NA Chairman Vuong Dinh Hue meets with Vietnamese business community in Laos on December 5, 2030 (Photo: VNA)

Chairman Hue thanked the Lao National Assembly and Government for tackling difficulties faced by the Vietnamese firms, and called for making breakthroughs in bilateral economic, trade and investment ties.

Vietnam considers institutional frameworks, legal policies, human resources, especially high-quality personnel, infrastructure and logistics costs as strategic breakthroughs, he said, adding that Laos is also interested in these areas.

National Assembly Chairman Vuong Dinh Hue speaks at the meeting (Photo: VNA)

The leader asked the Vietnamese Ambassador to Laos to collect businesses’ proposals at the event to submit to the 46th meeting of the Inter-Government Committee scheduled to take place in early 2024.

The two Parties and States are also focusing on sharing macro-economic management experience, and planning at sectoral and regional levels, the NA Chairman said.

Regarding infrastructure, he said both sides are preparing for projects related to Vung Ang Port, creating conditions for Laos to connect to the sea. Financial institutions such as the World Bank (WB) and the Asian Development Bank (ADB) are interested in these projects. If funding from these organisations cannot be arranged, public investment should be considered.

About transport, he said Vinh city in the central province of Nghe An could be selected as a connection point to Hanoi-Vientiane expressway to facilitate East-West connectivity and boost cargo transport and tourism, which will be discussed at the upcoming meeting of the Inter-Government Committee.

Along with the launching of the direct Ho Chi Minh City - Vientiane flight service early next year, he stressed that completing road, air and rail connectivity will be a crucial factor that fundamentally changes the bilateral trade and investment relationship.

NA Chairman Hue acknowledged the businesses' recommendations on cooperation in finance, currency and exchange rate, saying that these recommendations will be forwarded to relevant authorities for consideration.

The two countries always create conditions for the Vietnamese business association in Laos to develop, he said, adding that the NA has approved in principle the building of a decree on setting up an investment promotion support fund for enterprises operating in and outside the country, and assigned the Ministry of Planning and Investment to collect opinions of businesses in Laos during the process of drafting this decree.

The top legislator also took note of opinions related to investment in high-tech agriculture, rubber planting, large-scale agricultural production for export, energy development, especially renewable energy and wind and solar power, mining, infrastructure development, and tourism, especially in the Cambodia - Laos - Vietnam Development Triangle, in order to effectively implement the "three countries – one destination" model.

He asked the Vietnamese business association in Laos to gather proposals of Vietnamese businesses in Laos, then send them to authorised agencies in the homeland for consideration and settlement.