A rubber project in Laos
Mr. Somxay Sanamoune, the Lao Consul General in HCM city announced this information in a seminar recently co-organized by the Ho Chi Minh city Investment and Trade Promotion Center (ITPC) and the Lao Consulate General in order to help Vietnamese exporters better understand investment opportunities in the market.
Vietnam’s main export commodities to the market are iron and steel, products from iron and steels, transport means, cement, plastic products, electric wire and cable, vegetable and fruits. Meanwhile, Lao mainly imported fertilizer, wood and wooden products, ores and minerals.
Mr. Somxay Sanamoune said that in order to promote foreign investment attraction, the Lao Government is gradually removing regulations, bureaucratic administrative procedures, reducing the waiting time for business establishment, reducing tax and improving infrastructure.
Laos has many potential which Vietnamese businesses can cooperate such as hydropower, minerals exploitation and processing, industrial trees plantation and agricultural products processing.
He affirmed the Lao government supports and prioritizes investment from Vietnamese businesses. Due to the close geographical features, the two countries often have economic exchange as well as advantages in exports, imports and labor.
According to Foreign Investment Agency, in the first five months of 2018, Vietnam poured investment capital into 24 countries and territories, in which Lao took the lead with more than USD80 million.
Mr. Pham Thiet Hoa, Director of ITPC said continuing trade and investment promotion activities in Laos, from June 28th to July 4th, 2818, the center sent businesses to the Vietnam-Laos Trade Fair in Vientiane. The businesses signed many memorandums of understanding and five orders with Laos partners.
He pledged to provide information and assist Vietnamese businesses to better understand the potential market, find the best solution for them to participate in local distribution channels and increase trading opportunities with Lao companies./.