Vietnam-Laos step up economic cooperation

A meeting with the businesses of the two countries Vietnam and Laos was co-chaired by Minister of Planning and Investment of Vietnam Vo Hong Phuc and his Lao counterpart Soulivong Dalavong in Vientiane on August 12, 2008.

Minister of Planning and Investment of Vietnam Vo Hong Phuc and his Lao counterpart Soulivong Dalavong co-chaired a meeting with the businesses of Vietnam and Laos in Vientiane Capital on August 12, 2008. The representatives of Viet-Lao Power Joint Stock Company - Director General Nguyen Thang Long together with some other officers - also attended the Conference.

Vietnam currently ranks third, after Thailand and China, among 37 foreign investors in Laos, according to the Ministry of Planning and Investment of Laos. The Vietnamese projects have been invested in many fields with diversified scale, one of which is Xekaman 3 Hydropower Project invested by Viet-Lao Power Joint Stock Company with the investment capital of 275 million USD, occupying 36.4% of the total investment capital. In the recent years, number of Vietnamese investment projects in Laos has increased continuously, focusing in agriculture, miming and energy. However, the investment of some businesses has not been implemented on schedule; their coordination with the concerned agencies has not been proper; some projects have violated environment protection regulations.

Lao Minister of Planning and Investment Soulivong clear up queries from the Vietnamese businesses relating to policies and investment procedures. He also affirmed that the Government of Laos has given priority and encouraged the Vietnamese businesses to invest into Laos, particularly in the fields of mining and energy. Ministries of Planning and Investment of the two countries would coordinate closely to aid Vietnamese enterprises who want to do business in Laos most effectively, contributing to promotion of comprehensive cooperation between the two nations.