The special relations between Vietnamese and Lao Parties and States hold the strategic meaning to peace, stability, cooperation and development in the respective countries as well as in the region and around the world.

General Secretary of the Communist Party of Vietnam (CPV) Nguyen Phu Trong (R) and General Secretary of the Lao People’s Revolutionary Party (LPRP) and President of Laos Bounnhang Vorachith 

General Secretary of the Communist Party of Vietnam (CPV) Nguyen Phu Trong and General Secretary of the Lao People’s Revolutionary Party (LPRP) and President of Laos Bounnhang Vorachith made the statement during their talks in Hanoi on December 19.

They described the successful friendship and solidarity year 2017 between Vietnam and Laos as an important milestone in the two countries’ relations.

In the years to come, the two countries would face a lot of difficulties and challenges in building, safeguarding and reforming the nation. Therefore, it is necessary to strengthen coordination in implementing development strategies in the respective societies while improving the bilateral cooperation efficiency across the fields, especially regarding economics.

Vietnam and Laos pledged to closely work to realise more effectively the agreements signed between the two countries’ Parties and States and the Vietnam-Laos Joint Statement.

The two sides will spare no efforts to deepen their political ties and increase experience sharing in building the Party and a strong political system as well as boosting socio-economic development and international integration.

They will focus on personnel training at all levels, promoting the spirit of the friendship solidarity year and raising public awareness of the traditional friendship and special relations between Vietnam and Laos, especially among youngsters.

The Vietnamese and Lao leaders agreed to continue coordinating effectively and providing mutual support at regional and international forums, especially at the United Nations (UN), the Association of Southeast Asian Nations (ASEAN), and Greater Mekong Subregion (GMS).

The two countries vowed to coordinate with GMS nations and relevant international organisations to make effective and sustainable use and management of water resources of the Mekong River, while strengthening coordination with Cambodia to implement efficiently the trilateral agreement on Cambodia-Laos-Vietnam Development Triangle Area (CLV).

Regarding the East Sea issue, Vietnamese and Lao leaders stressed the importance of maintaining peace, stability, security, safety and freedom of navigation and overflight in the East Sea.

They agreed to settle any disputes via peaceful means and in line with international law, including the 1982 UN Convention on the Law of the Sea (UNCLOS), the Declaration on the Conduct of Parties in the East Sea (DOC), and the early building of the Code of Conduct in the East Sea (COC).

After talks, the host and guest witnessed the signing of an agreement between the Vietnamese and Lao Governments on the construction of the Lao National Assembly building and the handing over of a certificate on the Laos-Vietnam Port Joint Stock Company to the Lao side and a collection of books “Vietnam-Laos, Laos-Vietnam friendship roads”.

The Lao leader invited General Secretary Trong to visit Laos at an appropriate time, and the later accepted the invitation with pleasure.

The Lao leader is paying an official friendly visit to Vietnam from December 19-21, the second of its kind during his tenure (2016-2021). It is made at the invitation of Party General Secretary Nguyen Phu Trong and President Tran Dai Quang.

Vietnam contributes to Lao socio-economic development

A Laos-Vietnam joint venture bank 

Since the signing of the Vietnam-Laos Treaty on Amity and Cooperation on July 18, 1977, the traditional relationship, special solidarity and comprehensive cooperation between the two nations have been strengthened, especially in the economy.

Thanks open policies and strong support from the two Parties and States over the last four decades, collaboration between the two nations’ enterprises has been fostered, contributing to further developing the sustainable Vietnam-Laos relations. 

Head of the External Affairs Commission of the Lao People's Revolutionary Party (LPRP) Central Committee Sounthone Sayachac, said Vietnam is one of the leading foreign investors in her country. 

Trade and investment cooperation between Vietnam and Laos has been growing, importantly contributing to Laos’s socio-economic development, he added.

According to data of the Lao Ministry of Planning and Investment, Vietnam’s investment to Laos has incessantly increased, becoming the third largest foreign investor in the country, with a total capital of 3.7 billion USD. 

Vietnam’s projects in Laos are being smoothly operated, contributing 240-260 million USD to Laos’s budget every year, and creating about 35,000 jobs for local labourers. 

Meanwhile, the Vietnamese Ministry of Planning and Investment said Laos is Vietnam’s largest foreign investment market with 408 projects. 

Established in 1999 between the Bank of Investment and Development of Vietnam (BIDV) and the Lao Foreign Trade Bank, the Lao Vietnam Joint Venture Bank (Lao-VietBank) has become the symbol of economic cooperation between the two countries.

 It serves as a bridge to promote the bilateral trade and investment ties.

VNA