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VN, Laos, Cambodia set up economic association
The Vietnam-Laos-Cambodia Association for Economic Cooperation Development made its official debut in Hanoi on May 6.
The voluntary association aims to boost support among members and raise the efficiency of economic and investment cooperation between member countries.
It will also gather members’ opinions on strategies and policies relating to economic and investment cooperation.
Beginning operation in August last year, the association now has 500 members, including 200 Vietnamese organisations and enterprises currently working with Laos and Cambodia or aspiring to cooperate and invest in the countries.
Under its five-year action plan, the association will organise forums and fairs and provide opportunities for members to exchange experiences and information on economic and investment cooperation.
The association plans to implement consultancy and legal assistance services for enterprises following the three countries’ local and international law.
According to the Ministry of Planning and Investment, the association will further economic and investment relations between Vietnam and the two neighbouring countries and contribute to improving economic development and people’s living conditions.
Vietnam and Laos currently have five-year trade agreements and annual trade protocols that have opened legal corridors for economic and commercial cooperation between the two countries.
As a result, bilateral trade turnover increased rapidly from 167 million USD in 2005 to 312 million USD in 2007 and is expected to hit 1 billion USD in 2010.
In addition, the two governments have issued several policies to support and encourage investment. By late 2007, Vietnam’s registered investment capital in Laos was more than 1 billion USD, ranking third among 40 countries and territories investing in the country. Meanwhile, Laos’ investment capital to Vietnam reached 48.3 million USD.
Vietnam and Cambodia also agreed to support enterprises investing in specific economic fields and boost economic cooperation between border provinces.
In 2006-07, the value of goods exchanged between the two countries increased 30 percent. Last year, Vietnam earned 991 million USD from exports to Cambodia and imports came in at 202 million USD. Trade between the two countries is expected to reach 2 billion USD by 2010.
Vietnam’s direct investment in Cambodia reached 90 million USD last year, while Cambodian enterprises invested 5.2 million USD in Vietnam .
As members of the Association of Southeast Asian Nations (ASEAN), Vietnam, Laos and Cambodia have also boosted cooperation and support within regional and international frameworks.
VNA
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