On January 7, in Hanoi, Vietnamese Prime Minister Pham Minh Chinh and Lao Prime Minister Sonexay Siphandone co-chaired the 46th meeting of the Intergovernmental Committee on Bilateral Cooperation between Vietnam and Laos.

The meeting focused on assessing the implementation of tasks in 2023, including settled and outstanding issues, as well as new orientations for 2024.

The two sides agreed that trade and investment have been promoted. Vietnam now has 245 investment projects in Laos with investment capital of $5.5 billion in total.

Vietnam’s investment capital in Laos registered in 2023 reached $116.6 million, an increase of 65.3 percent over 2022. The accumulated implemented investment capital has reached $2.75 billion. Enterprises have paid $200 million in taxes and fulfilled other financial obligations per annum, and the figure has reached $1.7 billion since 2015. They have also contributed $150 million to social security works.

Lao investors have 18 investment projects in Vietnam with registered capital of $110 million in total. Vietnamese agencies have created favorable conditions for Lao-invested enterprises to run well in Vietnam.

In 2023, total bilateral trade turnover was $1.6 billion, a slight decrease of 2.1 percent compared with the year before, and world and regional economies facing difficulties with purchasing power decreases. Meanwhile, imports from Laos increased by 4.2 percent.

Vietnam’s electricity import from Laos met the targets set for 2021-2025. EVN has signed 19 power purchase agreements (PPA) with investors to buy electricity from 26 power plants in Laos.

The two sides handed over and put into operation Nong Khang Airport in May 2023; released a decision on Vietnamese-invested Vinachem's potash salt project; solved the problem of concession area overlapping at Thaco Group's agricultural project and at Viet Phuong Group's bauxite mining and alumine processing project; and completed negotiations and reached an agreement on electricity purchase prices from Xekaman 3 hydroelectric plant.

The cooperation between localities of the two countries, especially in border areas, continues. The two sides support each other at international and regional multilateral cooperation forums, preparing Laos to successfully assume the role of ASEAN Chairmanship in 2024.

Tran Thuong