Vietnamese investors in Laos discuss measures to cope with COVID-19

Update: July, 13/2020 - 14:32


Unitel is a telecom service brand name of Star Telecom, a joint venture between Việt Nam's Viettel Group and Lao Asia Telecom. Việt Nam now has 413 projects in Laos with total registered capital of US$4.22 billion. — Photo

HÀ NỘI — Vietnamese enterprises investing and doing business in Laos needed to apply online solutions in corporate management to cope with the COVID-19 pandemic, which was hitting the Lao economy hard, and develop plans for post-pandemic recovery.

Vietnamese Ambassador to Laos Nguyễn Bá Hùng was speaking at a conference jointly held with the Vietnam Business Association for Cooperation and Investment in Laos (BACI) on Sunday in Vientiane, which attracted 50 Vietnamese companies to discuss measures to cope with the COVID-19 pandemic.

Hùng said that the Lao economy was slowing down with risks of increasing inflation and public debt due to the impacts of the virus, adding that the Lao Government kicked off a number of measures to stimulate investment, production and business in an effort to support firms.

The country was also hastening reform and restructuring of its economy, especially with the amendments of several laws related to foreign investment, enterprise, finance and banking.

In addition, some major infrastructure projects were nearly completed to form economic axes along the north-south and east-west corridors. Hùng said that the improvement in the infrastructure system would create significant opportunities for enterprises, urging Vietnamese firms to prepare to grasp such opportunities.

Hùng also urged Vietnamese firms in Laos to renovate corporate management models and apply online solutions to cope with the COVID-19 pandemic and develop post-pandemic investment and production plans.

According to Nguyễn Văn Bình, general director of Lao-Việt Joint Venture Bank, the Lao Government implemented policies to support customers who were hit by the pandemic, including debt restructuring, loan packages with preferential interest rates and lowering required reserve ratio for commercial banks to increase sources for credits. Especially, Lao businesses were also promoting cashless payment.

Việt Nam now has 413 projects in Laos with a total registered capital of US$4.22 billion. — VNS