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Vietnam, Laos promote Vietnamese firms’ major projects in Laos

The Saigon Times

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HCMC – The Vietnamese and Lao Ministers of Planning and Investment co-chaired a forum today, March 21, to promote the involvement of Vietnamese firms in major projects in Laos and encourage new projects.

At the event, part of Vietnamese Minister Nguyen Chi Dung’s Laos visit, the Vietnamese minister proposed the Lao authorities create favorable conditions for Vietnamese firms to do business in the country, remove obstacles facing Vietnam-invested large-scale projects and simplify investment procedures.

Minister Dung also said that many of the Vietnamese firms’ projects in the telecommunications, banking and food processing fields in Laos had contributed to the country’s socioeconomic growth, creating jobs and raising the income of thousands of employees.

Laos always tops the list of 78 nations and territories receiving investment from Vietnam. Vietnamese firms have invested in 209 projects with a total pledged capital of US$5.1 billion in Laos. Meanwhile, Vietnam is the third biggest investor of Laos.

In 2021, Vietnam’s investments into Laos amounted to over US$118 million, up 33.3% against 2020.

To boost the cooperation between the two countries, Minister Dung presented several solutions, including maintaining macroeconomic stability, creating a transparent legal corridor, building a stable business climate and consolidating trust among investors.

The forum, held in Laos’ Vientiane capital, was aimed at strengthening the comprehensive strategic partnership between the two countries, the local media reported.

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