13:35 | 16/04/2016 Economy
(VEN) - Vietnamese businesses have to date invested US$4.9 billion in Laos and the neighboring South East Asian country ranks first among the 68 countries and territories Vietnam has invested in.
Vietnamese investment in Laos is expected to strongly increase
The Ministry of Planning and Investment’s Foreign Investment Agency Director Do Nhat Hoang said that Vietnamese businesses have set up 266 projects in Laos. Many projects have proved profitable. For example, the PetroVietnam Oil Corporation and Vietnam Oil and Gas Group’s oil and gas distribution projects, Viettel’s telecommunication project and the Long Thanh Golf Investment and Trading JSC’s US$1 billion project.
“Hoang Anh Gia Lai’s projects in Attapeu Province have been outstanding, significantly contributing to promoting the province’s socioeconomic development,” Do Nhat Hoang said.
Vietnamese businesses have cooperated with local governments and supported local communities through the construction of schools, clinics and roads and resettlement programs as part of their corporate social responsibility approaches. These projects have contributed to creating around 40,000 local jobs and providing the foundation for the establishment of industrial sectors in the coming time such as rubber processing, sugar production, hydropower, mineral mining and processing.
According to the Ministry of Planning and Investment, investment prospects in Laos remained huge thanks to friendly relations between the two countries. With a focus on socioeconomic development during the 2016-2020 period, the two countries have adopted new policies in order to strengthen investment cooperation.
The ASEAN Economic Community was established, opening up opportunities for economic, trade, investment and tourism cooperation between ASEAN members, especially between Vietnam, Laos and Cambodia.
The 2016 Laos-Vietnam Investment Cooperation Conference organized in Da Nang between March 26 and 27 with the participation of 500 guests including government leaders and management agencies offered solutions to promote investment attraction and overcome difficulties for businesses during the 2016-2020 period. The conference was an opportunity for Vietnamese businesses to expand investment in Laos.
According to the Ministry of Planning and Investment’s Foreign Investment Agency, investment projects implemented by Vietnamese businesses in Laos disbursed US$1.4 billion, accounting for 38.7 percent of total registered capital.