Vietnamese Investment in Laos Promotion Seminar Held in Northen Laos

On December 17th, a seminar to promote Vietnamese investment in Laos was held in the Hua Phan Province, and four other provinces, of Northern Laos.

The seminar was attended by Lao Government Standing Deputy Prime Minister Sonxavat Lengsavat. and Party Central Committee Member and Head of the PCC Commission of Propaganda and Training To Huy Rua.

Speaking at the opening ceremony of the seminar, the Lao Minister of Planning and Investment said that, between 2004 and 2007, Laos’ annual economic growth had reached an average above 8%, and that its GDP growth was 7.8% so far in 2008. In the past several years, more than USD 9 billion has been poured in Laos. Vietnam itself invested US$ 1.02 billion in Laos, making it number 1 among the 37 countries and territories currently investing in Loas. In Hua Phan Province alone, between 2006 and 2008, Vietnam invested in 31 projects, worth more than US$ 10 million.

Standing Deputy Prime Minister Sonxavat Lengsavat, in his speech, affirmed that Vietnam’s investment in the Northern provinces of Laos had played a strategic role for both countries and will help to further develop good Vietnam – Lao relations.

Political ministries from both countries pledged to intensify resolutions to speed up Vietnam and Lao’s investment in hydroelectricity power generation in order to reach a capacity of 5,000-7,000 MW, as well as investment in rubber plantation and cattle feedstock processing.

Moreover, the two sides pledged to enhance their two-way trade exchange from US$ 400 million at present to US$ 1 billion in 2010 and US$ 2 billion in 2015.

Speaking at the ceremony, Mr. To Huy Rua noted that the special solidarity between Vietnam and Lao is always a significant factor for the two countries to win success in the building of socialization and national protection. (CPV)

Source: vnbusinessnews

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Vietnamese group licensed to plant rubber trees in Laos

The Lao government has granted a license to Vietnamese Hoang Anh-Gia Lai Group (HAGL) to plant rubber trees on 10,000 hectares in the Lao province of Attapeu .

Lao Deputy Minister of Planning and Investment Thongmy Phomvixay and HAGL’s Chairman Doan Nguyen Duc signed a contract to this effect in the capital of Vientiane on Dec. 11.

The new rubber plantation project is expected to provide 3,800 jobs for local people with an average income of between 150-170 USD per month.

HAGL has planted 5,000 hectares of rubber in Lao since 2005 and intended to build two rubber processing factories with a capacity of 40,000 tonnes per year in Attapeu province by 2012.

The group has also doled out hundreds of thousands of USD to assist local community in the building of schools, clinics, roads and electric transmission lines.

Source: VNA

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Cambodia, Vietnam expect US$2bil in trade

VietNamNet Bridge – Vietnam and Cambodia have discussed measures to further boost their economic cooperation, with the aim of increasing two-way trade to 2 billion USD by 2010.

The discussion took place during the meetings in the Cambodian capital of Phnom Penh between the Vietnam - Laos - Cambodia Association for Economic Cooperation Development of Vietnam and the Council for the Development of Cambodia and a number of Cambodian ministries.

At the working sessions, the two sides also highlighted the importance of further accelerating economic cooperation and investment between Vietnam, Laos and Cambodia.

During its visit to Cambodia from Dec. 8-12, the delegation of the association, led by Chairman Lai Quang Thuc, former deputy minister of Planning and Investment, was received by Cambodian Prime Minister Hun Sen.

Source: VNA
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