Director of the MPI’s Foreign Investment Agency Vu Van Chung speaks at the conference held in Attapeu province of Laos on February 27. (Photo: VNA)

The Vietnamese Ministry of Planning and Investment (MPI) revealed the data at the 13th conference on trade, investment, and tourism promotion for the Cambodia - Laos - Vietnam (CLV) Development Triangle held in Attapeu province of Laos on February 27.

The event draw officials of the three countries along with authorities and businesses of the 13 provinces in the CLV Development Triangle, namely Kon Tum, Gia Lai, Dak Lak, Dak Nong, and Binh Phuoc of Vietnam; Sekong, Attapeu, Salavan, and Champassak of Laos; and Stung Treng, Rattanakiri, Mondul Kiri, and Kratie of Cambodia.

Participants shared the view that over the past years, investment cooperation among CLV businesses in the Triangle has reaped certain results but yet to match the potential, strength, and strategic cooperation of their countries. Some potential fields haven’t been properly capitalised on such as agriculture, clean energy, mining, and tourism.

There remain certain barriers to investment in the Triangle such as limited infrastructure, a shortage of investment capital, unclear investment incentives, and complex administrative procedures on goods transportation, customs, and taxation, they pointed out.

Proposing some solutions to those shortcomings, Director of the MPI’s Foreign Investment Agency Vu Van Chung said the three countries need to devise specific investment incentives for disadvantaged socio-economic areas, and the provinces located in the Triangle should benefit from the best policies.

In common action plans for the Triangle, the countries should form large-scaled material zones to encourage investors to come to purchase materials, build production and processing facilities, and export products along the roads connecting the provinces with border gates and then Vietnam’s seaports, thereby helping secure sustainable development for the Triangle and the three countries as a whole, he noted.

The official also recommended CLV state agencies accelerate the implementation of cooperation agreements to facilitate investment and business activities; soon draft new deals necessary for labour, investment, business partnerships; upgrade and complete infrastructure, especially transport, electricity, water, and irrigation facilities; and simplify customs procedures for sending manpower, goods, equipment, and vehicles via border gates.

The 110 projects of Vietnam and their registered value of over 3.7 billion USD in the Lao and Cambodian provinces in the Triangle account for more than 24% and 44% of Vietnam’s total projects and investment value in the other two countries, respectively. They consist of 65 projects worth over 2 billion USD in Laos and 45 projects worth nearly 1.7 billion USD in Cambodia, according to the MPI.

It noted that the Vietnamese projects concentrate on industrial tree cultivation, construction, mining, and hydropower. Many of them have helped with local development via their contributions to budget collection, job collection, infrastructure improvement, and social security.

Meanwhile, the five Vietnamese provinces in the Triangle have attracted 521 foreign direct investment projects worth over 6 billion USD from 30 countries and territories, including two projects of Cambodia.

The provinces have invested in 48 projects worth 1.91 billion USD in Laos and Cambodia, including 41 projects worth 1.65 billion USD in the Triangle, the MPI added./.