In an interview recently granted to the press, Hung said economic diplomacy in Laos now focuses on trade and investment which has been growing.

Over the past years, the Vietnamese Embassy in Laos has grasped situation and business environment there to offer consultancy to Vietnamese firms.

Ambassador to Laos Nguyen Ba Hung

In order to protect legitimate interests of Vietnamese enterprises, the embassy has worked with the Vietnam Trade Office in Laos to update them about the latest regulations in fields of their interest, assist domestic agencies in holding trade fairs in Laos, evaluate the efficiency of projects funded by the Vietnamese Government, and realize agreements reached by the two countries’ leaders.

According to Hung, the Lao Government has ordered that all difficulties faced by the Vietnamese firms and reported by the Vietnamese Embassy must be dealt with.

Commenting on advantages in doing business in Laos, the diplomat said both nations boast fine relationship while Laos holds huge potential of cooperation, especially in mining.

The Lao N.A. also approved a number of new laws to improve the transparency of the domestic business environment and attract more foreign investors, particularly those from Vietnam.

About disadvantages, he said the implementation of policies in several administration agencies and local authorities remains inconsistent. The Vietnamese enterprises are also under mounting pressure from those in other countries.

In the near future, Hung said the embassy will offer suggestions to attract more Vietnamese investors to large-scale projects in Laos, especially in hi-tech agriculture for export to Vietnam and other countries.

At the same time, it will provide consultation on the linkage between the two economies to realize bilateral agreements on infrastructure and goods transportation.

According to the diplomat, Laos is certainly an important market of Vietnam with ample opportunities.

Source: VNA