Vietnamese businesses spoke highly of the prospects for investment in Laos, saying the number of Vietnamese-invested projects in this country has increased considerably in recent years.

In 2008-09 alone, they said, Vietnam became the biggest foreign investor in Laos, pouring US$2.1 billion into more than 200 projects. Successful projects that have made a significant contribution to national socio-economic development included the Sekaman 3 hydro-electric power plant and rubber plantation and processing in southern and central regions.  

To date, Vietnam has invested in industry, agro-forestry, tourism, hotel, finance, banking and insurance services in 16 out of 17 provinces of Laos.

However, Vietnamese businesses pointed to the fact that some projects are slow going due to a lack of human resources, capital and information, as well as conflicts among shareholders. Several investors are not well aware of the law, policies and local socio-economic development to quickly adapt to immediate changes.

Vietnamese Minister of Planning and Investment Vo Hong Phuc and his Lao counterpart Sinlavong Khoutphay Theun answered the businesses’ questions and encouraged Vietnamese businesses to boost investment in Laos.