General Secretary of the Communist Party of Vietnam, Mr. Nguyen Phu Trong. Photo by VNA
Mr. Trong’s first overseas visit since National Party Congress XII was held earlier this year comes at the invitation of Party General Secretary and President of the People’s Democratic Republic of Laos, Mr. Bounnhang Volachith, according to the Party Central Committee’s Commission for External Relations.
Mr. Trong will hold talks with Mr. Volachit and meet other Lao leaders and former leaders, the Vietnam News Agency quoted Chairman of the Party Central Committee’s Commission for External Relations, Mr. Hoang Binh Quan, as saying.
Various cooperation agreements between the two Parties and States will be signed, Mr. Quan added.
Vietnam’s Party Chief will also meet lecturers and students at the National University of Laos, a major scientific research and human resources training center in the country. “The visit aims to express the focus of Vietnam’s Party and State on the Vietnam-Laos relationship, thus further deepening bilateral ties,” Mr. Quan said.
The trip comes at a time when the Communist Party of Vietnam and the Lao People’s Revolutionary Party have begun new terms of office after their respective Party Congresses earlier this year.
It will allow the two countries’ leaders to discuss cooperative orientations for this term and define cooperation priorities, according to Mr. Quan.
The Vietnam-Laos relationship is a valuable asset for both nations, Mr. Quan said, adding that it also plays a key role in national construction and defense in each country, contributing to peace and development in Southeast Asia and the world.
Vietnam is the third-largest investor in Laos, while Laos attracts the most investment from Vietnam among 64 countries and territories where Vietnamese businesses are investing in, according to official figures.
Vietnam’s direct investment in Laos constantly increased from 2011-2015 in the number of projects and registered capital, according to the Vietnam Business Association in Laos. As at September, Vietnam had 266 licensed investment projects worth $5.1 billion in the country; 1.3 times the number of projects and 1.26 times the total investment capital in 2011.
Vietnamese investment projects have contributed to increasing the Lao Government’s budget collections by $240-260 million per year while creating 35,000 jobs. The figures are expected to reach $350-400 million and 45,000, respectively, next year.
