Vietnamese investment in Laos has reached a total of USD 5.5 billion across 256 projects.
These figures were released on 18 August at a conference in Nghe An Province, Vietnam, which reviewed the progress of the Vietnam-Laos cooperation plan for 2024 and set strategic directions for the 2021-2025 bilateral cooperation agreement.
Since 2021, Laos has granted investment licenses for Vietnamese projects totaling USD 869.9 million. In the first half of 2024, Laos approved six new Vietnamese projects, amounting to USD 339 million. These projects span sectors such as mining, electricity, and health care, according to Phet Phomphiphak, Lao Minister of Planning and Investment and chairman of the Laos-Vietnam Cooperation Committee.
The disbursed capital by Vietnamese enterprises in Laos has reached approximately USD 2.8 billion.
Trade between the two countries has also surged, with bilateral trade hitting a 11.1 percent increase from the previous year.
Both nations are actively pursuing new cooperative projects, including the Vientiane-Hanoi Expressway and the Vientiane-Tha Khek-Tan Ap-Vung Ang Railway. They are also focusing on the development of Vung Ang Ports I, II, and III.
Phet Phomphiphak highlighted the importance of improved cooperation between Vietnamese and Lao ministries to better manage investments, resolve issues, and oversee joint ventures. Vietnamese Deputy Minister of Planning and Investment Tran Quoc Phuong also mentioned the proactive coordination between both countries despite global challenges.
Looking ahead, Vietnam and Laos plan to focus on implementing high-level agreements and advancing infrastructure projects, with a strong emphasis on human resource development and innovations in high-tech manufacturing, mining, and e-commerce.
Both nations are also committed to boosting bilateral trade, enhancing connectivity, and improving energy cooperation by connecting power grids between Vietnam, Laos, and Cambodia.
