President calls for sustainable Vietnamese business in Laos
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President Vo Van Thuong has asked the Vietnamese community in Laos to set its sights on long-term sustainable business growth even though weathering current short-term difficulties will be complicated.
During Tuesday’s meeting with the Vietnamese community in Laos, Thuong praised the patriotism and contributions made by Vietnamese people and enterprises in Laos.
For their part, Vietnamese enterprises in Laos proposed that more measures should be taken to support investment, especially capital, to improve competitiveness and expand operations.
The President said he had asked relevant agencies to provide appropriate solutions.
About 100,000 Vietnamese live, work, or study in Laos, with nearly 40,000 located in the capital of Vientiane, according to Vietnamese Ambassador to Laos Nguyen Ba Hung.
After his meetings in Vientiane, Thuong wrapped up his two-day visit to Laos and returned home from his first foreign trip since taking office last month.
Vietnam and Laos established diplomatic relations in September 1962, and raised the label of their “traditional friendship” to “great friendship” in February 2019.
Vietnam has currently invested some $4.7 billion in 219 projects in Laos, making it Laos’ third largest foreign investor after China and Thailand.
Bilateral trade last year increased 25% to around $1.7 billion.
Questions & Answers
Q.What challenges are Vietnamese businesses in Laos currently facing?
What challenges are Vietnamese businesses in Laos currently facing?
Vietnamese enterprises in Laos are encountering short-term difficulties, which the President acknowledged will be complicated to navigate. They have proposed needing more support, particularly for capital, to enhance their competitiveness and expand operations.
Q.What measures has the Vietnamese President taken to address the concerns of businesses in Laos?
What measures has the Vietnamese President taken to address the concerns of businesses in Laos?
President Thuong stated that he has instructed relevant agencies to provide appropriate solutions for the challenges faced by Vietnamese businesses. This was in response to proposals made during his meeting with the community in Laos.
Q.How significant is Vietnam's investment in Laos compared to other foreign investors?
How significant is Vietnam's investment in Laos compared to other foreign investors?
Vietnam has invested approximately $4.7 billion in 219 projects in Laos, positioning it as the third-largest foreign investor there. It is preceded by China and Thailand in terms of investment volume in Laos.