Hanoi, Vientiane boost co-operation for mutual development

A trade promotion conference entitled "Hanoi-Vientiane Cooperation for mutual development” took place on August 10 in Hanoi, alongside a photo exhibition displaying and introducing products originating from both capitals.
Business representatives exchange Memoranda of Understanding. (Photo:congthuong.vn)
Business representatives exchange Memoranda of Understanding. (Photo:congthuong.vn)

The purpose of the event is to respond to the Vietnam-Laos Friendship Year 2022 and further tighten the relationship between the two parties, countries, and peoples.

This is viewed as a prime opportunity for the authorities and businesses of the two localities to come together to exchange and share useful information about investment opportunities, preferential policies, and the investment attraction of both Hanoi and Vientiane.

It will also serve as a bridge for firms to meet and find potential partners in many areas which the two cities are strong in.

As part of his opening speech, Nguyen Manh Quyen, Vice Chairman of the Hanoi People's Committee, highlighted comprehensive development on all channels, with many effective projects in fields such as the economy, health, education, agriculture, military, and people-to-people exchanges between Vietnam and Laos. This is along with co-operation between the two capitals and between Hanoi and Lao localities in general.

Hanoi's export turnover to Laos during the first half of the year reached 74.8 million USD, accounting for 0.9% of the capital’s total export turnover in the reviewed period. In addition, Hanoi’s import turnover from Laos throughout the reviewed period hit 98.3 million USD.

Quyen expressed his hope that moving forward, both sides will launch more activities aimed at promoting co-operation between the two cities in a more practical, effective, and comprehensive manner. This will involve continuing to open a new and dynamic development period for the benefit of citizens of each country, for the cause of peace, stability, and common prosperity throughout the region.

Phouvong Vongkhamsao, vice mayor of Vientiane, said the conference gives the two sides the chance to exchange and share experience, especially opportunities and strengths in attracting investment, so the capitals retain a key role in the socio-economic development of the two countries.

The function has also given both nations' businesses the chance to exchange, learn, and establish strategic partners in investment promotion, trade, and tourism in the new normal between the two countries.

Regarding information about investment opportunities, preferential policies, and investment attractions in Hanoi, Nguyen Ngoc Tu, deputy director of the Hanoi Department of Planning and Investment, said Hanoi is a safe, attractive, and stable destination for firms.

Moreover, the municipal administration is constantly innovating to improve the overall quality of management, whilst continuing to strongly improve the local business investment environment, which is open, convenient, transparent, and fair for investors. They can therefore do business successfully and ensure sustainable development, thereby contributing to the greater socio-economic development of Hanoi, Tu added.

At present, the registered FDI capital of Laos poured into Hanoi stands at 7.99 million USD, of which there are four new projects with a total registered capital of 3.65 million USD.

Lao enterprises invest in the Vietnamese capital in a number of fields, such as commerce, real estate, finance, banking and insurance, as well as car and motorbike repairs.

During the conference, business representatives of the two countries discussed opportunities for further co-operation in goods production, investment promotion and attraction, as well as offering proposals and recommendations to support firms of the two countries in boosting trade exchanges.

A ceremony was held to present three Memorandums of Understanding (MoU) between Vientiane and Hanoi businesses as part of the occasion.

Within the framework of the conference, Hanoi organised a photo exhibition displaying typical products, goods, specialties of craft villages, and photos featuring famous sites in both Hanoi and Vientiane.

Additionally, Laotian enterprises operating in the fields of agricultural production, auto parts, handicrafts, consumer goods production, as well as garments and textiles, participated in product displays and looked for consumption partners.

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(Source: VOV)