70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Investment / News
Vietnam remains Laos third largest investor
Ngoc Thuy 13:18, 2020/12/07
Investment capital from Vietnam to Lao surged by 130% year-on-year in 2020.

Vietnam remains Laos' third largest investor in the period 2016-20 with registered capital of US$4.2 billion, up 35% against  2010.

 Prime Minister Nguyen Xuan Phuc (r) and his Laos counterpart Thongloun Sisoulith (l). Source: MPI. 

This was among significant achievements in bilateral economic cooperation revealed during the 43rd session of the Vietnam – Laos inter-governmental committee that was co-chaired by Prime Minister Nguyen Xuan Phuc and his Laos counterpart Thongloun Sisoulith on December 6 in Hanoi.

In 2020, Vietnam saw a breakthrough in its investment activities in Lao with registered total investment capital of US$143 million, including nine new and existing projects, representing an increase of 130% year-on-year.

Among those are major infrastructure projects, such as the Vung Ang port, Noong-khang Airport, road, railway transportation and Laos’ new National Assembly building, which is scheduled to complete in early 2021.

As part of cooperation strategy for 2021 and the next 10-year period, the two prime ministers also agreed to boost economic cooperation between the two countries, especially in connectivity in trade, infrastructure and telecommunication, while looking for financial means from international partners for joint projects.

“Efficient cooperation between Vietnam and Lao in various fields amid the Covid-19 pandemic is proof of efforts from all parties in bolstering the special Vietnam – Lao relations,” stated Mr. Phuc at the meeting.


The Covid-19 pandemic, nevertheless, has caused negative impacts on bilateral trade with turnover declining 12.2% year-on-year in the first 10 months of 2020 at US$815.5 million. For this year, trade revenue is estimated at US$980 million, down 15.6% year-on-year.

  

 Overview of the meeting. Source: MPI. 

 

“The government will continue to cooperate with Laos counterpart in creating favorable conditions for Vietnamese enterprises and investors doing businesses in Lao,” stressed Mr. Phuc.

On his part, Mr. Sisoulith emphasized strong Vietnam-Lao relations would further contribute to peace, stability and development of the two countries and the region as well.

Based on a high level of mutual trust, both Mr. Phuc and Mr. Sisoulith stressed the countries would continue to support each other in multilateral forum, especially in ASEAN, sub-Mekong Delta region and the United Nations.

Vietnam and Laos are committed to working with other ASEAN members in the fight against the Covid-19 and pushing for a strong ASEAN Community by 2025.

RELATED NEWS
TAG: Vietnam Laos FDI investment capital infrastructure transportation covid-19 coronavirus nCoV pandemic
Other news
15:07, 2024/03/13
Foreign capital set to dominate Vietnam’s M&A landscape
The positive trend of foreign capital in the M&A market this year follows the momentum of 2023, where the top five largest deals involved foreign investors.
19:51, 2024/03/04
Samsung to invest US$1 billion annually in Vietnam
Samsung's R&D center currently employs 2,400 engineers, with Vietnamese engineers playing a crucial role in researching AI features for the new Galaxy S24 phone series.
15:05, 2024/02/29
Thai bank acquires Vietnamese finance company
Thailand's fourth-largest bank has agreed to acquire all the equity of Home Credit Vietnam for US$865 million.
14:08, 2024/01/27
Vietnam appreciates support from int’l friends in nation-building: PM
The goal is to develop Vietnam's economy and become a regional powerhouse in Asia.
15:18, 2024/01/20
Vietnam, Hungary call for stronger economic ties
Leaders from both sides also reaffirmed their commitment to creating a "peace of mind" investment environment for investors.
12:53, 2024/01/13
Vietnam - Indonesia expand cooperation to include green growth, EV ecosystem
Both countries share a vision to become high-income countries by 2045.