’ second largest foreign investor with cumulative registered capital exceeding 6.21 billion USD. Vietnamese outflows to Laos hit 590.3 million USD from January-November, 7.5 times higher than the same period in 2024.
More and more Vietnamese firms are thriving in Laos, contributing to its socio-economic development across various sectors, while actively fulfilling corporate social responsibility.
In his speech, PM Chinh noted that Party General Secretary To Lam and Lao Party General Secretary and President Thongloun Sisoulith had just successfully co-chaired a high-level meeting between the two Parties, which outlined numerous strategic directions, particularly in economic development. From 2026, Laos aims for 6% growth while Vietnam targets double-digit expansion.
The leader stressed the need for state agencies to adopt a constructive mindset and accelerate three strategic breakthroughs: an open and streamlined institutional framework, interconnected infrastructure, and smart governance. He called on businesses to value brainpower, save time, and act decisively and effectively at the right moment to expand cooperation and investment.
He urged the Lao Government to work with Vietnam to create the most business-friendly environment possible, guided by the spirit of listening and understanding, sharing vision and action, growing and benefiting together.
Other suggestions included stronger connectivity and complementarity between the two economies, a stable and transparent legal framework, faster project implementation to ensure progress and quality, and new ideas and momentum for economic and investment ties.
Vietnamese enterprises such as Viettel, Vinacomin, Petrovietnam, Vietnam Electricity (EVN), Vietnam Rubber Group, Vinachem, Vinamilk, THACO, Viet Phuong, and TH True Milk, were encouraged to continue investing in Laos, especially in transportation infrastructure, airports, seaports, telecommunications, energy, hi-tech agriculture, and mineral processing.
The guest proposed Laos continue facilitating existing Vietnamese investors while inviting Lao capital into Vietnam, with a shared goal of lifting two-way trade to 5 billion USD soon and 10 billion USD in the coming time.
The Lao PM, for his part, said Laos always welcomes and create favourable conditions for Vietnamese investors, especially those in such promising areas as electricity, transport infrastructure, hi-tech agriculture, tourism, finance, and banking.
Agreeing with PM Chinh’s major proposals, he underlined key priorities in connectivity projects, especially railway, expressway, and transport links to Vietnamese seaports, industrial zones, mineral processing, and carbon credit.
To attract more investment, including from Vietnam, Laos is streamlining regulations, refining laws, accelerating digital transformation, expanding public-private partnerships and building a transparent business environment, he said.
Outlining ambitions to exit from least-developed-country status by 2026 and reach upper-middle-income level by 2055, he urged companies to harness innovation and new growth engines. He also called on Vietnamese ministries and agencies to continue sharing project development expertise and linking domestic economic and foreign investment sectors.
Under the witness of both PMs, enterprises from both countries signed and exchanged nine cooperation agreements across multiple sectors.
It was PM Chinh’s final activity during his visit to Laos, where he attended an annual high-level meeting between the two Parties and co-chaired the 48th meeting of the Vietnam–Laos Inter-Governmental Committee on Bilateral Cooperation. He departed Vientiane for Hanoi in the evening, wrapping up a successful working trip./.
