Vietnam poised to become top investor in Laos
Bilateral trade is expected to hit US$5 billion as the two countries strengthen economic ties and streamline cross-border investment procedures.
THE HANOI TIMES — Lao Deputy Prime Minister Saleumxay Kommasith hopes that Vietnam will soon become the largest investor in Laos as the two countries work to increase bilateral trade to $5 billion.
He made these remarks on July 9 in Vientiane during the Vietnam-Laos government-business dialogue, with the attendance of Vietnamese Deputy Prime Minister Nguyen Chi Dung and his accompanying delegation during their official visit to Laos.
An overview of the Vietnam-Laos government-business dialogue in July 9. Photos: VGP
Kommasith reaffirmed Laos’ commitment to welcoming Vietnamese investors and called for a greater influx of higher-quality investments. He noted that the Lao government is streamlining its administrative system, reducing bureaucratic hurdles, and advancing investment promotion reforms.
"We cooperate based on our unique, time-tested special friendship. I hope both sides will strengthen coordination, focus on strategic projects, and deepen mutual support," he said, encouraging frequent exchanges and closer collaboration between Vietnamese and Lao enterprises.
The Lao deputy prime minister praised the dedication and seriousness of Vietnamese investors operating in Laos, assuring them that any business concerns could be addressed through direct coordination with the newly established Investment Promotion Department and relevant agencies.
Stronger economic alignment, strategic opportunities
Vietnam’s Deputy Prime Minister Nguyen Chi Dung speaks at the dialogue.
At the event, Vietnam’s Deputy Prime Minister Nguyen Chi Dung commended Laos' reform efforts and economic potential, highlighting the Lao Politburo’s recent decision to establish the Investment Promotion Department as a pivotal move to support businesses and resolve obstacles.
"This is a substantive and focused step forward for Laos' reform agenda," he noted.
He also outlined key sectors in which Vietnamese businesses should explore investment opportunities, including renewable energy, mining, high-tech agriculture, tourism, and rubber processing.
Dung urged the Lao government to continue creating favorable conditions for Vietnamese businesses to operate and contribute to Lao socioeconomic development.
He also called on Vietnamese enterprises to operate responsibly, comply with local laws, and contribute to strengthening the special relationship between Vietnam and Laos.
“Vietnamese corporations should carefully study the Lao market and legal environment, and translate their investment ideas into concrete projects that will advance our economic partnership,” he added.
During the dialogue, Vietnamese business representatives proposed several cooperation initiatives. Tran Cong Kha, Chairman of the Vietnam Rubber Group, suggested expanding rubber cultivation and applying advanced technologies in Laos.
Meanwhile, Dao Trong Cuong, Vice President of the Vietnam National Chemical Group (Vinachem), urged the Lao government to simplify the approval process for feasibility studies and environmental impact assessments. Cuong also proposed support in recruiting unskilled labor and accelerating site clearance compensation procedures to ensure project timelines.
