Vietnamese investors promised incentives in Laos

HCMC – Vietnamese enterprises will receive strong incentives when investing in Laos in the coming time, as the HCMC authority commits to support them and the government of Laos will prioritize offering projects to Vietnamese investors.
This was highlighted by senior officials of HCMC and Laos at the Vientiane and Champasak Trade and Investment Promotion Conference held in HCMC on Monday. The event is one of the activities to celebrate the Vietnam-Laos Friendship and Solidarity Year 2012, marking the 50th anniversary of the establishment of diplomatic ties and the 35th anniversary of the signing of the Vietnam-Laos Friendship and Cooperation Treaty.
At the conference, Lao Deputy Prime Minister Thongloun Sisoulith called for stronger presence of Vietnamese investors in Laos in order to promote the advantages of both countries. Laos has natural resources and infrastructure available while Vietnam has capital, technology and markets, said Sisoulith.
If Vietnamese enterprises make full use of these advantages, they will gain an upper hand when doing business in Laos. He advised Vietnamese firms to have a long-term vision when making investment in Laos.
Given the bilateral cooperative relations over the past time, Deputy Prime Minister Sisoulith underscored Laos will prioritize offering projects to Vietnamese investors. Therefore, he hoped Vietnam will move up to the leading position in terms of investment in Laos in the coming time from the second place at present.
HCMC Party Secretary Le Thanh Hai also encouraged the city-based firms to invest in Laos, especially in Vientiane and Champasak. He said the municipal authority would provide enterprises with incentives so that they can carry out investment projects in Laos.
HCMC Chairman Le Hoang Quan said 35 enterprises in HCMC had been granted certificates to invest in Laos, mostly in the fields of processing, manufacturing, agro-aqua-forestry, mineral exploration and construction. Multiple HCMC businesses are operating efficiently in the neighboring country.
Notable projects are those by Saplast Vientiane Plastic Co., the program of HCMC Rubber Co. to plant rubber trees in Champasak and Attapu, the rubber and hydropower projects of Saigon Invest Group in Houaphan, Vientiane, Bolikhamxai and Xiangkhoang, and the coffee and farm produce project of Saigon Plant Protection JSC.
At present, Vietnam ranks second among the nations and territories with investment in Laos, with 424 projects worth a total of US$3.57 billion. Many large firms of Vietnam are operating efficiently in Laos, such as Viettel, Hoang Anh Gia Lai, Vietnam Rubber Group and Daklak Rubber Company.