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Businesses look to boost investments in Laos
Executives from more than 70 Vietnamese businesses operating in Laos and authorities of both countries met in Vientiane on March 20 to discuss solutions for stronger investment.
Minister of Planning and Investment Vo Hong Phuc of Vietnam and his Lao counterpart, Sinlavong Khoutphay Theun, heard worries raised by investors, concerning lack of information and conflicted interests among shareholders.
Due to devoid of legal and market information, many investors failed to get updated with the change of policies as well as socio-economic developments in order adjust their investment strategies in time.
Shortages of capital and workforces also were major causes to delay their projects, investors complained.
Despite all these difficulties, Vietnamese investors expressed strong confidence in business opportunities in Laos.
Vietnam emerged as the top foreign investor in Laos in 2008-09, injecting some 2.1 billion USD in more than 200 projects over there.
Some major projects have contributed to the socio-economic development in Laos, especially in the areas where these projects are based. They included the hydro-electricity plant Secaman III and a rubber growing and processing project that has helped reclaim tens of thousands of hectares in southern and central Laos.
The two ministers encouraged Vietnamese businesses to boost investment in Laos after clearing their worries up with concrete answers.
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