Vietnam, Laos maximise trade, investment cooperation potential

Delegates visit a display booth at the forum. (Photo: VNA)

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 2024, bilateral trade had reached 1.5 billion USD, an increase of 25.5% year-on-year. Of which, Vietnam's exports were valued at 499 million USD, up 24%, while its imports 1.01 billion USD, up 26%.

In terms of investment, Vietnam is among the three largest investors in Laos, with a total investment capital of nearly 5 billion USD. 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.

Vo Van Hoan, Vice 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 Vietnam and Laos.

Both countries are aiming to increase bilateral trade value to 2 billion USD in the near future by maximising trade cooperation potential through the Vietnam – Laos Trade Agreement signed in April 2024. Currently, Laos remains the largest foreign investment market for Vietnamese businesses with 245 projects totaling 5.5 billion USD in registered capital.

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

Dinh Khac 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 Vietnam and Laos, particularly between Ho Chi Minh 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 Ho Chi Minh 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-Vietnam railway project as well as regional infrastructure./.