At the Vietnam - Laos Investment Promotion Conference held on the afternoon of 8/10 in Vientiane, Prime Minister Le Minh Hung and Lao Prime Minister Saleumxay Kommasith witnessed the signing ceremony of 17 investment certificates and cooperation agreements between agencies and businesses of the two countries.

A highlight of the conference was the Savan 2 wind power project, one of the largest collaborations. With a capacity of 495 MW and a total capital of approximately 768 million USD, the project is invested by T&T Group and is expected to begin commercial operation by the end of 2028 at the latest.

Additionally, the two prime ministers witnessed the granting of investment certificates for a coffee plantation and processing plant project in Laos with a total capital of 29,2 million USD. Capital adjustment for MB Laos bank, amounting to 23,3 million USD, was also approved.

Speaking at the conference, Prime Minister Le Minh Hung called on large state-owned and private corporations and businesses to increase investment in Laos. Key sectors for this expansion include renewable energy, high-tech agriculture, deep mineral processing, logistics, finance-banking, digital transformation, and tourism.

He affirmed that the government always welcomes Lao businesses to invest and operate in Vietnam. Vietnam is also ready to share its experience in institutional reform, administrative procedure simplification, and to work alongside Laos to stabilize its macroeconomy. He emphasized that macroeconomic stability is a prerequisite for attracting development investment resources.

Lao Prime Minister Saleumxay Kommasith urged closer cooperation between businesses of the two countries, particularly by promoting cooperation in the form of equity. He called on Vietnamese investors, especially large companies, to visit, explore opportunities, and increase investment in Laos across sectors encouraged by the Lao government. He pledged that the Lao government would listen, acknowledge, and thoroughly address any difficulties or obstacles faced by Vietnamese businesses.

Prime Minister Le Minh Hung and Lao Prime Minister Saleumxay Kommasith attend the Vietnam - Laos Investment Promotion Conference on 8/10. *Photo: VGP*.

Vietnamese and Lao leaders jointly requested investors from both countries to focus resources on implementing projects on schedule, ensuring quality, especially for large, strategic projects.

The parties need to strengthen cooperation in electricity trading and grid connectivity. They also aim to accelerate investment in the Hanoi-Vientiane expressway and soon develop a suitable plan to implement the Vientiane-Vung Ang railway line. These infrastructure developments serve as foundations to achieve the trade turnover target of 10 billion USD by 2030.

Last year, two-way trade turnover between Vietnam and Laos reached nearly 3 billion USD, an increase of about 33% compared to the same period, marking its highest level ever. Laos continues to be Vietnam's largest overseas investment destination, with over 300 projects totaling more than 7 billion USD in registered capital.

Projects by Vietnamese businesses create jobs, increase income for hundreds of thousands of Lao workers, and contribute an average of approximately 300 million USD annually to Laos' national budget.

In the first 9 months of this year, Vietnam invested in an additional 24 new projects in Laos with a total capital of 670 million USD, an increase of 1,7 times compared to the same period.

Phuong Dong