Vietnamese company builds trade centre in Laos

The Lao franchise of the Vietnamese An Phu joint stock company broke
ground for the construction of a commercial centre in Vientiane on
October 12 in the presence of Lao Permanent Deputy Prime Minister
Somsavad Lengsavad.

The That Luong complex has been
designed with a seven-storey and two-basement shopping centre, a
six-storey and two-basement block of buildings reserved for offices and
apartments for rent, and tree and entertainment parks.

The 58.68 million USD project is scheduled to be completed in December, 2012.

Vientiane Mayor Sombath Yialiheu said at the ground-breaking ceremony
that the project has helped boost relations between Laos and Vietnam.

Vietnamese Ambassador Ta Minh Chau emphasised that the project has
illustrated Vietnamese enterprises’ increasing interest in investment in
Laos and economic relations between the two countries have been faring
well.

The Bank for Investment and Development of
Vietnam (BIDV) representative took this opportunity to present Vientiane
with a check for 100,000 USD to help celebrate its 450 th founding
anniversary./.

Related Articles

• Cashew traders yet to embrace trading center system
• Vietnam starts FTA talks with Russia, Belarus, Kazakhstan
• Spit roasted crocodile fresh from Hoa Viet’s farm
• Assoc insists on power price hike despite protests
• Int’l arrivals in high season recover in uncertainties

Laos opens first stock exchange

The first securities exchange in Laos, a joint-venture between Laos
and the Republic of Korea (RoK), opened for business on October 10
in the capital, Vientiane.

On addressing the
opening ceremony, Laos Deputy Prime Minister and Chairman of the
Securities Commission Somsavat Lengsavad highlighted the importance of a
securities market when raising capital for the country’s socio-economic
development.

The Laotian government is about to
launch its seventh five year socio-economic development plan for the
period 2011-2015. The main objectives of the plan are to eradicate
poverty, reach the UN’s Millennium Development Goals (MDGs) and create
the best possible conditions to take Laos of the list of the world’s
under developed countries by 2020 and lay the foundations for the
country’s industrialisation and modernisation, said Somsavad.

He added that it was essential for Laos to raise significant
funding and professionally qualified human resources to boost its
integration into the world international arena./.

Related Articles

• Hanoi T&T win first V-League after scoreless draw
• Weightlifter grabs Vietnam’s first Olympic gold at Youth Games
• Market moves up sharply
• Defence co-operation boosts regional peace
• Market predicted to ebb this week

VN investment potential in Laos untapped

HCM CITY — Although trade between Viet Nam and Laos has increased significantly in recent years, investment remains at a low level despite the large potential that exists, according to the Viet Nam Economic and Cultural Office in Laos.

As of May, Viet Nam ranked third in terms of foreign direct investment in Laos after China and Thailand, with total registered capital of US$2.4 billion and 216 licensed projects.

Vietnamese investment in 16 of the total 17 provinces of Laos focuses on the industry, agro-forestry, services, tourism, banking, power, mining, and insurance sectors.

Projects that have proceeded smoothly include the Sekaman 3 hydroelectric plant and rubber plantations.

Although these have been successful, many Vietnamese investors have encountered difficulties when doing business in Laos because of unclear laws, poor infrastructure and relatively low skill levels of labourers.

Bui Trong Dang, deputy director general of the Viet Nam National Coal, Mineral Industries Group's branch in Laos, said it was carrying out three mining projects in the country.

He said he needed about 2,000 workers for its steel project in Xiangkhoang Province and another 2,000 for a salt production project in Savanakhet Province. But the local workforce cannot meet the demand.

In addition, the global economic crisis last year and equitisation of State-owned enterprises have caused construction schedules to fall behind, said Hoang Cung Tho Nhan, chairman of the Viet Nam Business Association for Co-operation and Investment in Laos.

Despite the potential, bilateral trade between Viet Nam and Laos is not expected to reach $1 billion this year, since the figure was only $212 million in the first half, according to the association.

Laotian authorities must clarify basic procedures to promote further investment of Vietnamese enterprises, Vietnamese investors in Laos have suggested.

