(MPI) - A forum to discuss ways to remove difficulties facing Vietnamese investors in Laos was jointly held in Vientiane on December 9. Vietnamese Deputy Minister of Planning and Investment Tran Quoc Phuong, Lao Minister of Planning and Investment Khamjane Vongphosy and Vietnamese Ambassador to Laos Nguyen Ba Hung attended the event.

MPI Deputy Minister Tran Quoc Phuong at the event. Photo: MPI

Deputy Minister Phuong addressed that the meeting aimed to encourage Vietnamese businesses investing and doing business in Laos, assess investment activities, and prepare for the 45th meeting of the Vietnam-Laos Intergovernmental Committee on Bilateral Cooperation and the Vietnam-Laos Investment Cooperation Conference that are scheduled to take place in Vientiane late this month

Phuong highlighted that both Parties and Governments drastically direct and pay much attention to promote investment cooperation between the two countries. With the great friendship, special relationship and comprehensive cooperation between Vietnam and Laos, the two countries’ investment cooperation has grown continuously over the past time. Laos has been the largest recipient of Vietnam’s overseas investment so far with the total registered investment of 5.3 billion USD, and Vietnam currently ranks third among Laos’ foreign investors.

Notably, Vietnam’s investment in Laos tends to sustainably increase after a period of decline. Vietnam invested over 118 million USD to Laos in 2021, up 33.3% compared to 2020. Vietnam’s investment in Laos increased by 49% in the first 11 months of 2022, and is forecasted to expand by 57.7% in the whole year. Both sides have achieved positive and impressive results although foreign investment has not fully recovered after and still face many difficulties and challenges, he hailed.

Phuong expressed his hope that the Ministry of Planning and Investment and relevant agencies of Laos will further support and help remove difficulties and obstacles facing Vietnamese businesses in Laos.

The deputy minister urged Vietnamese investors and businesses to speed up the implementation of investment projects in Laos, strictly abide by the laws of the two countries, and pay attention to protecting the environment and social security activities in the host country and preserve Vietnam’s image.

As head of Vietnam-Laos Cooperation Committee, the Ministry of Planning and Investment of Vietnam acknowledged recommendations of Lao agencies and businesses. Phuong said, the ministry committed to coordinating with relevant agencies of both countries to promptly support business activities, focusing on removing difficulties, creating favorable conditions to promote investment cooperation in a more effectively and practically manner in the coming time./.

Bao Linh

Ministry of Planning and Investment