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Trade with Laos to reach $1b this year

Update: April, 27/2012 - 01:13

HA NOI — Viet Nam and Laos expect their trade turnover to reach US$1 billion this year.

Lao Deputy Prime Minister Somsavat Lengsavat made the announcement at a Viet Nam-Laos business seminar in Ha Noi yesterday.

Lengsavat said he highly valued Viet Nam's active contribution to Laos' socio-economic development, which he said had created jobs and boosted the State budget.

He hoped that businesses in the two countries would continue to strengthen co-operation in investment and development, as they had done over the past 50 years.

He asked the two sides to further co-operate in resolving difficulties encountered by firms doing business in the two countries.

Speaking at the seminar, Vietnamese Deputy Prime Minister Nguyen Xuan Phuc urged the two countries to promote ways to support businesses, while regularly organising talks between Government and enterprises to complete agreements on trade and investment.

Phuc also said the two sides needed to focus on projects that involved energy, agricultural development and processing, exploitation and trade.

Statistics from the Vietnamese Ministry of Planning and Investment showed that Viet Nam has 206 investment projects in Laos, with a total registered capital of $34 billion.

The Viet Nam Association of Investors in Laos said Vietnamese projects in Laos had been implemented strictly and had contributed significantly to Laos' economy. Most worthy of note are the Laos-Viet Joint Venture Bank, Hoang Anh Gia Lai Group's rubber projects. — VNS

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