Mr. Somsavat, who is also Chairman of the Laos-Vietnam Cooperation Sub-Committee, said that since the end of 2008, Vietnam has become one of Laos’ three biggest investors, he said. 

2009 was the second consecutive year that Vietnam topped Laos’s list of investors with 48 projects with a total capital of US$1.42 billion, followed by China (US$932.8 million) and Thailand (US$908.6 million). 

There are many bright prospects for bilateral economic ties, confirmed the Lao Deputy PM, especially after orientations for cooperation set by the two governments. 

Laos has strong potential for hydro-electricity, land and minerals while Vietnam has capital, capability and technology so that the two countries can cooperate in building hydroelectric power projects, planting industrial crops and exploiting minerals, Mr. Somsavat said. 

However, he noted, enterprises on both sides should have a thorough grasp of the other country’s laws and regulations to avoid unnecessary mistakes. 

Deputy PM Somsavat highlighted direct cooperation between the Lao Government and Vietnamese companies and conglomerates, which he said is a good model for mutual benefit.