Viet Nam is currently one of the three largest foreign direct investment (FDI) countries in Laos with 417 projects with a total investment value of US$4.3 billion.

Celebrating the 60th anniversary of the establishment of diplomatic relations between Vietnam and Laos (September 5, 1962 – September 5, 2022) and the 45th anniversary of the Lao-Vietnam Friendship and Cooperation Treaty (July 18, 1977 – July 18, 2022), Minister of Planning and Investment, Laos, Mr. Khamjane Vongxa told the Vietnamese People's Court reporter in Laos about the results of investment cooperation between the two countries as well as how bilateral trade and economic relations develop in proportion to political relations.

According to Minister Khamjane Vongphosy, Viet Nam is currently one of the three largest foreign direct investment (FDI) countries in Laos with 417 projects with a total investment value of US$4.3 billion. Many projects of Vietnamese enterprises are invested in remote and remote areas.

The Minister of Assessment shall assist Laos in researching and developing agricultural development policies, promoting cooperation and investment in high-tech agriculture to produce clean and sustainable agricultural products.

To meet the needs of the Vietnamese people, the Lao Government has promoted and created favorable conditions for Vietnamese businesses and economic sectors to cooperate and do business in Laos in the field of environmentally friendly agriculture. Domestic and export demand, including Hoang Anh Attapeu Company's mixed agricultural development project, the cow raising project in Xiengkhuang province, and many other projects that have yielded excellent results.

In the energy and mining sectors, projects implemented in Vietnam's energy sector were implemented under Lao's law, including several outstanding projects such as Xekamane 1, Xekamane Xansay and Xekamane 3, which contributed significantly to the Lao government's budget. Mine projects are all carried out under signed contracts and have made relatively good progress.

The Lao government also has incentives to attract more Vietnamese enterprises to invest in services. In recent years, there have been several investment projects in this area such as the Long Thanh Golf Course project; Viettel Group's investment project in Laos; Viengchan Plaza Hotel; Muong Thanh Hotel; Crown Plaza Hotel and banking projects such as Vietcombank, BIDV, Vietinbank, Sacombank, etc.

The projects above say the economy is important about economic development - social development and political development, contribution to social development and in Laos's poverty reduction of ethnic minority people.

Minister Plan and Investment of Laos, emphasized Laos government is currently deployed economic plans - communication - communication to the development of the Vietnamese development, in which is in the development of the development of the continue to contribute to the great offer, special bond and cooperation of Vietnam - Laos are increasingly sustainable and depth.

Laos has a strategy to transform the country from a landlocked to a region-connecting country, including projects such as Vung Ang Port, the Laos-Vietnam Railway Project, Thanaleng Dry Port, and the Vientiane Capital Logistic.

The Vietnamese Government has agreed to allow Laos to use Vung Ang Port as part of the Vung Ang Port project, giving Laos access to the sea and international markets. This is Vietnam's heart, its solidarity, and friendship for Laos.

On this basis, the Lao Government has outlined a strategy to develop Vung Ang Port into an international port, a deep-water port that can accommodate ships of 100,000 tons entering and exiting the port, creating a base to support the development of industry, agriculture, mining, and logistics services.

The most important aspect is that this is a condition for Laos to exploit its potential strengths so that it can transport its goods to third countries at lower costs than road transport, thereby increasing Laos' competitiveness. Lao goods on the international market, as well as assisting in the import of goods, supplies, and equipment to facilitate the construction of Laos' economic infrastructure.

When it is operational, Vung Ang Port will play an especially important role as the Lao PDR's economic gateway for importing and exporting goods because it is the closest place to access sea transport services in comparison to other countries. ports in neighboring countries.

Parallel to the development of Vung Ang Port, the governments of Laos and Vietnam have agreed to construct a railway from Vung Ang to Thakhek, Khammuan province, Central Laos, and then to Vientiane.

This will result in the development of infrastructure systems for transporting passengers and goods, as well as the development of highly efficient logistics systems, which will contribute to economic benefits for both countries by lowering costs. and shipping time; encourage the development of agriculture, minerals, industry, trade, and logistics services; create jobs, eliminate hunger, and reduce poverty; and increase Gross Domestic Product (GDP).

If the above projects are completed, they will contribute to the realization of the East-West Economic Corridor Development Plan, which will run along the economic corridor from Vung Ang Port/Ha Tinh Province/Vietnam to Khammuan Province/Central Laos, connecting with Phanom Province and the Northeastern provinces of Thailand. Along this corridor, industry, agriculture, minerals, and other services will be developed to promote socioeconomic growth in the region's countries.

Although Laos-Vietnam trade relations have grown year after year, investment by Vietnamese businesses ranks first on the list of foreign investors in Laos, according to the Lao Minister of Planning and Investment. However, based on the requirements for cooperation in new conditions, the two sides must continue to pay attention to improving and upgrading relations in the field of trade and investment to match bilateral relations in political cooperation.

The two governments have created favorable conditions to promote trade and investment in a more systematic manner, based on a spirit of great friendship, special solidarity, and comprehensive cooperation. Laos' Ministry of Planning and Investment and Vietnam's Ministry of Planning and Investment have frequently organized exchanges and meetings to entice Vietnamese investors to invest in Laos.

Earlier this year, the Prime Ministers of the two countries met with Vietnamese and Lao businessmen to listen and create opportunities for Vietnamese businessmen who have invested in Laos to report on the situation of production activities, businesses, clearly stating the advantages, disadvantages, and recommendations related to their business activities in Laos to have policies and create favorable conditions for businesses to operate normally and contribute to the economy.

According to Minister Khamjane Vongphosy, the information exchange meeting between the two sides shows that in order to exploit each other's potential and strengths, the two countries' trade and investment relations must be strengthened. To effectively meet the senior leaders' aspirations and wishes, the two countries must focus on the following issues: We must actively focus on improving the business environment between Laos and Vietnam in order to become more prosperous, by developing encouraging and favorable policies, reducing unnecessary procedures, time, and costs in business activities related to related industries, and ensuring that business activities are timely, open, transparent, and effective.

Attract investment from Vietnamese businesses with financial capacity and technical expertise, with a focus on clean agriculture, high-tech processing, and manufacturing industries, and increasing the value of export products. Encourage people in border areas to exchange, produce, and trade more goods. Continue to resolve difficulties and problems for Lao investors in Vietnam and Vietnam in Laos in a timely and reasonable manner.

To continue to promote the two countries' growing tradition of great friendship, special solidarity, and comprehensive cooperation, on this occasion, on behalf of the leaders of Laos' Ministry of Planning and Investment and the Laos-Vietnam Cooperation Committee, Minister Khamjane Vongphosy urged businesses in both countries to deeply understand the unique nature of recent solidarity and comprehensive cooperation between Vietnam and Laos, in order to jointly preserve and develop the relationship between the two countries. promote this relationship in a way that meets the two countries' needs for cooperation in the context of the new situation, while ensuring the interests of the people of the two countries, as well as the businesses of the two countries, in order to make the friendship, special solidarity, and comprehensive cooperation between Laos and Vietnam forever last over time.