PMs, ASEAN BAC representatives seek ways to foster Việt Nam-Lao-Cambodia economic links

Prime Ministers of Vietnam Phạm Minh Chính, Laos Sonexay Siphandone, and Cambodia Samdech Thipadei Hun Manet have a working breakfast and special exchange with representatives from the ASEAN Business Advisory Council ASEAN BAC) in Vientiane on October 10. VNA/VNS Photo

VIENTIANE – Prime Ministers of Việt Nam Phạm Minh Chính, Laos Sonexay Siphandone, and Cambodia Samdech Thipadei Hun Manet had a working breakfast and special exchange with representatives from the ASEAN Business Advisory Council ASEAN BAC) in Vientiane on October 10.

The PMs and the ASEAN BAC representatives sought solutions to strengthen cooperation and promote partnership among the three countries during their economic integration, focusing on fostering connectivity, including infrastructure and transport link to facilitate trade and investment flow, increasing economic recovery capacity, and promoting policies that enable the countries to deal with economic shocks and ensuring sustainable growth.

Particularly, they also discussed ways to empower the private sector, encouraging the engagement and larger investors from ASEAN businesses in regional development initiatives.

The leaders affirmed their great attention to the business community as well as the ASEAN BAC, while giving directions and orientations on collaboration for common development, especially in food security, digital transformation, infrastructure connectivity, and industrial parks and key economic zones, thereby promoting economic cooperation among the three countries in a practical and effective manner.

ASEAN BAC representatives said that this year, the council has raise many ideas to bolster regional economic cooperation, including projects to support micro, small- and medium-sized enterprises (MSMEs) and to promote digital transformation and sustainable development.

They affirmed the commitment to promoting the development of modern and smart logistics infrastructure with important initiatives, the highlight of which is the Vinh Phuc ICD Vietnam Superport Logistics Heritage project, a world-class logistics centre that helps strengthen the connectivity of the supply chain throughout the region.

ASEAN BAC Việt Nam, Laos, and Cambodia will implement activities following the orientations and directions of the PMs regarding the promotion of reform and improvement of business environment, and creating favourable conditions for SMEs to promote sustainable and inclusive development, and connecting businesses and people in the region, they pledged.

Addressing the event, PM Chính highlighted the long-standing cultural and historical tradition of Việt Nam, Laos, and Cambodia as well as their close bonds in geography, history, tradition of fighting for national liberation, safeguarding independence and sovereignty, and in their current socio-economic development.

The tradition of solidarity, strong bonds, and mutual support among the three countries is a valuable asset, a foundation for the development of their cooperative relations and mutual trust, and a key factor in promoting solidarity and ties among them, the Vietnamese PM underlined.

He noted that over the years, many tripartite mechanisms among Việt Nam, Cambodia, and Laos have been formed and implemented effectively, practically contributing to the consolidation of relations among the three countries. Their economy-trade-investment collaboration has recorded strong progress, but yet to match the sound political-diplomatic ties among the three countries, PM Chính stated.

The three PMs pointed to the need for strategic breakthroughs in economic-trade-investment cooperation among the three countries to match the stature of their political ties and the potential and strengths of each country.

Hailing the theme “ASEAN: Enhancing Connectivity and Resilience” of the 44th and 45th ASEAN Summit, PM Chinh expressed his hope that the business communities of the ASEAN countries will continue their collaboration and support, helping Việt Nam, Laos, and Cambodia leverage their economic links on par with their links in geography, history, and politics-diplomacy.

Specifically, the three economies aim to promote connectivity in five aspects – soft connections, which focus on building institutions, mechanisms, and policies to promote the unique potential, outstanding opportunities, and competitive advantages of the three countries and each country; hard connectivity which includes links in aviation, road, railway, inland waterways, and sea; trade connectivity which focuses on promoting complementary advantages, forming production and supply chains linked to global and regional supply chains; digital infrastructure connectivity, energy infrastructure connectivity; and business connectivity.

PM Chính pledged that the Vietnamese Government will work with the Lao and Cambodian Governments to create optimal conditions for businesses to cooperate, invest, and do business in the spirit of listening and understanding, sharing visions and actions, working together and benefiting together, and win-win and common development among the three countries and peoples.