Vientiane - Laos has approved investments worth 1.4 billiondollars by Vietnamese companies this year, state media reports saidWednesday.
The Ministry of Planning and Investment approved 11 Vietnamese"mega projects" during the first half of fiscal 2012, from April toSeptember), chiefly in central and southern Laos near Vietnam, theVientiane Times reported.
"The approved projects will secure Vietnam’s position as thelargest foreign investor in Laos amid widespread speculation thatChina was on track to take the top ranking," the pro-governmentnewspaper said.
Laos and Vietnam, among the world’s few remaining communistregimes, have close ties dating to the war years of the 1960s and 70swhen their parties headed resistance movements in both countries.
China, also a communist regime, has been investing heavily in itssouthern neighbour Laos over the past decade.
Chinese investment in Laos reached 731.5 million dollars in fiscal2011, ending March 31, mainly in mining, hydropower, agriculture andthe services sector, according to government figures.
Since 2001, China has invested in 742 projects in Laos worthmore than 4.46 billion dollars.
Landlocked Laos is half the size of France, surrounded by China,Vietnam, Cambodia, Thailand and Myanmar.//DPA
