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Laos, Vietnam to enhance special economic relations
Laos and Vietnam should boost investment and trade cooperation as the two nations celebrate the year of special solidarity and friendship, according to a top Vietnamese leader.
"I also ask the Lao government to create favourable conditions for Vietnamese businesses to speed up their projects in Laos. Meanwhile, Vietnam will offer more opportunities for Lao businesses considering investment in our country," Vietnamese Deputy Prime Minister, Mr Nguyen Xuan Phuc, said as quoted by the Vietnamese News Agency on Monday.
The Vietnamese premier made the comment on Saturday while delivering a speech at a conference hosted by the ministries of Planning and Investment of both Laos and Vietnam, in Danang.
The conference aimed not only to review the effectiveness of the cooperation and reciprocal investment between the two neighbouring countries and ways to improve it, but also to mark the friendship year between the two countries.
Laos and Vietnam are holding major celebrations this year to mark the two historic occasions of the 35th anniversary of the signing of the Friendship and Cooperation Treaty and the 50th anniversary of diplomatic relations.
Mr Nguyen Xuan Phuc also urged the Lao and Vietnamese ministries of Planning and Investment to bolster cooperation in resolving difficulties for businesses as well as improve opportunities and policies on trade and investment.
"The two ministries should check on the operation of investment projects run by the two countries to ensure their effectiveness,” he said.
He was confident that the current strong investment growth would reach the target of US$2 billion in bilateral trade turnover by 2015.
The Lao and Vietnamese governments are facing challenges to achieve bilateral trade turnover of US$1 billion this year and US$2 billion by 2015 as part of efforts to enhance their special economic relationship.
According to a report from the Lao Ministry of Planning and Investment in March, the Lao government had given permission to Vietnamese enterprises to operate 224 investment projects totaling US$3.57 billion.
Most of these investments are in mining, electricity, agriculture and services.
The value of Vietnamese investment in Laos makes the country one of the top three Foreign Direct Investors. The other two are China and Thailand. Vietnamese Deputy Minister of Planning and Investment Mr Cao Viet Sinh said that the increasing Vietnamese investment in Laos was impressive.
"Hoang Anh Gia Lai group, Dau Tieng and Dak Lak Rubber companies have begun their 50,000ha rubber plantation projects in Champassak and Xekong provinces," he said.
Mr Sinh added that Vietnamese businesses needed further help from the Lao government in boosting projects during the coming years.
vientiane times
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