Top Lao and Vietnamese government leaders have renewed their political commitment to ease cross-border private sector investment as part of efforts to enhance the comprehensive cooperation and special solidarity between the two countries.
Mr Thongsing Thammavong ( left ) and Mr Nguyen Tan Dung attend the annual conference on Lao-Vietnamese investment cooperation.
Prime Minister Thongsing Thammavong and his Vietnamese counterpart Nguyen Tan Dung made the commitment during a conference on Laos-Vietnam investment cooperation held at the International Cooperation and Training Centre in Vientiane on Saturday.
The annual conference aimed to review and address barriers to private investment between the two nations, which the Lao and Vietnamese governments consider an important part of the plan that maps out their cooperation policies.
Despite the close political ties enjoyed by Laos and Vietnam over past decades, bilateral trade and economic cooperation remains low.
Speaking at the close of the half day conference, Prime Minister Thongsing said the Lao government will continue to encourage and facilitate Vietnamese firms to do business in Laos, adding that Lao and Vietnamese Party leaders have agreed to increase bilateral trade to US$2 billion by 2015.
He also said the Lao government considers Viet-namese investment to be one of the driving forces of Lao economic development, which is moving Laos towards graduation from the UN's list of least developed countries by 2020.
Mr Thongsing expressed appreciation for the Vietnamese companies who not only operate businesses in accordance with the law but also show respect for Lao traditions and culture. Such operations were a good reflection of the brotherly friendship between the two nations, he said.
Mr Nguyen Tan Dung urged the Lao government to prioritise Vietnamese investment, saying the Vietnamese government would continue to encourage and facilitate Lao investment in Vietnam.
He said the main aim of the agreement is to establish measures that boost mutual business investment, and encouraged each country's government agencies to meet regularly to address investment and business barriers.
Investment cooperation should focus on the main potential of the two countries, such as energy, mining, agriculture, infrastructure development, tourism, trade, finance and banking, he added.
The Vietnamese premier said his government would continue to encourage and assist Vietnamese investment in Laos, with the aim of helping its brotherly nation to further develop its economy and create jobs so the Lao people can li ft themselves out of poverty.
Deputy Minister of Planning and Investment Thongmy Phomvisay said there had been 422 Vietnamese investment projects in Laos from 1993 to August this year. The investment value of Vietnamese firms in Laos is US$3.57 billion, the second highest after Thailand.
Most Vietnamese in-vestment is in the areas of real estate, energy, agriculture and mining, and is evident in every province except Bokeo, he said.
