Mutual support needed to help Vietnamese firms in Laos remove hurdles

Vietnamese businesses in Lao sat down together to discuss their operation during the COVID-19 pandemic at a talk in the capital Vientiane on July 12.

mutual support needed to help vietnamese firms in laos remove hurdles
Vietnamese Ambassador to Laos Nguyen Ba Hung speaks at the talk. (Photo: VNA)

A focus of attention at the event was the Lao Government’s financial and banking policies to support pandemic-hit enterprises and workers.

Speaking at the function, Vietnamese Ambassador to Laos Nguyen Ba Hung said the Lao Government has carried out drastic measures to prevent and control the pandemic and mitigate its influences on the local socio-economy.

Vietnamese businesses here have faced various difficulties, he said, adding that their operations were stalled with unstable human resources and material sources.

The number of Vietnamese projects in Laos remains at 413 with total value at 4.22 billion USD. 

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Hung recommended Vietnamese firms proactively seek ways to adapt to the new conditions and prepare for post-pandemic production and investment, suggesting they change management styles, apply new technologies, and seize opportunities from the host country’s major infrastructure projects, which are about to be completed.

Nguyen Van Binh, General Director of LaoVietBank and head of BIDV’s representative office in Laos, said Laos has issued various financial and banking policies and run a number of preferential loan packages to help enterprises during this difficult time.

Participating firms proposed the Lao Government allow entry of Vietnamese workers and clear hurdles to goods transport.

The talk was jointly held by the Vietnamese Embassy and the Vietnam Business Association for Cooperation and Investment in Laos (Viet-Lao BACI).

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