Vietnamese investment in Laos to hit US$5.8 bln in 2015

The ambitious target was unveiled at a meeting between AVIL and Vietnamese investors in Vientiane on September 24.

Vietnam has so far had 413 valid projects in Laos, totalling approximately US$5 billion and making
it the second largest foreign investor in the country.

A number of major projects have been put into operation, contributing approximately US$150 million to the Lao State budget and generating some 300,000 jobs for local people. They include Hoang Anh Gia Lai Group (HAGL)-invested projects on sugarcane, rubber oil palm plantations, and the Vietnam Rubber Group – funded projects on rubber growing and latex processing.

As of August 2014, two-way trade between Vietnam and Laos reached US$884 million, up 41.6% compared to the same period in 2013. It is expected to reach over US$1 billion by the end of this year.

During the eight-month period, Vietnam welcomed 101,770 Lao tourists, a year-on-year increase of 20%, while the number of Vietnamese tourists to Laos stood at about 700,000. The steady tourism growth was attributed to the effective implementation of cooperation programmes between Vietnam, Laos and other countries in the East-West Economic Corridor.

At the meeting, delegates discussed ways to ease difficulties and promote investment in the long term in Laos.

On the same day, Vietnamese Deputy Minister of Industry and Trade Cao Quoc Hung had a working session with Viraphonh Viravong, Vice Minister of the Lao Ministry of Energy and Mines on the sidelines of the ongoing 32nd ASEAN Ministers on Energy Meeting (AMEM) in Vientiane.

They agreed to establish a working group for energy cooperation between two ministries. The group will help both ministries keep abreast of the situation, handle work quickly, exchange information on energy policy, and propose new cooperation projects.