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Nation is third largest investor in Laos

Update: July, 09/2012 - 09:43


Customers make transactions at the Vietnam Military Commercial Joint Stock Bank (MB)'s office in Vientiane, Laos. Laos has so far granted business licenses to 214 Viet Nam's projects. — VNA/VNS Photo Pham Kien
DA NANG — Viet Nam invested US$3.45 million in Laos during the first six months this year, ranking third in the list of leading investors in Laos, said deputy minister of Viet Nam's Planning and Investment Cao Viet Sinh.

The deputy minister made the comments at the Viet Nam-Laos Co-operation and Investment Conference in Da Nang City on Saturday.

The conference, which was hosted by the ministries of Planning and Investment of Laos and Viet Nam, reviewed the effectiveness of co-operation and investment between the two countries in recent years and discussed ways to improve it.

The event was held to mark the 50th anniversary of diplomatic relations between the two countries.

Sinh said Laos has granted business licenses to 214 projects, including hydro-power plants, rubber plantations and projects related to minerals exploitation and energy.

"It's a considerable figure," said Sinh. "Hoang Anh Gia Lai group, Dau Tieng and Dak Lak Rubber companies have begun their 50,000ha rubber plantation projects in Champasak and Sekong provinces."

Sinh added that Vietnamese businesses needed further help from the Lao Government in boosting projects during coming years.

Businesses from Da Nang alone has promoted investment and co-operation projects in education, agriculture, transport and tourism with a total capital of $50 million in Laos.

Speaking at the conference, Politburo member and Deputy Prime Minister Nguyen Xuan Phuc said: "The current strong investment growth will help reach the target of $2 billion in bilateral trade turnover by 2015," he said.

However, he complained that some Vietnamese companies had delayed their investment projects.

He also requested the two ministries to bolster co-operation to solve difficulties for businesses as well as improve opportunities and policies on trade and investment.

"The two ministries should check on the operation of investment projects of the two countries to ensure the effectiveness of the investment," the Deputy Prime Minister said.

"I also ask the Lao Government to create favourable conditions for Vietnamese businesses to speed up their projects in Laos. Meanwhile, Viet Nam will offer more opportunities for Lao businesses considering investment in Viet Nam."— VNS

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