VOV.VN - Vietnamese National Assembly Chairman Vuong Dinh Hue on May 15 asked Vietnamese businesses investing in Laos to make a greater effort to cushion the impact of the COVID-19 pandemic and grasp post-pandemic opportunities in the new normal offered by the two countries.
The special relationship between Vietnam and Laos requires special mechanisms to be developed for Vietnamese firms investing in Laos, Hue told Vietnamese businesses at a meeting in Vientiane on May 15 upon his arrival for a three-day visit.
He revealed that the two governments have actively examined the Hanoi - Vientiane Expressway and the Japanese government has also agreed to lend a helping hand to the project which once completed would create favourable conditions for Laos to access Vietnam’s Vung Ang deep sea port.
An important task is to further promote economic, trade and investment relations commensurate with the political and diplomatic relations of the two countries, and the businesses communities of the two countries play an important role in undertaking the task, he said.
The NA chairman pointed to the fact that the annual bilateral trade turnover currently at US$1.3 billion remains modest compared to the development potential of the two countries. He therefore suggested that the two countries’ relevant ministries, agencies and business communities host an economic forum this year to overcome the weaknesses and limitations in implementing cooperation projects.
Representatives of Vietnamese firms investing in Laos suggested that the Lao side accelerate transport connectivity between the two countries and the region, and soon come up with a cooperation mechanism on the exchange and use of the Lao currency (LAK) and the Vietnamese currency (VND) in investment and trade activities.
They also proposed that the Lao National Assembly soon consider amending and supplementing relevant laws to improve its investment and business environment.
Lao Deputy Prime Minister Sonexay Siphandone acknowledged businesses’ proposals and said the government would direct relevant ministries and agencies to revise laws to match actual situations.
Vietnam currently ranks third among countries investing in Laos with a total capital of US$4.6 billion. Most of the project are focused on power generation, mining, agriculture, and services.