(MPI) - The 12th meeting of economic sub-committee on Cambodia-Laos-Vietnam Development Triangle Area took place in Attapeu, Laos on February 28. The meeting was part of the 13th Joint Coordination Committee Meeting of the Cambodia-Laos-Vietnam (CLV) Development Triangle Area, scheduled from February 26 to March 1, 2024, in Laos.

Deputy Head of the Foreign Economic Relations Department, Vietnamese Ministry of Planning and Investment, Head of Vietnam economic Sub-committee Duong Hung Cuong (center). Photo: MPI

Somboun Sihanath, Head of the Lao Economic Subcommittee and Chairman of the CLV Development Triangle Economic Subcommittee, stated that the conference provided an opportunity to exchange and discuss the achievements made, identify obstacles that need to be addressed, and determine directions for more effective cooperation. This is expected to promote socio-economic development, attract investments, and narrow the development gap between the three countries.

Duong Hung Cuong, Deputy Head of the Foreign Economic Relations Department, Vietnamese Ministry of Planning and Investment, Head of Vietnam economic Sub-committee, said that despite positive outcomes in economic, trade, investment, and tourism cooperation within the CLV Development Triangle, most programmes and projects remain bilateral cooperation, with a lack of successful trilateral projects.

Progress in trade, investment, and tourism cooperation among the three countries remains limited. Cooperation in developing a joint economic development plan for the CLV Development Triangle and mobilising resources to promote cooperation are also modest. Therefore, the CLV Development Triangle area needs to continue focusing on promoting more substantive and effective cooperation.

According to reports at the meeting, in terms of investment, both Laos and Cambodia are among Vietnam’s top foreign investment destinations. As of the end of July 2023, Vietnam had 206 projects in Cambodia with a total registered capital of 2.94 billion USD. Of these, 45 projects are in the Development Triangle area of Cambodia (the provinces of Rattanakiri, Stung Treng, Mondulkiri, Kratie) with total registered capital of 1.679 billion USD, accounting for 21.8% of the total number of projects and 57% of Vietnam’s investment in Cambodia.

Regarding investment in Laos, as of the end of July 2023, Vietnam had 241 effective investment projects in Laos worth 5.47 billion USD. Among these, 77 investment projects are in the Development Triangle area of Laos with a total Vietnamese investment capital of 2.052 billion USD, accounting for 31.9% in number and 37.5% in value./.

Bao Linh

Ministry of Planning and Investment