Vietnamese businesses seeks stronger foothold in Lao market

Among the countries neighbouring Vietnam, Laos has been named as a particularly attractive destination for Vietnamese investors who are looking to do long-term business in the region.

Photo for illustration.

Photo for illustration.

The HCM City Investment and Trade Promotion Centre (ITPC) and the Lao Consulate in HCM City recently held a conference to introduce investment opportunities in the Lao market and promote trade and tourism in the city.

Vietnam has a lot of potential to penetrate the Lao market, as a great number of overseas Vietnamese live and work in the friendly country, said ITPC Director Pho Nam Phuong.

She cited the fact that two-way trade between Vietnam and Laos was estimated at 520 million USD in the first half of this year, representing a year-on-year increase of 11.6 percent. However, Vietnamese exports to Laos only account for 16.4 percent of the country’s imports, and include steel and iron, petrol, vehicles, machinery, spare parts, coal and textiles, according to Vietnam’s Trade Mission in Laos.

The ITPC will organise the 2013 HCM City Investment, Trade and Tourism Exhibition from July 22-26 and a survey trip to Laos from July 22-25.

The programmes prioritise businesses operating in the garment, cosmetics, household products, food, electronics and construction materials sectors.

Besides trade, Vietnamese businesses also chose Laos as destination for their investment.

Lao Government statistics show that Vietnam has 224 valid investment projects in Laos, with a total registered capital of over 4.2 billion USD.
Source: VNA

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