Prime Minister Pham Minh Chinh of Vietnam and Prime Minister Sonexay Siphandone of Laos co-chaired the 48th Meeting of the Intergovernmental Committee on Vietnam-Laos Bilateral Cooperation in Vientiane on 3/12, according to the Ministry of Foreign Affairs. The meeting focused on strengthening the strategic partnership between the two nations, with Laos actively encouraging Vietnamese businesses to increase large-scale investments.

During the meeting, Prime Minister Sonexay Siphandone praised the contributions of Vietnamese businesses to Laos' economic development and job creation for the Lao people. He specifically encouraged Vietnamese enterprises to invest in large-scale projects in Laos, promote transport infrastructure and energy connectivity, implement the Vientiane - Hanoi expressway project, and enhance the efficiency of the potash mining project.

The Lao Prime Minister pledged to continue creating favorable conditions for businesses to invest and operate effectively, in line with Laos' requirements, especially for projects in clean, high-value agriculture and science and technology. He also proposed that both sides continue to improve the quality of human resource training, agreeing to establish a Laos-Vietnam University, and focusing on developing vocational schools and schools in border areas.

Prime Minister Pham Minh Chinh and Lao Prime Minister Sonexay Siphandone in Vientiane on 3/12. Photo: VNA

Prime Minister Pham Minh Chinh noted that Vietnam and Laos have maintained the highest level of political relations, with defense and security cooperation remaining a pillar, and economic and trade ties seeing impressive growth. Education and training, along with culture and tourism cooperation between the two nations, have also increased significantly, with obstacles in various projects being resolved.

To further advance bilateral relations, both Prime Ministers agreed to deepen the essence of Vietnam-Laos relations to new heights under the framework of "Great Friendship, Special Solidarity, Comprehensive Cooperation, Strategic Linkage." They emphasized that political relations are vital, defense and security and economic cooperation are key, science, technology, and education and training cooperation are breakthroughs, business and people-to-people cooperation are foundational, and local cooperation is a leverage.

Vietnamese investment in Laos demonstrates a strong commitment. As of April, Vietnam had 267 investment projects in Laos, with a total registered capital of 5,63 billion USD. In the first 10 months of this year, Vietnam's investment in Laos reached 566,1 million USD, focusing on quality, sustainable development projects in key sectors where Laos has strengths, such as clean energy, mining, and agriculture.

Many Vietnamese investment projects operate effectively, contributing positively to socio-economic development, creating jobs, and increasing incomes for thousands of workers. These projects also supplement Laos' state budget revenue, particularly in telecommunications, banking, rubber cultivation and processing, and food and dairy production and processing.

Bilateral trade also saw significant growth. Total import-export turnover between Vietnam and Laos in the first 10 months reached 2,6 billion USD, an increase of 50,4% compared to the same period in 2024. During this period, Vietnam recorded a trade deficit of 626,2 million USD.

Looking ahead, both Prime Ministers agreed to elevate strategic trust to a higher level and further strengthen defense and security cooperation. The two sides will create strong, strategic breakthroughs in economic, trade, investment, and infrastructure development cooperation by promoting connectivity between their economies and infrastructure, and ensuring economic and energy security for each nation. Vietnam and Laos will work together to resolve difficulties and obstacles, ensuring that bilateral cooperation programs and projects achieve high efficiency.

Ngoc Anh