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Vietnam one of the largest investors in Laos

Vietnam one of the largest investors in Laos

Wednesday, August 31, 2022, 16:53 GMT+7
Vietnam one of the largest investors in Laos
Secretary of the Da Nang Party Committee Nguyen Van Quang speaks at the ceremony on August 31, 2022. Photo: Tan Luc / Tuoi Tre

Vietnam is currently one of the largest investors in Laos with various projects in many fields including hydropower, mineral mining, agriculture, and services, according to the Consulate General of Laos in Da Nang City.

Da Nang authorities on Wednesday organized a ceremony to celebrate the 60th anniversary of the Vietnam-Laos diplomatic relations and 45th anniversary of the Vietnam-Laos Treaty of Friendship and Cooperation.

The city has so far signed nearly 40 memoranda of understanding (MoU) with Lao localities, secretary of the municipal Party Committee Nguyen Van Quang said at the event.

Both sides have conducted many exchanges and created favorable conditions for business connection, and strengthened ties in urban planning, agricultural development, healthcare, education, culture, and especially human resource development, Quang continued.

During the 2018-22 period, Da Nang spent nearly VND116 billion (US$4.9 million) supporting five Lao provinces, namely Attapeu, Champasak, Sekong, Salavan, and Savannakhet, while implementing many cooperation programs such as building schools, providing scholarships for Lao students, and offering Vietnamese language courses.

The Vietnamese city also provided training for Lao officials and assisted in the socio-economic development of these five provinces.

Both sides have also signed multiple MoUs in education and training, business development, economic matters, and trade and investment for the 2023-27 period.

The relationship between Vietnam and Laos has been enhanced over the past decades, said Souphanh Hadaoheuang, Lao Consul General in Da Nang.

Vietnam is currently one of the largest investors in Laos with various projects in many fields including hydropower, mineral mining, agriculture, and services, Hadaoheuang continued.

Vietnamese enterprises investing in Laos focus not only on profits but also on improving local people's living standards, the diplomat stated.

In 2021, trade between the two nations reached $1.37 billion, up 33 percent compared to 2020.

Laos has boosted the export of key agricultural products to Vietnam such as rice, coffee, rubber latex, bananas, sugar, and watermelons.

Every year, the Vietnamese government grants 1,100 scholarships to Lao students, in addition to a large number of scholarships from Vietnamese provinces and academies.

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Duy Khang - Tan Luc / Tuoi Tre News

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