A Laos-Vietnam joint venture bank (Photo VNA)Vientiane (VNA) – Since the signingof the Vietnam-Laos Treaty on Amity and Cooperation on July 18, 1977, the traditional relationship,special solidarity and comprehensive cooperation between the two nations havebeen strengthened, especially in the economy.
Thanks open policies and strong support from the two Parties and States overthe last four decades, collaboration between the two nations’ enterprises hasbeen fostered, contributing to further developing the sustainable Vietnam-Laos relations.
Head ofthe External Affairs Commission of the Lao People's Revolutionary Party (LPRP) Central Committee Sounthone Sayachac,said Vietnam is one of the leading foreign investors in hercountry.
Trade and investment cooperation between Vietnam and Laos has been growing, importantlycontributing to Laos’s socio-economic development, he added.
According to data of the Lao Ministry of Planning and Investment, Vietnam’sinvestment to Laos has incessantly increased, becoming the third largest foreigninvestor in the country, with a total capital of 3.7 billion USD.
Vietnam’s projects in Laos are being smoothly operated, contributing 240-260million USD to Laos’s budget every year, and creating about 35,000 jobs forlocal labourers.
Meanwhile, the Vietnamese Ministry of Planning and Investment said Laos isVietnam’s largest foreign investment market with 408 projects.
Established in 1999 between the Bankof Investment and Development of Vietnam (BIDV) and the Lao Foreign Trade Bank,the Lao Vietnam Joint Venture Bank (Lao-VietBank) has become the symbol of economiccooperation between the two countries.
It serves as a bridge to promote thebilateral trade and investment ties.-VNA
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