Vietnamese Prime Minister Pham Minh Chinh Meets with Laos’ Minister of Planning and Investment
On the morning of August 19th, at the Government Headquarters, Prime Minister Pham Minh Chinh received a courtesy call from Mr. Phet Phomphiphak, Laos’ Minister of Planning and Investment and Chairman of the Laos-Vietnam Cooperation Committee, who was in Vietnam for a working visit.
Prime Minister Chinh and Minister Phet Phomphiphak rejoiced at the strong and practical development of bilateral cooperation. Two-way trade in the first half of 2024 reached nearly USD 928 million, up 11.1% compared to the same period last year.
Vietnam remains the third largest foreign investor in Laos, with 255 projects totaling USD 5.5 billion in registered capital. Many of these projects are operating effectively, contributing positively to Laos’ socio-economic development, creating jobs and improving the income of thousands of Lao workers, as well as generating revenue for the Lao state budget.
Prime Minister Pham Minh Chinh and Laos’ Minister of Planning and Investment, Chairman of the Laos-Vietnam Cooperation Committee, Mr. Phet Phomphiphak – Photo: VGP/Nhat Bac
Minister Phet Phomphiphak affirmed that the Laos-Vietnam Cooperation Committee will continue to closely coordinate with relevant agencies of the two countries to implement the agreements reached by the high-level leaders, the Politburo, and the Governments of the two countries, so that the special solidarity relationship between Laos and Vietnam will become even more profound, practical, and effective, including in the areas mentioned by the Prime Minister.
This includes continuing to promote key investment cooperation projects, resolving any obstacles in some ongoing projects, and especially facilitating the implementation of important infrastructure connectivity projects that the two sides have agreed upon, such as the Hanoi-Vientiane Expressway and the Vientiane-Vung Ang Railway.
Hanoi-Vientiane Expressway: A $6.1 Billion Project
The Hanoi-Vientiane Expressway is a 688-kilometer-long route, with approximately 406 kilometers of new construction, including 345 kilometers in Laos and 61 kilometers in Vietnam, from the Thanh Thuy border gate to Vinh City in Nghe An province, connecting to the North-South Expressway in the east, which is currently under construction. The expressway will have four to six lanes and is expected to cost around $6.1 billion.
Hanoi-Vientiane Expressway. Illustration: AI ChatGPT
Upon completion, the expressway will provide a fast and convenient transportation link between Hanoi and Vientiane, reducing travel time and boosting economic, cultural, and social exchanges between the two countries.
Improved transportation infrastructure will lower freight costs, enhancing trade between Vietnam and Laos. Businesses will have more investment opportunities in both countries, fostering regional economic development.
Furthermore, the expressway will attract more tourists from both sides as travel becomes easier. Visitors will be able to explore a variety of destinations in Vietnam and Laos.
Local communities along the route will also benefit from improved access to services and job opportunities, thanks to increased traffic flow and economic development in the area.
Vientiane-Vung Ang Railway: A $6.3 Billion Project
The Vientiane-Vung Ang Railway has a total length of 554.7 kilometers, spanning the territories of Laos and Vietnam. The project has a design speed of 150 km/h, with an estimated investment of $6.3 billion, and will be implemented through a public-private partnership (PPP) model.
The railway will include eight stations (one main station and seven intermediate stations) and will utilize electric or diesel-powered trains. Notably, the Vung Ang-Tan Ap-Mu Gia section of the Vietnam-Laos railway is included in the railway network planning for the period of 2021-2030, with a vision towards 2050, which has been approved by the Vietnamese government, with a planned investment before 2030.
Vientiane-Vung Ang Railway. Illustration: AI ChatGPT
Once operational, the Vientiane-Vung Ang Railway will facilitate faster and more convenient cargo handling for trade between Vietnam and its neighboring countries. It will also connect Vientiane to the port of Vung Ang, with further links to the Laos-China railway, targeting markets in Northeast Thailand, China, South Korea, Japan, and even Europe.
Additionally, the project will enhance cargo transshipment capacity at Vung Ang port, promoting trade and regional and international connectivity. When completed, the project will also create favorable conditions for Vietnamese and Lao enterprises to cooperate and develop in various potential fields.
Local people are excited to travel on the Vientiane-Vung Ang Railway. Illustration: AI ChatGPT
The most extensive bribery case ever in Thanh Hoa: Numerous suspects prosecuted for “Giving and Receiving Bribes”
The Provincial Security Investigation Agency (PSIA) of Thanh Hoa province announced on January 31st that it has made the decision to initiate a prosecution against 23 individuals in connection with the offenses of “Accepting bribes” and “Giving bribes” as stipulated in Article 354(3) and Article 364(2) of the Criminal Code.
Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
“Prosecution of government officials, land registration officers, and tax department employees in the largest bribery case ever”
The Thanh Hoa Police Investigative Agency has initiated legal proceedings against 23 individuals involved in the crimes of “Bribery” and “Receiving bribes”. This is the largest bribery case in terms of the number of suspects ever discovered and apprehended by the Thanh Hoa Police.
Mobile World achieves revenue of VND118,000 trillion: TVs, tablets, and phones all decrease by 10% – 50%, while one product grows in both quantity and revenue.
Mobile World Investment Corporation (MWG) has recently announced its 2023 business results. According to the report, the company’s consolidated revenue reached over 118 trillion Vietnamese dong, equivalent to 89% of the revenue in 2022.
Vietnam’s Irresistible ‘Specialty’ That China Desperately Wants to Revive: Highly Popular from the US to Asia, Bringing in Millions of Dollars
Vietnam is one of the largest exporting countries in the world, along with China and the Philippines.
