Monday,  Feb 18, 2019,07:36 (GMT+7) 0 0
Laos appeals for further Vietnamese investments
By Le Hoang
Wednesday,  Aug 29, 2018,12:23 (GMT+7)

Laos appeals for further Vietnamese investments

By Le Hoang

A representative (standing) of a Vietnamese enterprise that has invested in Laos shares his business experience at the workshop - PHOTO: HUNG LE

HCMC – Laos has received the most investments from Vietnam among the 29 countries and territories that have invested in the country from January to August this year, according to the Foreign Investment Agency.

At a workshop on business and investment conditions and prospects in the Lao market held on August 28, Lao Consul General in HCMC Somxay Sanamoune said that the Lao government is removing unnecessary administrative procedures and regulations, reducing tariffs and improving the infrastructure to attract foreign investments.

Laos is encouraging investment and trade activities in the country. In a recent decree on special economic zones, Laos offers a number of tax incentives, heard participants of a workshop organized by the HCMC Investment and Trade Promotion Center (ITPC) and the Consulate General of Laos in HCMC.

According to Sanamoune, the Lao government is ready to support Vietnamese investors. Vietnam and Laos have geographical proximity, making economic and trade cooperation between the two countries much easier.

Sanamoune said that some of the fields that may interest Vietnamese investors are farm produce processing, hydropower, mineral exploration and processing industries.

According to Vietnam’s Foreign Investment Agency, 93 outbound investment projects have been licensed in the year to date, with combined investments of US$271.46 million. Moreover, 22 projects have had their investment capital adjusted upward with an additional US$42 million. As such, in the January-August period, fresh and additional offshore investments from Vietnam totaled US$313.48 million.

Laos accounted for 30.4% of Vietnam’s total offshore investments in the eight-month period, at US$95.19 million. It was followed by Australia with US$37.7 million (12%) and Slovakia with US$35.93 million (11.4%).

Pham Thiet Hoa, director of ITPC, said the workshop is expected to help Vietnamese enterprises learn more about the Lao market and explore trading opportunities with Lao businesses.

Vietnam’s offshore investments have grown steadily over the past 15 years. Data from the Ministry of Planning and Investment shows that Vietnam has financed some 1,200 investment projects in 70 countries and territories, with total registered capital exceeding US$22 billion.

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