Vietnam is the second biggest investor in Laos according to a report from the Ministry of Planning and Investment.
Vietnam is the second biggest investor in Laos
The announcement was made by Do Nhat Hoang, head of the Foreign Investment Department, under the Ministry of Planning and Investment.
Hoang said after China, Vietnam was the second biggest investor to Laos with various projects including joint-venture banks, petroleum distribution and telecommunication projects. According to Hoang, the investment projects created jobs for 40,000 local people in Laos.
Laos tops the list of the 68 countries that Vietnamese firms are investing in. By 2015, Vietnam's investment in Laos reached USD5 billion, mostly focused on energy, mining, forestry, agriculture and services projects.
Hoang went on to say that ASEAN Economic Community would better connect and open more opportunities for regional investors. He hoped that the Laos-Vietnam investment co-operation meeting, which is scheduled to take place in Danang between March 26 and 27, would see further investment.
