Vietnam, Laos boost investment ties

by VTV428 March 2016 Last updated at 08:22 AM - The Vietnamese and Laotian Planning and Investment Ministries opened their 2nd conference on March 27 in central Da Nang City.

The event was co-hosted by Deputy Prime Minister Nguyen Xuan Phuc and his Laos counterpart Somsavat Lengsavad, aiming to boost investment cooperation between the two countries.

The second Vietnam-Laos investment cooperation conference assessed the 5-year period of Vietnamese enterprises investing in Laos. Vietnam's FDI inflow into Laos has reached 5 billion USD, accounting for nearly 30% of Vietnam's FDI abroad. Until recently, Vietnam has invested in 250 large projects in Laos and has disbursed over 2 billion USD. However, according to the Association of Vietnamese Investors in Laos, unreasonable tax policies, unsynchronised transport systems, and limited labour resources have caused many difficulties for Vietnamese investors.

According to the Laotian Deputy Prime Minister, Vietnamese enterprises have greatly contributed to increasing Laos' state budget and created jobs for over 40,000 local labourers. The difficulties that Vietnamese enterprises now face will soon be addressed.

Speaking at the conference, Vietnamese Deputy Prime Minister Nguyen Xuan Phuc asserted that cooperation and investment showed the spirit of solidarity between the two countries. Despite economic difficulties, Vietnam's total FDI capital in Laos is still remarkable. Vietnamese enterprises investing in Laos must focus on improving social welfare, and avoid transferring projects which will badly affect the reputation of Vietnamese enterprises.

Besides tackling the remaining problems, the conference also helped boost cooperation and investment between Vietnam and Laos. In the future, there will be more Vietnamese enterprises investing in Laos. This will contribute to forming a strong ASEAN Economic Community.


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