VIENTIANE, June 3 (Bernama) -- Vietnam has become the leading foreign investor in Laos, taking over the top position from China and Thailand, according to a newsletter issued by the Lao Ministry of Planning and Investment's Investment Promotion Department.
Vietnamese firms invested in 252 projects in Laos in the decade between 2000 and 2010, worth a total of about US$2.77 billion and putting Vietnam ahead in the country's foreign investor rankings for the first time in a decade, Vietnam News Agency (VNA) quoted the newsletter as saying.
Chinese firms have invested in 397 projects worth about US$2.71 billion over the past decade, putting them in second place, while Thailand invested in 276 projects worth US$2.68 billion.
In recent years, Vietnamese firms have embarked on a number of mining and hydropower projects in Laos , causing investment by the country to increase rapidly.
Laos amended and promulgated its Law on Foreign Investment Promotion in early 2010 aiming to attract more foreign firms to non-resources sectors. The law offers a number of investment incentives including tax breaks and the right to own residential land in Laos .
The law also created a one-stop service for foreign firms seeking investment licences in Laos and accelerated the process of approval for investment proposals.
The surge in investment also followed an agreement between Laos and Vietnam to boost bilateral trade to US$1 billion by 2010, US$2 billion by 2015, and US$5 billion by 2020.
-- BERNAMA
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment