On the afternoon of August 16, in Nghe An, a mid-term conference was held to evaluate the implementation of the Vietnam-Laos cooperation plan for 2024 and to review and promote the bilateral cooperation agreement between the two countries for the 2021-2025 period, co-chaired by the leaders of the Ministry of Planning and Investment of Vietnam and Laos.

At the conference.

At the conference, Mr. Phet Phomphiphak, Minister of Planning and Investment of Laos and Chairman of the Laos-Vietnam Cooperation Committee, discussed the progress of the implementation of the cooperation plan between the two countries for 2024 and the agreement on bilateral cooperation for the 2021-2025 period. Particularly regarding the economic sector, from 2021 to now, Laos has granted new investment licenses for Vietnamese enterprises to implement several projects in Laos, with a total investment amounting to 869.9 million USD.

Mr. Phet Phomphiphak, the Minister of Planning and Investment of Laos and Chairman of the Laos-Vietnam Cooperation Committee, delivered a speech at the conference.

In the first six months of 2024 alone, Laos has approved 6 projects for Vietnamese enterprises, with a total capital of 339 million USD, including 1 project in the mining sector, 1 project in the electricity sector, and 4 projects in healthcare.

To date, Vietnamese enterprises have invested in 256 projects in Laos, with a total registered capital of 5.5 billion USD; the accumulated implemented capital so far has reached approximately 2.8 billion USD. Many of these investment projects by Vietnamese enterprises in Laos are operating effectively, making a positive contribution to socio-economic development, creating jobs, and increasing incomes for thousands of workers, while supplementing revenue for the Lao government budget, especially in areas such as telecommunications, banking, rubber planting and processing, and food production and processing.

Trade cooperation between Vietnam and Laos continues to grow, with the first half of 2024 reaching 927.8 million USD, an increase of 11.1% compared to the same period in 2023. Of this, Laos imported 289.2 million USD from Vietnam, and the value of Lao exports to Vietnam reached 638.6 million USD. From 2021 to 2023, the average growth rate of trade between the two countries reached 17.7%.

In terms of transportation and construction cooperation, the two sides have signed a memorandum of understanding to study the feasibility of several projects currently undergoing on-site surveys, such as the highway connecting Vientiane and Hanoi, and the railway line from Vientiane to Thakhek, Tân Ấp, and Vũng Áng. Both sides also continue to promote the implementation of agreements and protocols to develop Vũng Áng ports 1, 2, and 3.

Minister Phet Phomphiphak believes that in the coming time, the planning and investment ministries of both countries need to further strengthen comprehensive cooperation, closely coordinate efforts to promote collaboration between the two nations, and facilitate and manage the investment activities of enterprises in each country. They should also serve as the coordinating body to promote businesses that have contracts or joint venture agreements to implement them according to the proposed plans and to address existing issues in the licensed investment projects.

All delegates at the conference.

Speaking at the conference, Trần Quốc Phươnng, Deputy Minister of Planning and Investment of Vietnam, shared that the cooperation plan agreement between the two countries for the first half of 2024 has basically achieved its objectives, contributing significantly to maintaining political stability, socio-economic development, and ensuring national defense and security in each country.

According to Deputy Minister Trần Quốc Phương, in the near future, the two sides need to continue to enhance cooperation in politics and diplomacy, deepening the Vietnam-Laos political relationship, maintaining an overall guiding role in the bilateral relations of the two countries, and focusing on effectively implementing the Joint Declarations and high-level agreements between the two countries. Additionally, they should promote cooperation and economic connectivity, enhancing the effectiveness of collaboration in key areas, especially with breakthroughs in economic cooperation and investment between the two countries by: Promoting public-private partnerships to develop infrastructure, connecting the two economies, especially the Hanoi-Vientiane highway, the Vũng Áng-Vientiane railway to connect Laos to the sea, aviation cooperation, and infrastructure connecting border gates; creating breakthroughs in the development of high-quality human resources of both countries, viewing this as a key task in the bilateral relations going forward; and focusing on promoting cooperation in priority sectors such as high-tech industry, innovation, energy, mining, high-tech agriculture, and e-commerce.