Saturday, October 20, 2007

Vetnam to invest heavily in Laos

Leading national enterprises make pitch in Lao market

VNECONOMY updated: 15/10/2007

Executives from Viet Nam’s eight business and industrial giants have received strong commitments from a Lao Deputy Prime Minister after handing out 13 projects of investment and bevy of aid.

In a meeting with over 40 Vietnamese business executives in Vientiane on Oct. 13, Deputy Prime Minister Somsavat Lengsavad welcomed their visit to study opportunities in Laos as the follow-up of agreements between the two Parties and Governments.

Somsavat expressed hopes that their efforts would “make a turning point in promoting Vietnamese investment in Laos.”

The Lao Deputy PM also pushed for the establishment of a Vietnamese investors association in Laos as a foundation for Vietnamese enterprises to smooth out their business operations in Laos.

Earlier on October 11-12, the Vietnamese business delegation held working sessions with a number of host ministries and agencies, including the Ministry of Transport, the Ministry of Post and Construction, the Ministry of Energy and Minerals, the Ministry of Natural Resources and Environment, the Customs Office and the Committee of Planning and Investment.

On this visit, Vietnamese businesses have brought together 13 projects of investment, focusing on minerial, energy and garment and textile industries.

Also on this occasion, Director General of the Bank of Investment and Development of Viet Nam (BIDV) on behalf of Vietnamese business circles presented the Lao Education Promotion Fund with 800 million VND. The Viet Nam Oil and Gas Group (PetroVietnam) and the Hoa Phat Company handed over 500,000 USD and 20 tonnes of rice, respectively, in relief aid to flood victims in Laos.