Vientiane: The Ministry of Planning and Investment of Laos and the Ministry of Planning and Investment of Vietnam held their annual meeting for 2025 in Vientiane. The meeting was co-chaired by Laos’ Minister of Planning and Investment Phet Phomphiphak and Vietnam’s Minister of Planning and Investment Nguyen Chi Dung.
According to Lao News Agency, the event was attended by Prime Minister Sonexay Siphandone and Vietnam’s Prime Minister Pham Minh Chinh, along with representatives from government offices and business communities of both countries. During the meeting, Mr. Phet Phommiphak emphasized that the Lao PDR government prioritizes trade and investment as essential components of its national development strategy to boost economic growth, increase state revenue, and promote socioeconomic progress.
In the first 11 months of 2024, the bilateral trade volume between Laos and Vietnam reached USD 1.94 billion, marking a 32.8% increase compared to the same period in 2023. Imports from Vietnam amounted to USD 641.8 million, reflecting a 32% rise, while exports to Vietnam totaled USD 1.3 billion, an increase of 26.2%.
Regarding investment, the Lao PDR has attracted significant interest from various countries since opening to foreign investments, with Vietnam ranking as the third-largest investor. Vietnam has 417 approved projects in Laos, valued at over USD 4.9 billion. Most Vietnamese investments are in the mining sector (USD 1.04 billion), hydropower (USD 980 million), agriculture (USD 680 million), and the service sector (USD 2 billion).
Prime Minister Sonexay Siphandone and his Vietnamese counterpart urged all sectors, including the business communities of Laos and Vietnam, to enhance cooperation to increase trade and investment. They noted that such efforts would reflect the close ties and strength of the special cooperation between the two Parties, States, and peoples of Laos and Vietnam.
The meeting also saw the granting of investment licenses, concession agreements, and development project agreements to 12 companies. Additionally, the launch of a QR Code-based payment system for the Lao kip and Vietnamese dong was announced. This system aims to reduce reliance on foreign currencies and facilitate transactions for people and businesses in both nations, symbolizing robust investment cooperation between Laos and Vietnam.