Lao Prime Minister Thoonglune Xixulith recently held a dialogue with Vietnamese businesses investing and operating in Laos.

Last night (October 21st), in Vientiane, the capital of Laos, the Vietnamese Embassy in Laos, in coordination with the Office of the Prime Minister of Laos, organized a meeting and dialogue between the Prime Minister of Laos, Thongloun Sisoulith, and Vietnamese businesses investing and operating in Laos.

At the dialogue, Mr. Tran Bac Ha, Chairman of the Association of Vietnamese Investors in Laos (AVIL), and representatives of major Vietnamese enterprises investing in Laos such as the Vietnam Rubber Industry Group, the Chairman of Long Thanh Golf Group, the Vietnam Chemical Group, PV Oil Laos, and Vietnam-Laos Electricity Company... presented reports on the investment situation of Vietnamese enterprises in Laos, as well as highlighting difficulties and obstacles in current investment activities and making recommendations and proposals to the Lao Government to create favorable conditions for investment activities in Laos in the future.

Lao Prime Minister Thoonglune Xixulith held a dialogue with Vietnamese businesses investing in Laos.

Reports on investment activities of Vietnamese businesses in Laos show that, despite the volatile global economy during the 2011-2015 period and the difficulties faced by both the Vietnamese and Laotian economies, economic cooperation between the two countries continued to grow strongly. Vietnamese FDI into Laos continuously increased during this period, both in the number of projects and the total registered capital. Bilateral trade turnover between the two countries grew at an average rate of 20% per year during the 2011-2015 period.

Speaking at the dialogue, Lao Prime Minister Thoonglune Xixulith welcomed Vietnamese businesses investing in Laos, stating that this activity aims to implement cooperation programs signed by the leaders of the two parties and two states. The Lao Prime Minister noted that, starting from just a few businesses investing in Laos, Vietnamese businesses now have investments in 16 out of 18 provinces and cities in Laos, significantly contributing to job creation and improving the lives of the people.

“Vietnamese investment is currently ranked third in Laos and is rising to second place, which is an impressive figure. I urge Vietnamese businesses investing in Laos, like the volunteer soldiers of the past, not to think about short-term gains but to have a long-term strategic vision, choosing specific investment areas based on their strengths to benefit both countries. Laos has no landlocked land and no railway network, so we need to consider which sectors are effective for investment and strive to overcome obstacles to development. The Lao government welcomes the efforts of Vietnamese businesses as well as the facilitation and promotion of cooperation by the Vietnamese Party and Government,” Prime Minister Thoonglune Xixulith affirmed.

Acknowledging the difficulties and obstacles faced by Vietnamese investors in Laos recently, the Lao Prime Minister affirmed that the Lao Government will continue to create favorable conditions for foreign investors in general, and Vietnamese investors in Laos in particular, in their investment and business activities. At the same time, the Government will direct ministries and agencies to coordinate with Vietnamese businesses to discuss and resolve difficulties and obstacles in each specific area and case.

Previously, after listening to the opinions of Vietnamese investors in Laos, leaders of Lao ministries and agencies answered many questions related to their respective fields, such as customs issues, import and export of goods, Vietnamese labor in Laos, licensing of mineral and hydropower projects, etc.

On the sidelines of the dialogue, Mr. Nguyen Kim Son, General Director of PV OIL Laos, said that the dialogue was very successful and marked the first time the Prime Minister had directly engaged in dialogue with Vietnamese small, medium, and large enterprises in Laos. Ministries and agencies facilitated opportunities for Vietnamese businesses to connect with leaders and specialized agencies to express their concerns and receive support from relevant ministries and agencies in resolving them.

“The Lao Prime Minister and ministries and agencies are committed to continuing to do even better to contribute to the special tradition and comprehensive cooperation between Vietnam and Laos. This will be a highlight and innovation of the new leadership of Laos. With the breakthroughs we are seeing now, the Lao economy will attract even more Vietnamese and foreign investors,” Mr. Son expressed.

As of the end of September 2016, Vietnam had 266 licensed investment projects in Laos with a total registered capital of US$5.1 billion, representing a 1.3-fold increase in the number of projects and a 1.26-fold increase in total investment capital compared to 2011.

The governments and relevant ministries of both countries agreed to elevate the economic cooperation between the two countries from a "trusted strategic partnership" to a "trusted strategic and special partnership," commensurate with the political and diplomatic relations between the two countries; to develop a long-term Vietnam-Laos cooperation strategy with a vision of 10, 15, and 20 years, as well as to coordinate with the Cambodian government to build an agreement connecting the three economies to develop together within the common ASEAN economic community.

According to VOV