VIENTIANE: Vietnam has invested over US$3.7bil in 110 projects in the Laos and Cambodian provinces located in the three countries’ Development Triangle so far, statistics show.
The Vietnamese Planning and Investment Ministry (MPI) revealed the data at the 13th conference on trade, investment, and tourism promotion for the Cambodia – Laos – Vietnam (CLV) Development Triangle held in Attapeu province, Laos on Tuesday.
The event drew officials from the three countries along with authorities and businesses of the 13 provinces in the CLV Development Triangle: Kon Tum, Gia Lai, Dak Lak, Dak Nong and Binh Phuoc in Vietnam; Sekong, Attapeu, Salavan, and Champassak in Laos; and Stung Treng, Rattanakiri, Mondul Kiri, and Kratie in Cambodia.
Participants shared the view that over the past years, investment cooperation among CLV businesses in the Triangle had reaped certain results but have yet to match the potential, strength, and strategic cooperation of the participating countries. Some potential fields hadn’t been properly capitalised on such as agriculture, clean energy, mining, and tourism.
There remained certain barriers to investment in the Triangle such as limited infrastructure, a shortage of capital, unclear investment incentives, and complex administrative procedures on goods transportation, customs, and taxation, they pointed out.
Proposing some solutions to those shortcomings, director of the MPI’s Foreign Investment Agency Vu Van Chung said the three countries need to devise specific investment incentives for disadvantaged socio-economic areas, and the provinces located in the Triangle should benefit from the best policies.
In common action plans for the Triangle, the countries should form large-scale material zones to encourage investors to come to purchase materials, build production and processing facilities, and export products along the roads connecting the provinces with border gates and then Vietnam’s seaports, thereby helping secure sustainable development for the Triangle and the three countries as a whole, he noted.
The official also recommended CLV state agencies accelerate the implementation of cooperation agreements to facilitate investment and business activities; draft new deals necessary for labour, investment, business partnerships; upgrade and complete infrastructure, especially transport, electricity, water, and irrigation facilities; and simplify customs procedures for sending manpower, goods, equipment, and vehicles through border gates.
The 110 Vietnamese projects and their value of over US$3.7bil in the Laos and Cambodian provinces in the Triangle account for more than 24% and 44% of Vietnam’s total projects and investment value in the other two countries, respectively.
They comprise 65 projects worth over US$2bil in Laos and 45 projects worth nearly US$1.7bil in Cambodia, according to the MPI.
It noted that the Vietnamese projects concentrate on industrial tree cultivation, construction, mining, and hydropower. Many of them have helped with local development via their contributions to revenue and job creation, infrastructure improvement, and social security.
Meanwhile, the five Vietnamese provinces in the Triangle have attracted 521 foreign direct investment projects worth over US$6bil from 30 countries and territories, including two projects from Cambodia. — Viet Nam News/ANN
