Representatives of the 3 host countries at the Conference. Photo: Pham Kien / TTXVN Lao News Agency correspondent
Representatives of the relevant ministries and agencies from the 3 countries attended; and the commissions, authorities, departments, and businesses of the 13 provinces in the development triangle region, which includes Kon Tum, Gia Lai, Dak Lak, Dak Nong, Binh Phuoc (Vietnam), Sekong, Attapeu, Salavan, and Champasak (Laos), and Stung Treng, Rattanakiri, Mondul Kiri, and Kratie (Cambodia).
The conference evaluated the results of promoting investment, trade, and tourism activities of each country and local provinces in the CLV area; thereby assessing the situation, identifying constraints, difficulties, opportunities, and proposing practical solutions. To foster closer and more effective cooperation in investment, trade, and tourism in order to attract resources, exploit and utilize the potential and strengths of each locality and country in the CLV region. To contribute to socio-economic development, poverty reduction, and enhanced traditional friendship and cooperation between Vietnam, Laos, and Cambodia.
The delegates also affirmed that in recent years, investment cooperation between businesses from the 3 countries in the Campuchia-Lao-Vietnam development triangle area has achieved certain results, but still does not correspond to the potential, strengths, and strategic cooperation between the 3 countries.
There are many untapped potential areas such as agriculture, clean energy (hydropower, wind power, solar power), mineral resources, and tourism. The delegates also believe that there are still barriers to promoting investment activities in the development triangle area, such as infrastructure which needs to be upgraded, but is still weaker compared to other regions; investment capital is still lacking, investment incentive policies have not been clear, and administrative procedures related to transportation of goods, customs law, and taxes are still complex and need to be resolved.
To contribute to the removal of these constraints, Mr. Vu Van Chung, Director of the Foreign Investment Agency, Ministry of Planning and Investment, proposed several suggestions. These include recommending that countries should have incentive and investment promotion policies for economically and socially disadvantaged areas, especially in the development triangle area. The provinces in the development triangle area should be eligible for the highest level of investment incentives and benefits. During the process of building joint action programs for the region, the three countries should consider establishing large-scale raw material zones to encourage and attract investors to build production, processing, and consumption facilities, as well as export goods along the transportation axes connecting provinces in the region to border gates with Vietnam for seaports, ensuring the sustainable development of the entire CLV region and the interests of member countries.
Representatives from Vietnam also recommended that state agencies from all parties should regularly review and expedite the implementation of cooperation agreements and agreements that have been reached between the countries. At the same time, they should promptly establish necessary cooperative agreements, such as those related to labor, guaranteeing the investment, business, and addressing difficulties and obstacles of businesses. Accelerate the effective implementation of bilateral and multilateral cooperation agreements between the parties to create a favorable legal framework for investment and business activities of enterprises. Upgrade and enhance infrastructure systems, especially transportation, electricity, water, irrigation systems, etc. Simplify customs procedures and facilitate the movement of labor, goods, equipment, and vehicles through convenient border gates. Reduce the burden of procedures and costs for sending workers from Vietnam, Laos, and Cambodia to work in the development triangle area…
According to the Vietnamese Ministry of Planning and Investment, in the development triangle area of Laos and Cambodia, Vietnam has 110 projects with registered investment capital of over USD 3.7 billion (accounting for more than 24% of the total projects and more than 44% of the registered investment capital in Laos and Cambodia overall). Of which, there are 65 projects in Laos, with an investment capital of over USD 2 billion, and 45 projects in Cambodia, with an investment capital of nearly USD 1.7 billion. Vietnam’s investment projects in this region mainly focus on the industrial tree planting, construction, mining, and hydropower sectors. Many projects have been operating stably and have made positive contributions to the economic development of the localities through contributions to state budget revenues, job creation for local labor, and improving infrastructure through small civil works such as roads, schools, and medical stations, contributing to social welfare in the area. In Vietnam, the 5 provinces in the development triangle region, including Dak Lak, Dak Nong, Gia Lai, Kon Tum, and Binh Phuoc, have attracted 521 foreign direct investment projects from 30 countries and territories, with a total registered investment capital of over USD 6 billion, including 2 investment projects from Cambodia. To date, these 5 Vietnamese provinces have invested in 48 projects in Laos and Cambodia, with a total registered capital of USD 1.91 billion, of which the majority are investments in the development triangle region of Laos and Cambodia, with 41 projects and a total registered capital of USD 1.65 billion (accounting for 44% of Vietnam’s total investment in the CLV region of Laos and Cambodia)…
