Vietnam’s investment in Laos has reached almost US$5 billion, the Vietnamese Ministry of Planning and Investment announced on Saturday, Tuoi Tre News reported.
The combined capital Vietnamese investors had channeled into Laos has hit $4.9 billion so far, the ministry said during the 2016 Vietnam-Laos investment cooperation meeting in the central city of Da Nang.
The gathering was a national-level event chaired by the Vietnamese and Lao governments and attended by leaders of ministries, authorities as well as businesses from the two nations.
According to the Vietnamese ministry, Laos tops the list of 68 countries and territories that have business operations in Vietnam.
Meanwhile, Vietnam ranks second among the nations investing in Laos, it added.Vietnamese enterprises have carried out many successful operations in Laos, contributing to the socio-economic development of the country and being praised and highly evaluated by the local government.
Businesses from Vietnam have been cooperating with Lao authorities to do community work in several of the country’s localities, including the construction of schools, infirmaries, houses and roads for the Laotian people, with financial support topping tens of millions of dollars.
CLMV economies Outlook by EIC Q1/2021
Within the region, Vietnam’s economy is projected the fastest growth due to ongoing strong exports performance for electronics products and a resilient domestic economy.
The global recession and COVID-19 pandemic heavily affected CLMV economies in 2020, resulting in major slowdown in Vietnam and Myanmar whereas Laos and Cambodia faced economic contractions from additionally specific negative factors.
China’s debt-trap diplomacy: Laos’ credit rating downgraded to CCC
Laos’ debt challenge is deeply concerning, with some media commentators suggesting the country is falling into a debt trap as a result of Chinese infrastructure investments connected to the Belt and Road Initiative (BRI)
CLMV’s economic growth crashes to two-decade low due to COVID-19
The COVID-19 crisis has caused the rate of economic growth in the CLMV bloc to be at its lowest in two decades, the CLMV economies could grow at 3.4 percent this year
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