HO CHI MINH CITY: In a concerted effort to strengthen economic ties, the People’s Committee of Ho Chi Minh City and the Lao Consulate General convened a Vietnam-Laos trade and investment promotion forum. The event, held on December 27, highlighted the enduring friendship between the two nations and focused on enhancing business and investment relations.
According to Lao News Agency, Deputy Minister of Information, Culture and Tourism of Laos, Vansy KouaMoua, emphasized the 60-year-long friendship between Vietnam and Laos as a cornerstone for advancing economic cooperation. The forum revealed that by September 2024, bilateral trade had reached $1.5 billion, marking a 25.5% increase from the previous year. Vietnam’s exports to Laos accounted for $499 million, while imports totaled $1.01 billion.
Vietnam stands among the top three investors in Laos, with investment capital nearing $5 billion, focusing on sectors such as tourism, mining, electricity, and agriculture. Laos has identified trade and investment as priorities for economic growth and is actively seeking investment in energy, digital transformation, high technology, tourism, finance, banking, and agriculture, presenting opportunities for Vietnamese enterprises.
Vo Van Hoan, Vice Chairman of the HCM City People’s Committee, highlighted the positive political relationship as a foundation for effective economic cooperation. Both countries are working towards increasing bilateral trade to $2 billion, facilitated by the Vietnam-Laos Trade Agreement signed in April 2024. Vietnamese businesses have already initiated 245 projects in Laos, with a registered capital of $5.5 billion.
Dinh Khac Huy, Deputy Director of the city’s Department of Planning and Investment, noted the untapped potential for cooperation, particularly in renewable energy, environmental protection, and agricultural product processing. Additional opportunities lie in education, human resources training, tourism, and cultural exchange.
Phaophongsavath Phouvong, Director of the Investment Promotion Department under the Lao Ministry of Planning and Investment, urged Vietnamese businesses, especially those from Ho Chi Minh City, to explore investment in modern agriculture, clean energy, mineral processing, tourism, logistics, and infrastructure projects, including the Laos-Vietnam railway.