Laos Keen to Attract More Investment From Vietnam

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Lao Deputy PM, Mr. Sonexay Siphandone and other Vietnamese government authorities at the venue | (photo: THOLAKHONG)

According to the Lao Deputy Prime Minister, Mr. Sonxay Siphandone, who visited Ho Chi Minh City last week, the Lao government has placed a high priority on attracting Vietnamese investors, to grow the country’s economy.

The Lao Deputy PM attended the Vietnam-Laos Trade and Investment Promotion Forum where he said that investments by Vietnamese enterprises have been crucial for the country’s development.

Vietnamese entrepreneurs have invested around USD 5.34 Million into 238 projects in Laos, making it the largest overseas investment market for Vietnamese companies. Vietnam is also the third-largest investor in Laos with a total registered capital of USD 496 million. In the aftermath of Covid-19, the Deputy PM said that the two countries have much more potential for further economic cooperation.

Mr. Sonxay reassured that the Lao government will continue to support Vietnamese investors and hope to attract more of them. According to Vietnam Plus, the event also saw the signing of 17 memoranda of understanding (MoUs) and one economic contract with ministries, agencies, and localities of Laos to implement cooperation projects in the fields of agriculture, energy, information technology, and tourism.

Lao Consul General in Ho Chi Minh, Ms. Phimpha Keomixay added that all significant economic sectors in Laos, such as agriculture, energy, production and distribution of essential goods, banking, tourism, hotel, and trade services are all important areas of focus for Vietnamese investments. According to her, this helps in creating a foundation for the establishment of Laos’ future industries as well.

Vientiane Times stated that the governments of Laos and Vietnam are also keen on increasing the value of bilateral trade to USD 2 billion by maximizing the potential of both countries in the near future. The current trade value between the two nations is around USD 1 billion.

Last month, the 103 Military Hospital of the Lao People’s Army and The 108 Military Central Hospital of Vietnam signed a contract for cooperation in the medical field in 2023. Vietnam will support Laos in human resource training, medical technology transfer, health examination, and treatment to improve the professional quality of its medical staff.