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Vietnamese firms seek to boost investment in Laos
The Vietnamese government is encouraging businesspeople from that country to invest in Laos in an effort to boost economic cooperation between the two nations.
The Vietnamese Embassy to Laos on Saturday hosted a seminar on bilateral cooperation and investment opportunities in Laos to provide Vietnamese businesspeople with information with which they can make an informed decision whether to invest in Laos or not.
Representatives from several Vietnamese enterprises investigating investment opportunities in Laos attended the one day seminar.
Speaking at the seminar, Vietnamese Ambassador to Laos Ta Minh Chau said that Laos is an exciting investment destination for Vietnamese businesspeople because it is a peaceful country and holds great potential in many fields.
He also highlighted the special relationship between Vietnam and Laos, adding that the Lao government continues to create favourable conditions for Vietnamese businesses to invest in the country.
During the seminar, Vietnamese businesspeople expressed interest in investing in many areas including education, industry, banking, services, as well as cotton, rubber and coffee plantations, and other agricultural products.
Attending businesspeople also asked the embassy and relevant agencies to provide information on the legal requirements of both countries to facilitate investments in Laos.
According to a report issued by the Ministry of Planning and Investment, Vietnam has become the largest foreign investor in Laos after taking over the top position from China and Thailand last year.
Vietnamese firms have invested in 252 projects in Laos worth about US$2.77 billion from 2000 to 2010, putting Vietnam atop the foreign investor rankings for the first time in a decade.
The value of Vietnamese investment has exceeded that of China and Thailand since the end of last year. One of Vietnam's major projects is the US$1 billion golf course development in Vientiane, according to Investment Department Deputy Director General Mr Manothong Vongsay.
The surge in investment follows on from an agreement between Laos and Vietnam to boost bilateral trade value to US$1 billion in 2010, to US$2 billion by 2015, and to US$5 billion by 2020.
Most of Laos' exports to Vietnam are timber, mining commodities and energy, while Vietnamese exports to Laos mainly comprise of machinery and consumer goods. There are many Vietnamese companies operating successfully in Laos including the Song Da Corporation, Viettel, Lao-Viet Bank, Long Thanh Golf and the Hoang Anh-Gia Lai Group, according to Vietnamese diplomats stationed in Laos.
vientiane times
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