Vientiane (VNA) – Visiting Prime MinisterPham Minh Chinh and his Lao counterpart Sonexay Siphandone co-chaired the twocountries’ investment cooperation conference in Vientiane on January 12.

Vietnam has a total registered investment of 5.34 billion USD in Laos, making it one of the three biggestforeign investors here. Meanwhile, Laos has continually been the topdestination among the 79 countries and territories Vietnamese businesses haveinvested in.

In 2021, Vietnam invested 118.3million USD in Laos, up 33.3% year on year. The figure stood at 180 million USDin 2022, rising 52.5%.

Meanwhile, Laos is running 10investment projects worth over 71 million USD in Vietnam.

PM Sonexay Siphandone said the LaoGovernment welcomes opinions and is ready to seek solutions to help Vietnameseinvestors overcome difficulties and operate profitably.

The Lao Government will assign itsMinistry of Planning and Investment to overhaul foreign investment policies andprocedures, create a favourable and fair investment climate, improve thereadiness to help enterprises effectively carry out projects, and tackleinvestment and business bottlenecks.

Ministries, sectors, and agencies of Laos will continue providing optimalconditions for major Vietnamese investors in the fields matching itsstrength and potential, including clean and hi-tech agriculture, renewableenergy, services, tourism, and logistics, he added.

In his remarks, PM Chinh applaudedefforts by the two business circles to surmount difficulties and challenges tocontribute to socio-economic development in each country.

However, he also pointed out that despitehuge potential, bilateral economic ties have yet to match the special relationsbetween Vietnam and Laos.

He held that the two Governmentsshould perfect regulations and consistently implement policies to facilitate bilateralinvestment; maintain political stability, independence, sovereignty, andterritorial integrity; create an open investment climate; and provide investmentincentives for priority fields. They should also assist each other to buildindependent and self-reliant economies that actively, extensively,substantively, and effectively integrate into the world.

PM Chinh also asked Vietnamese firmsoperating in Laos to compete fairly, adhere to local laws, join hands with thetwo Governments to perfect relevant regulations, and help implement politicaland social security tasks, thus contributing to the countries’ solidarity andfriendship./.