Vietnamese businesses greatly contribute to Laos’s socio-economic development

Update: 09:00 | 14/10/2021
The Viet Nam Business Association for Cooperation and Investment in Laos (BACI) held a ceremony to mark the 17th anniversary of the Viet Nam Entrepreneurs’ Day in both face-to-face and online forms in Vientiane on October 13.
Vietnamese businesses greatly contribute to Laos’s socio-economic development
At the event. (Photo: VNA)

Addressing the event, interim chairman of BACI Duong Dinh Bang said implementing the policy of promoting economic cooperation with Laos, on the basis of the great friendship, special solidarity and comprehensive cooperation between the two countries, many Vietnamese enterprises have poured investment into and done business in the country.

With more than 400 investment projects worth over 5 billion USD, Viet Nam is currently the third-largest foreign investor in Laos, after Thailand and China, he said.

In recent years, the Vietnamese business community in Laos has not only contributed to the Lao budget but also donated tens of millions of USD to social security activities, developing infrastructure facilities and creating jobs for thousands of Lao labourers.

It has also helped change Lao labourers’ awareness of shifting from small-scale production to commodity-based production, contributing to creating a new and fundamental orientation to promote sustainable product development in the country.

Vietnamese Ambassador to Laos Nguyen Ba Hung praised the efforts of the Vietnamese business community in Laos to overcome difficulties caused by the COVID-19 pandemic and expressing his delight at the increasing number of new projects invested by Vietnamese firms in Laos despite the health crisis.

He urged Vietnamese enterprises operating in Laos to update and further promote application of new technologies and digital transformation in order to maximise the efficiency of their production and business activities and effectively adapt to the pandemic.

The diplomat called on Vietnamese businesses to strengthen coordination and support each other, contributing to further tightening the Viet Nam-Laos great relationship.

He took the occasion to applaud the active contributions of Vietnamese enterprises in Laos to both countries' fight against COVID-19.

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(Source: VNA)