The Ministry of Planning and Investment of Vietnam and Laos held talks in Nghe An

Attending the talks on the Vietnamese side were comrade Nguyen Van Trung - Deputy Minister of Planning and Investment; representatives of Departments and units under the Ministry of Planning and Investment. On the Lao side, there was comrade Kham-phoi Keo-kin-na-li - Permanent Vice Chairman of the Laos - Vietnam Cooperation Committee; representatives of relevant departments and branches. Photo: Duc Anh

This is an annual activity to assess the economic cooperation between the two countries. This activity also aims to prepare the contents for the 41st meeting of the Vietnam - Laos Intergovernmental Committee. Here, representatives of the two sides informed each other about the socio-economic development situation of the two countries.

There are 409 investment projects with a total investment value of 4.1 billion USD.

Appreciating the cooperation results between the two Governments, the two Ministries of Planning and Investment and the Cooperation Committee of the two countries, Comrade Kham-phoi Keo-kin-na-li said that 2018 is the third year that the Lao PDR has implemented the Resolution of the 10th Congress of the Lao People's Revolutionary Party. Laos' average annual economic growth rate reached 6.5%.

Comrade Kham Phoi Keokinnali - Permanent Vice Chairman of the Laos - Vietnam Cooperation Committee spoke at the talks. Photo: Duc Anh

The Vice Chairman of the Laos-Vietnam Cooperation Committee said that, implementing the economic cooperation plan between the two countries, there are currently 409 licensed projects with a total investment value of about 4.1 billion USD. A number of traffic connection projects have also been surveyed by the two governments. In particular, the Vientiane-Hanoi expressway and the Vientiane-Thakhek-Mu Gia-Tan Ap-Vung Ang railway have been studied and surveyed.

The trade value between Laos and Vietnam in the first 9 months of 2018 reached 758.11 million USD, up 16.6% over the same period in 2017 (650.02 million USD). Projects using aid capital from the Vietnamese Government basically met the plan and quality. In 2018, 11 projects invested by Vietnam were handed over to Laos.

Delegates exchanged on the sidelines of the conference. Photo: Duc Anh

Standing Vice Chairman of the Laos-Vietnam Cooperation Committee Khamphoi Keokinnali also requested the Government and the Ministry of Planning and Investment of Vietnam to continue supporting and investing in planned works and projects, creating favorable conditions for Lao state-owned enterprises to invest in Vung Ang port (Ha Tinh). Strive to increase bilateral trade value, especially creating trade value in the border areas of the two countries; continue to support Laos in training and fostering human resources, improving the quality of training for students of the two countries.

Removing obstacles and promoting investment projects in Laos

Acknowledging the efforts of the Lao Ministry of Planning and Investment as well as the Laos-Vietnam Cooperation Committee in promoting cooperation in various fields between the two countries, Mr. Nguyen Van Trung - Deputy Minister of Planning and Investment affirmed that the bilateral cooperation agreements between Vietnam and Laos in 2018 have been implemented effectively. In the first 11 months of 2018, 8 projects were granted investment licenses in Laos, with registered capital reaching 95 million USD. The aid capital is used to focus on the essential needs of Laos and in accordance with the direction of the leaders of the two governments.

Deputy Minister of Planning and Investment Nguyen Van Trung speaks at the meeting. Photo: Duc Anh

Several other major projects have also made important progress, such as the Lao National Assembly Building, My Ly - Nam Mo Hydropower Plant, Nong Khang Airport, etc.

Deputy Minister Nguyen Van Trung also said that there are still shortcomings and difficulties that the two sides need to actively coordinate to resolve, including the low ratio of implemented capital to registered capital of Vietnamese enterprises in Laos (about 1.8/3.8 billion USD); a number of investment projects, especially key projects in the fields of hydropower, mining, and rubber, are facing difficulties.

Delegates from the Vietnamese Ministry of Planning and Investment attended the talks. Photo: Duc Anh

From that context, Deputy Minister of Planning and Investment Nguyen Van Trung suggested that the two ministries and the Cooperation Committee of the two countries should continue to strengthen and develop political and diplomatic relations; closely cooperate in defense and security, build a peaceful, stable, cooperative and comprehensively developed Vietnam-Laos border; promote the improvement of quality in education-training cooperation and human resource development; focus on removing obstacles, promoting investment and aid projects, creating qualitative changes, improving the effectiveness of cooperation between the two countries; continue to innovate mechanisms and methods, focus resources to effectively use aid capital...

Vietnam has agreed to the Lao Government's request to extend the loan term and send consultants to help Laos in economic management.

Comrade Nguyen Van Trung also affirmed that the Vietnamese Ministry of Planning and Investment is ready to share the difficulties of Laos and is willing to exchange experiences on macroeconomic stability, preventing losses, increasing budget revenue, handling public debt and bad debt. He requested the Lao Investment Promotion Agency to increase information sharing and take timely measures to remove difficulties for Vietnamese enterprises investing in Laos.