Vietnam-Laos relationship creates firm foundation for development

Prime Minister Nguyen Tan Dung and his Lao counterpart Thongsing Thammavong on September 10 co-chaired a conference on investment cooperation between the two countries, which was attended by representatives from more than 500 businesses on both sides.

The two PMs showed their determination to create more favourable conditions for both Vietnamese and Lao businesses and considered the countries' bilateral ties to be a firm foundation for strengthening their traditional friendship, special solidarity and comprehensive cooperation.

The two nations have signed numerous agreements and set up many cooperative mechanisms that have helped reach a 25 percent increase in average annual trade over the past five years.

Despite difficulties, two-way trade in July 2011 saw an increase of nearly 60 percent compared to the same period last year. Vietnamese investors are keen on the Lao market, and have currently invested a total capital of nearly US$4 billion, mostly in energy, minerals, agriculture and services.

Mr Dung and the Lao PM highly valued the effective cooperation between the two countries in recent years, particularly in economics, trade, investment and tourism, saying this is a key factor for boosting bilateral ties.

Mr Thammavong praised Vietnamese businesses for their effective operations in Laos and their contributions to the country’s social welfare.

Both sides emphasized that the two nations have not yet fully tapped their potential. They pledged to create a solid legal framework to ease difficulties that businesses may encounter.

During the conference, PM Dung and his Lao counterpart joined a ceremony for granting investment licenses to the Nam Kong hydro-electric power plant project, as well as the five-star Vientiane Complex Hotel and a project to increase the chartered capital of the Laos-Vietnam Joint Venture Bank.

They also witnessed the signing of a memorandum of understanding (MoU) on other projects related to energy and airlines.

Earlier the same day, the two leaders attended a ground-breaking ceremony for a trade centre and hotel complex in Vientiane. 

Mr Dung and his entourage will return to Vietnam later the same day, successfully ending his official friendly visit to Laos.

(VOV)

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