Speaking at the event, Vietnamese Ambassador to Laos Nguyen Ba Hung said that with socio-political stability and great bilateral friendship, Laos is now Vietnam’s largest source of outbound investment, adding that as a member of the Regional Comprehensive Economic Partnership deal, Laos will realize policy and mechanism reform to create more favorable conditions for foreign firms, including Vietnamese.

As many as 14 corporate representatives spoke highly of the Lao Government’s support for Vietnamese enterprises in the host country.

Vietnamese Ambassador to Laos Nguyen Ba Hung at  the event

They suggested that the Vietnamese Government offer all possible support in terms of capital and resources to Vietnamese firms investing in Laos, such as mechanisms and policies related to land ownership right, export and import of goods and labor.

Enterprises called on the two State banks and governments to consider encouraging the use of Lao and Vietnamese currencies to ease reliance on U.S. dollar and pressure on the shortage of foreign currencies.

Barriers to doing business in Laos should also be removed to carry the Lao economy forward, contributing to further tightening bilateral friendship, they said.

According to the Association of Vietnamese Investors in Laos, Vietnam now ranks third among the countries and territories investing in Laos with over 400 projects worth nearly USD 4.2 billion.

Source: VNA