Prime Minister Pham Minh Chinh: Vietnam-Laos cooperation needs a breakthrough
Co-chairing the Vietnam-Laos Investment Cooperation Conference with the Lao Prime Minister, Prime Minister Pham Minh Chinh said that economic and investment cooperation between the two countries in the coming time needs a breakthrough.
On the morning of January 7, Prime Minister Pham Minh Chinh and Lao Prime Minister Sonexay Siphandone co-chaired the Vietnam-Laos Investment Cooperation Conference.
In the 11 months of 2023, Vietnam had 7 newly licensed projects and 2 projects with increased capital, with a total registered capital of more than 114 million USD (up 71.7% over the same period). Also in the 11 months, bilateral trade turnover reached 1.5 billion USD.
Speaking at the conference, Lao Prime Minister Sonexay Siphandone assessed that the growth of Vietnamese enterprises investing in Laos in recent times has contributed to stimulating development, realizing socio-economic goals and building an independent and self-reliant economy of Laos.
The governments, businesses and people of the two countries need to continue to make efforts and be determined to create new turning points, make efforts to deploy new cooperation projects, concretize and effectively implement the agreement between the two Politburoes of Vietnam and Laos.
The Lao Prime Minister said that recently, the Lao Government has focused on building and perfecting institutions, including investment incentive policies; developing plans, including plans for 12 economic zones and industrial parks nationwide. Lao ministries and branches continue to research and supplement investment incentive policies suitable for each stage; at the same time, continue to listen to and resolve difficulties and problems for businesses to develop.
The Lao Prime Minister hopes that Vietnamese businesses will continue to research and invest in areas where Laos has strengths, such as clean agriculture, agricultural processing, minerals, clean energy, etc.
He said that in 2024, Laos will assume the ASEAN Chairmanship, with the theme "Enhancing Connectivity and Resilience". The Lao Government hopes that Vietnam in general and the Vietnamese business community in particular will support Laos to successfully assume its role; and hopes to welcome more Vietnamese people to visit Laos, especially during the Laos Tourism Year 2024.
Prime Minister Pham Minh ChinhEmphasized that the great friendship, special solidarity and comprehensive cooperation between Vietnam and Laos is developing well in all fields.
Appreciating the results of cooperation in recent times, Prime Minister Pham Minh Chinh said that economic and investment cooperation between the two countries in the coming time needs to have a breakthrough. In particular, it is necessary to promote public-private cooperation to develop infrastructure, connect the two economies, especially the Hanoi-Vientiane expressway, the Vung Ang-Vientiane railway to connect Laos to the sea...
Along with that, create a breakthrough in developing high-quality human resources of both sides, considering this a key task in the relationship between the two countries in the coming time. Focus on promoting cooperation in priority areas such as: high-tech industry, innovation, energy, mining, high-tech agriculture, e-commerce...
Laos has abundant raw materials, while Vietnamese enterprises have processing capabilities. In particular, Vietnam has a large market with dozens of signed free trade agreements (FTAs), which can help Lao goods access.
The head of the Vietnamese Government requested ministries, branches, localities and businesses of both sides to coordinate and resolve pending projects and outstanding issues; and prioritize and promote investment.
The governments of each country continue to build policies, improve institutions, create a legal framework and a favorable investment environment; increase public investment to lead private investment; continue to reform administrative procedures to reduce compliance costs and input costs for businesses; and in particular, have appropriate priority policies for businesses of the two countries.
The Prime Minister emphasized that each cooperation program and project not only has economic significance but also profound political significance. The success of investment cooperation programs and projects affirms and consolidates political trust, contributes to socio-economic development, brings material wealth, and an increasingly happy and prosperous life to the people of each country.