(MPI) - Vietnamese Ministry of Planning and Investment, in collaboration with Lao Ministry of Planning and Investment hold an investment cooperation conference “Promoting sustainable development and prosperity together” in Vientiane, Laos on January 9. The event is co-chaired by Prime Minister Pham Minh Chinh and his Lao counterpart Sonexay Siphandone.

Minister of Planning and Investment Nguyen Chi Dung, Chairman of the Vietnam-Laos Cooperation Committee speaks at the event. Photo: MPI

Speaking at the event, Vietnamese Minister of Planning and Investment Nguyen Chi Dung highlighted a number of cooperative results between the two sides, and outlined key directions to promote economic, trade and investment cooperation for the time ahead. The sides have effectively implemented directions and guidelines of the two countries’ senior leaders, focusing on addressing long-term problems and obstacles to yield various encouraging results in 2024.

Investment cooperation between the countries witnessed positive changes, and many difficulties have been promptly resolved. Vietnam’s investment in Laos is showing a more sustainable upward trend, with Vietnam’s registered investment in Laos reached 191.1 million USD, up 62.1% year-on-year, mainly in clean energy, high-tech agriculture, mining and processing.

Cumulatively, Vietnamese businesses have invested in 267 projects worth 5.7 billion USD in Laos, mainly in energy, mining, agriculture and forestry, food processing, telecommunications, banking, and travel. Vietnamese-invested projects have been presented in 17 out of 18 provinces of Laos across fields.

Many Vietnamese-funded projects have operated effectively, contributing significantly to the host country’s socio-economic growth, creating jobs for local labourers and increasing incomes for many workers. Over the past five years, Vietnamese businesses have contributed an average of 200 million USD annually in Laos State budget, and implemented social security policies of 160 million USD cumulatively.

In 2024, two-way trade reached a new milestone, surging 33.9% year-on-year to exceed 2.2 billion USD, notably, Laos achieved a trade surplus of 732.7 million USD with Vietnam with significant contributions of many Vietnamese enterprises operating in Laos.

According to Minister Dung, the economic, investment and trade cooperation are not yet commensurate with the two countries’ relationship and potentials; some large-scale and strategic projects, especially transport ones, are in slow progress due to difficulties in mechanisms, policies and capital resources.

The minister suggested both sides must unite and bond amid difficulties to share experiences in maintaining macroeconomic stability, developing sustainably, improving the business climate, exchanging views in perfecting laws and policies, attracting resources, and fostering investment cooperation with the spirit of “Cooperating for sustainable development and prosperity”, “win-win cooperation” and “harmonious benefits and shared risks”.

He proposed for further investment and trade collaboration, focusing on encouraging Vietnamese businesses to invest sectors aligned with Laos’s priorities like agriculture, forestry, aquaculture, energy, mining, and eco-tourism.

In addition, businesses should actively join in connecting the two economies to help Laos develop its own sea, port and railway systems for greater integration and connectivity. The two Governments focus on addressing challenges to mobilise resources to invest in key projects such as: Vung Ang Ports 1,2 and 3, Hanoi - Vientiane expressway, and Vientiane - Vung Ang railway.

Minister Dung affirmed that as the Chairman of the Vietnam-Laos cooperation committee, he will take note of proposals and recommendations by enterprises to work with ministries, sectors and localities to soon remove difficulties and obstacles, creating favorable conditions for further investment cooperation in a more effective and substantive manner./.

Bao Linh

Ministry of Planning and Investment