Phúc praised the efforts and results achieved by Vietnamese firms doing businesses in Laos, which he said contributed significantly to enhancing socio-economic co-operation between the two countries.

 

Phúc also urged firms to study the market and investment policies carefully before investing in Laos

 

The Association of Vietnamese Investors in Laos (AVIL) should also enhance co-operation with management agencies in the countries and organise dialogues between the governments and investors in order to tackle difficulties, Phúc said.

 

Trần Bắc Hà, AVIL’s president, said that Vietnamese investments in Laos would be directed toward high-technology sectors, trade, services and tourism and contribute to increasing bilateral trade value by 10 per cent in 2017.

 

Hà said Việt Nam has so far invested in 269 projects in 17 of Laos’ 18 provinces with a total registered capital of US$5.1 billion, some $2.2 billion of which has already been disbursed.

 

The association proposed that the two governments improve the framework for economic co-operation and adopt policies to facilitate investment and trade. Detailed instructions should be developed to effectively implement agreements between the two countries, such as the agreement on the avoidance of double taxation, labour co-operation and border trade.

 

Hà said at the meeting that the two economies should enhance co-operation in major sectors, such as energy, transport, agriculture and trade.

 

According to the Việt Nam Foreign Investment Agency, Laos ranked first among 68 countries and territories in Việt Nam has invested, and was the third largest foreign investor in Laos.

 

The two contries recorded bilateral trade of $236.2 million in the first quarter of this year, up 4 per cent over the same period last year.

 

On the occasion of Phúc’s two-day visit to Laos, which ended on Thursday, the two sides agreed to map out long-term orientations to collaborate for sustainable development of bilateral relations, stepping up trade ties while ensuring social welfare and environmental protection.