In a pivotal meeting aimed at bolstering economic ties, Vietnam's National Assembly Chairman Vuong Dinh Hue met with Vietnamese enterprises operating in Laos on the evening of December 5th, as part of his official visit to the neighboring country. The gathering, which also saw the participation of Lao's Deputy Prime Minister and Minister of Foreign Affairs Saleumxay Kommasith and Lao National Assembly Vice President Sommad Pholsena, served as a platform to discuss the progress and challenges in economic, trade, and investment cooperation between the two nations.

During the meeting, representatives from various sectors reported to Chairman Vuong Dinh Hue on the outcomes of bilateral cooperation and addressed the resolutions of proposals and recommendations made by Vietnamese businesses during the 2022 official visit. The businesses highlighted their multifaceted contributions to the socio-economic landscape of Laos, including job creation for thousands, income generation, and contributions to the Lao state budget. They noted an improvement in the quality of projects, with a focus on renewable energy and high-tech agriculture.

The enterprises also urged the two governments to establish mechanisms for currency exchange between the Lao kip and the Vietnamese dong to facilitate trade and investment activities. They called for investments in improving railways, roads, and customs procedures, and emphasized the urgent need for legal unification to implement one-stop service solutions to address logistical challenges.

Chairman Vuong Dinh Hue expressed his delight at returning to Laos and acknowledged the country's economic and social development achievements despite challenges faced over the past year. He noted the encouraging macroeconomic indicators, with potential growth rates between 4.2% to 4.5%, controlled inflation, and increased tourism, which signal a positive environment for investors and business communities.

Acknowledging the progress made by the Vietnamese business community in Laos, Chairman Vuong Dinh Hue stated that many of their proposals from the 2022 meeting had been addressed by both governments, leading to the initiation of significant tripartite investment projects, such as Vinamilk's dairy farming project in collaboration with Japan and large-scale renewable energy projects.

Chairman Vuong Dinh Hue appreciated the Lao National Assembly and government for their direct involvement in resolving difficulties faced by Vietnamese enterprises and commended the determination and efforts of these businesses, which he deemed crucial for success.

He stressed the shared desire of both governments, national assemblies, and peoples to achieve a breakthrough in bilateral economic and trade relations. Despite a bilateral trade exchange of over 1 billion USD and investments around 5 billion USD, there is a need for projects that can serve as economic drivers, with many facing implementation challenges.

Chairman Vuong Dinh Hue highlighted the importance of institutional frameworks, legal policies, high-quality human resources, infrastructure costs, and logistics as strategic breakthrough points for recovery and development, areas which are also of great interest to Laos.

He emphasized the significance of improving connectivity through direct flight routes, like the recently opened Ho Chi Minh City-Vientiane route, and enhancing road, air, and rail connections as decisive factors for fundamental changes in bilateral trade and investment relations.

Addressing the need for enhanced macro-management and planning experience, Chairman Vuong Dinh Hue affirmed the focus of both governments on these areas. He also confirmed the commitment of the Lao National Assembly and government to create a transparent and attractive investment environment, which is crucial for connecting not only the Vietnamese and Lao economies but also the broader regional economies of Vietnam, Laos, and Cambodia.

Chairman Vuong Dinh Hue disclosed that the National Assembly had agreed to draft a decree on an investment encouragement fund for domestic and foreign enterprises and instructed the Ministry of Planning and Investment to consider the suggestions of businesses in Laos during the drafting process.

He requested the Vietnamese Ambassador to compile the enterprises' recommendations for review at the upcoming 46th session of the Vietnam-Laos Intergovernmental Committee.

Acknowledging current challenges, Chairman Vuong Dinh Hue encouraged Vietnamese enterprises in Laos to remain patient and determined, assuring them of the two governments' efforts to create an increasingly favorable investment climate. He expressed optimism for their success in Laos, emphasizing that with determination and perseverance, they would indeed thrive.