Vientiane (VNA) – Vietnamese and Lao businesses discussedways to speed up the implementation of large-scale Vietnamese-invested projectsin Laos and seek new cooperation projects of strategic importance during a workshop in Vientiane on March 21.

The event, co-chaired by Vietnamese Minister of Planning andInvestment Nguyen Chi Dung and his Lao counterpart Khamjane Vongphosy, was partof efforts to promote the economic partnership and connectivity between the twocountries and implement directions given by the Vietnamese and Laos PrimeMinisters at the 44th meeting of the Vietnam-Laos Inter-GovernmentalCommittee on bilateral cooperation and at their meeting inHanoi on January 10.

At the event, businesses of both sides highlighted theadvantages and difficulties during the investment process in each country,while giving a number of proposals and solutions to leaders of ministries,sectors and localities on how to facilitate the bilateral partnership.

Noting down the proposals, Minister Dung said that in order to promoteinvestment cooperation between the two sides, it is necessary to focus on fivemajor groups of solutions, including maintaining macro-economic stability,forming a stable and transparent legal corridor, building a smooth businessenvironment and reinforcing investors’ confidence during the implementation of projectsin Laos.

At the same time, the two sides should design specialpolicies for major projects that have strategic significance to the bilateraleconomic cooperation, while striving to approach development partners to mobilise resources for large-scale cooperation projects and projectsthat help increase infrastructure connectivity between the two countries, hesaid.

The minister underlined the need for the Lao side to focuson removing difficulties facing a number of large-scale projects, whileensuring the legitimate rights and interest of Vietnamese investors. Vietnamand Laos should effectively coordinate in the framework of the ASEAN,the Regional Comprehensive Economic Partnership (RCEP) and the World TradeOrganisation (WTO), he said, stressing that the two countries should pool resources to speed up investment projects.He advised investors to uphold their social responsibility by creating morejobs, protecting the environment and engaging in social welfare activities inLaos, thus building a good image of Vietnamese investors in Laos and Cambodia.

Within the event’s framework, Vietnamese multi-sector firmFLC Group and Laos’ Petroleum Trading Lao Public Company (PetroTrade) signed amemorandum of understanding on the development of the Vientiane-Vung Angrailway project.

Under the MoU, FLC and PetroTrade will work together to prepare for the construction of the section from Vung Ang seaport in the central province of Ha Tinh to Cha Lo border gate in Quang Binh of the Vientiane-Vung Ang railway project. This is an important section of theVientiane-Vung Ang railway route that has total investment of about 5 billionUSD. The project is scheduled to start in the fourth quarter of this year.

The railway system connecting Laos and Vietnam is expected to improve the goodstransit capacity in Vung Ang port, thus strongly facilitating trade betweenVietnam and neighbouring countries and strengthening the regional andinternational connectivity. Once completed, the project is hoped to increaseopportunities for Vietnamese and Laos firm to partner in promising areas suchas tourism and services.

FLC Group also proposed that the Lao side create favourable conditions for thefirm to invest in projects in golf-resort, aviation and mining areas.

Meanwhile, T&T Group and Phongsubthavy Group also signedan agreement on an energy project in the Vietnam-Laos border area./.