Duong Dinh Bang from the Viet Phuong Investment Group said Vietnamese investors in trade centres in Laos should speed up their construction so that more Vietnamese goods can be sold in the Laos market. — VNS

Related Articles

• Hurdles litter path, but Vietnam investment to rise
• IFC: Vietnam needs to increase PPP to support economy
• Food promotions at Grand and First hotels
• Vietnam ranked prime global destination for third year running
• Vietnam gains most from S.Korea free trade pact: officials

Vietnam, Laos step up agricultural cooperation

Vietnam and Laos have inked a MoU on boosting their comprehensive
cooperation in agro-forestry, fisheries and rural development with a
focus on science and technology, training, investment and trade.

The memorandum of understanding (MoU) was signed between Vietnamese
Minister of Agriculture and Rural Development Cao Duc Phat and Lao
Agro-Forestry Minister Sitaheng Rasphone in Hanoi on September 14.

Under the MoU, which is part of the two
Governments’ Cooperation Agreement, the two sides will continue
implementing projects to build agriculture-rural area-farmer development
strategies and zone off agricultural areas for Laos .

The MoU also mentions several new projects in 2011, including Lao
Fisheries Development Planning for 2011-2020, research on creating new
varieties of maize and upgrade of an animal quarantine post at the
Densavanh border gate in Sepon district as well as a project on
transferring flood and drought management software.

The two countries’ agricultural ministries will strengthen bilateral
and multilateral cooperation to realise their regional and international
commitments in the fields of climate change, reducing emissions from
deforestation and forest degradation (REDD+), food security and safety,
and strengthening management and enforcement of laws on forestry and
forest product trade.

Earlier, the two sides held
talks during which they informed each other about each country’s
agricultural development situation. The two ministers agreed to speed up
the trading of agro-forestry products between the two countries, remove
trade barriers and facilitate investment activities by Vietnamese and
Lao businesses.

According to Minister Phat, the
Vietnam-Laos agricultural cooperation has seen remarkable results
recently with the effective prevention of cross-border infectious
diseases among animals and the signing of cooperation agreements on
protecting watershed and border forests as well as the planting of
rubber trees in Laos. The two countries aim to have more than 24,400 ha
planted with rubber trees by the end of this year.

He also suggested the two sides further strengthen bilateral ties in
the fields of veterinary, animal quarantine and afforestation./.

Related Articles

• NA chairman hails Japanese ambassador’s role
• IFC: Vietnam needs to increase PPP to support economy
• Singapore’s oil and gas firms explore business tie-ups
• An Giang Plan Protection to list on bourse next year
• Shippers council says will charge at ship-owners over fees

Vietnam, Laos, Thailand boost trade, investment

Vietnam, Laos and Thailand put forth measures to effectively use
Roads No. 8 and 12 in order to boost their trade, investment and tourism
ties at a meeting in the central province of Quang Binh from
August 29-30.

Officials from the three countries
agreed to propose issuing regulations to facilitate goods circulations
among border provinces and speed up investment in infrastructure to
connect Vietnam ’s National Road No. 8A with Laos ’ Road 8, thus
helping link Thai northeastern provinces, Laos and Vung Ang Port
in Ha Tinh province with China , the Republic of Korea and Japan
.

They also agreed to suggest Laos ’
Bolikhamsay province build a cultural centre in Lak Sao town with the
aim of boosting cultural and sport exchange activities, especially on
the three countries’ major anniversaries.

On the
occasion, nearly 120 businesses from Vietnam , Laos and Thailand
took part in a conference to promote investment in Quang Binh province,
which called for investment in such areas as tourism, industry, mining,
energy and shipbuilding.

Earlier on August 28, an
international trade fair opened in Quang Binh featuring products of
Laos’ Kham Muon, Savanakhet and Bolikhamsay provinces, Mucdahan, Sakon
Nakhon and Nakhon Phanom provinces of Thailand and Vietnam’s Quang Binh,
Ha Tinh and Nghe An provinces.

The fair, which aims to promote the three countries’ trademarks, will last until September 2./.

Related Articles

• Gov’t yet to plan investment for express railway
• Naval forces boost global co-operation
• IFC: Vietnam needs to increase PPP to support economy
• FDI flow turns to processing, manufacturing
• PM foresees bright future for co-operation with Africa