HÀ NỘI — Businesses have been identified as the most important driving force in advancing economic, trade and investment cooperation between Việt Nam and Laos, Vietnamese Prime Minister Phạm Minh Chính said at the Việt Nam – Laos investment promotion forum held on Wednesday in Laos.

Chính, who co-chaired the event with Lao Prime Minister Sonexay Siphandone, said all initiatives and proposals form businesses must be cherished and used effectively to unlock new growth momentum as Việt Nam and Laos seeks to deepen strategic economic cooperation.

The conference, following the successful conclusion of the 48th meeting of the Việt Nam–Laos Intergovernmental Committee earlier the same day and attracting more than 500 representatives from both countries, discussed measures to implement major orientations for economic, trade and investment cooperation in 2026 and in the next five-year period.

At the conference, Lao Deputy Prime Minister Saleumxay Kommasith outlined Laos’ investment environment and incentives, while Vietnamese Finance Minister Nguyễn Văn Thắng outlined cooperation priorities for 2026.

Business representatives highlighted cooperation opportunities in sectors including power generation, rubber, agricultural processing, chemicals and mining.

Major cross-border transport projects were also discussed, notably the proposed Hà Nội – Vientiane expressway and the Vũng Áng – Vientiane railway.

Việt Nam has now become Laos’ second-largest foreign investor, while Laos remains the top destination for Vietnamese overseas investment among 85 countries and territories.

Statistics showed that Việt Nam has so far invested more than US$6.21 billion in Laos. In the first 11 months of this year, Việt Nam invested more than $590.3 million in Laos, 7.5 times higher than the same period last year. 

PM Chính said many Việt Nam – invested projects in Laos have operated effectively and contributed significantly to Laos’ socio-economic development, including creating jobs for hundreds of thousands of local workers and contributing about $200 million annually to the Lao budget.

The two-way trade reached an estimated $2.6 billion in the first 11 months of 2025, up 50.4 per cent year-on-year, the highest growth rate on record.

PM Chính said that the  two countries expected businesses be the most important driver to advance the bilateral economic, investment and trade cooperation.

“The development of enterprises is the development of the two countries. When businesses succeed, the two countries succeed,” the PM said.

PM Chính affirmed efforts to be accelerated to create the most favourable condition for businesses.

Chính urged both sides to prioritise strategic infrastructure links between Việt Nam and Laos, including connectivity to Việt Nam’s Vũng Áng and Cửa Lò ports.

He welcomed Vietnamese state-owned groups and private firms such as Viettel, Petrovietnam, EVN, Vinamilk, THACO and TH True Milk to expand cooperation in Laos, while affirming that Việt Nam is ready to receive Lao investors.

He urged efforts to increse bilateral trade to $5 billion, with a longer-term target of $10 billion a year.

For his part, PM Sonexay Siphandone said affirmed Laos’ commitment to create favourable conditions for Vietnamese investors, particularly in power, transport infrastructure, high-tech agriculture, tourism, finance and banking, while highlighting priorities such as cross-border railways and expressways, industrial zones, mineral processing and carbon credit development.

He stressed that Laos would continue to improve its legal framework, cut red tape, promote digital transformation and strengthen public-private partnerships to create a more transparent and conducive investment climate.

At the event, enterprises from both countries signed nine cooperation agreements across various sectors. — VNS