The Vietnam-Laos conference on economic and investment cooperation took place in Danang, Vietnam on July 7.

Representatives from the two Ministries of Planning and Investment reported on Vietnamese business investment in Laos.

By the end of May 2012, 214 projects have been granted licences to invest in Laos with a combined capitalization of US$3.45 billion. Vietnam ranks third among the 52 countries and territories investing in Laos and plans to raise their total investment capital to US$4.5-5 billion in the near future.

Many projects have been put into operation which has contributed to socio-economic development in Laos and helped raise local people’s incomes.

Lao Deputy Prime Minister and President of the Laos-Vietnam Cooperative Sub-committee, Somsavat Lengsavath, said increasing exchange, investment and cooperation between the two ministries demonstrates the close-knot relationship between the two countries.

Vietnamese Deputy Prime Minister Nguyen Xuan Phuc, President of the Vietnam-Laos Cooperative Sub-committee, highlighted the significance of the meeting because it provided a good chance for the two sides to review recent economic and investment cooperation and devise measures to remove difficulties in the future.

Phuc said the two ministries should help the two Governments to promote bilateral investment and work closely with each other to iron out snags for businesses and accelerate effective investment.

On the occasion, the two ministries presented certificates of merit to individuals in recognition of their contribution to strengthening bilateral friendship and investment cooperation and signed a memorandum of understanding on future cooperation.

Source: VOV