Vientiane (VNA) – The Vietnamese Business Association in Laos (AVILA) held a get-together in Vientiane on October 13 to mark the 20th anniversary of the Vietnam Entrepreneurs' Day and honour Vietnamese businesses’ contributions for the socio-economic development of Vietnam and Laos and cooperation between the two countries.

Addressing the event, Vietnamese Ambassador to Laos Nguyen Minh Tam said that Laos currently tops 80 countries and territories in which Vietnamese businesses have invested, with 256 projects worth about 5.5 billion USD, making Vietnam the third largest foreign investor in Laos.

Currently, Vietnamese-invested projects have been present in 17 out of 18 provinces of Laos across fields.

In the first six months of 2024, Vietnam invested 35.5 million USD in Laos, up 35% year on year, with 2.8 billion USD disbursed, he said, noting that many Vietnamese-funded projects have operated effectively, contributing to the host country’s socio-economic growth, creating jobs for local labourers and increasing State budget revenue of Laos.

Besides, Vietnamese investors have actively engaged in social welfare activities in Laos, showing their great efforts and growth, the ambassador said.

Tam underlined that Vietnamese businesses and entrepreneurs have become the front force in promoting trade and investment collaboration towards breakthroughs in economic ties between the two countries, making bilateral economic-trade cooperation on a par with their extremely sound relations in politics, diplomacy, defence and security.

The diplomat suggested that in the coming time, the AVILA should continue to promote the spirit of creativity and innovation in its operations, actively supporting guiding member enterprises to properly and fully implement the legal regulations of the two countries, acting as an important bridge between businesses and the Lao Government, building good image of Vietnamese enterprises, and supporting the Lao Government, localities and people in economic development, stabilising life and society.

ꦜ On the occasion, the Ministry of Industry and Commerce and Council of Industry of Commerce of Laos presented certificates of merit to collectives and individuals with outstanding contributions to Laos’ economic development and the growth of the great friendship, special solidarity and comprehensive cooperation between Laos and Vietnam./.