Việt Nam, Laos maximise trade, investment cooperation potential

Deputy Minister of Culture, Sports, and Tourism of Laos Vansy KouaMoua speaks at the event. — VNA/VNS Photo Xuân Anh

The People’s Committee of HCM City and the Lao Consulate General in the city on Friday oganised a Việt Nam-Laos trade and investment promotion forum which aimed to boost connections between the two countries’ businesses and investors.

Speaking at the event, Deputy Minister of Culture, Sports, and Tourism of Laos Vansy KouaMoua said the two countries have maintained their friendship for 60 years, which serves as a foundation for more comprehensive and effective economic cooperation.

By September this year, bilateral trade had reached US$1.5 billion, an increase of 25.5 per cent year-on-year. Of which, Việt Nam's exports were valued at $499 million, up 24 per cent, while its imports $1.01 billion, up 26 per cent.

In terms of investment, Việt Nam is among the three largest investors in Laos, with a total investment capital of nearly $5 billion. Key sectors where Vietnamese enterprises are investing in Laos include tourism, mining, electricity, and agriculture.

The official said Laos identifies trade and investment as priority areas to promote economic growth and has plans to attract investment to sectors such as energy, digital transformation, high technology, tourism, finance, banking, and agriculture, while facilitating the ongoing projects. This presents a significant opportunity for Vietnamese businesses to enhance and expand their investment and trade relations with Laos.

Võ Văn Hoan, Deputy Chairman of the HCM City People’s Committee, emphasised that the good political relationship has laid the foundation for positive and effective cooperation in economy, investment, and trade between Việt Nam and Laos.

Both countries are aiming to increase bilateral trade value to $2 billion in the near future by maximising trade cooperation potential through the Việt Nam – Laos Trade Agreement signed in April this year. Currently, Laos remains the largest foreign investment market for Vietnamese businesses with 245 projects totaling $5.5 billion in registered capital.

Hoan said as the economic locomotive of the country, HCM City prioritises economic, trade, and investment cooperation with Laos in general and its localities in particular.

Đinh Khắc Huy, Deputy Director of the city’s Department of Planning and Investment, said that there is still significant room for investment and trade cooperation between Việt Nam and Laos, particularly between HCM City and Laos.

However, to turn that potential into concrete numbers, both sides need to focus on specific areas such as renewable energy, environmental protection, agricultural product processing and export.

Additionally, both sides can promote cooperation in education, human resources training, tourism, and cultural exchange to fully tap each party's advantages for mutual prosperity, he added.

Phaophongsavath Phouvong, Director of the Investment Promotion Department under the Lao Ministry of Planning and Investment, said that Laos called on Vietnamese businesses, particularly those from HCM City, to explore investment opportunities in promising fields such as modern agricultural production, agricultural processing, clean energy, mineral processing, tourism, and logistics, as well as consider the potential development of the Laos-Việt Nam railway project as well as regional infrastructure.