(MPI) - The Senior Officials Meeting (SOM) on the Cambodia-Laos-Vietnam (CLV) Development Triangle Area was held in Attapeu province, Laos on February 29.

Deputy Minister of Planning and Investment Tran Quoc Phuong, Head of Vietnam’s SOM for the CLV Development Triangle speaks at the meeting. Photo: MPI

Deputy Minister of Planning and Investment Tran Quoc Phuong, Head of Vietnam’s SOM for the CLV Development Triangle, said that over the past 25 years, the three countries have collaborated on numerous joint cooperation programmes and activities. These efforts have significantly contributed to the economic development of the localities within the development triangle, achieving notable growth by leveraging potential advantages and correctly steering economic restructuring. Investment cooperation among the three nations continues to be sustained.

In terms of investment, within the CLV Development Triangle area in Laos and Cambodia, Vietnam currently boasts 110 projects with a total registered investment capital of 3.76 billion USD. This represents 24.2% in number of projects and 44.3% of in value in Laos and Cambodia. Vietnam has invested in 65 projects in Laos with more than 2 billion USD and 45 projects in Cambodia with 1.67 billion USD.

Significant investments include the Xecaman1 and Xecaman3 hydropower projects, the gold mining project by Long Thanh Investment Business JSC, and the Agricultural Processing Complex project by Thaco Group, among others.

Trade scale between Vietnam and Laos has also been continuously expanding, increasing from over 823 million USD in 2016 to 1.63 billion USD in 2023, doubling 2.1 times. Meanwhile, the trade volume between Vietnam and Cambodia has almost tripled, from over 2.9 billion USD in 2016 to 8.56 billion USD in 2023.

Photo: MPI

Deputy Minister Phuong expressed his belief that with the population sizes of 7.4 million in Laos and 16.6 million in Cambodia, these trade cooperation achievements are highly significant. Border trade cooperation between Vietnam and the two countries has actively developed, contributing to economic growth, improving social life, and creating employment opportunities for border residents.

Cooperation in various fields such as diplomacy, security, transportation, agriculture, health and tourism has been actively and effectively deployed by ministries, sectors, and localities on both sides. The CLV Development Triangle Area’s multilingual website, available in Cambodian, Laotian, Vietnamese, and English, has initially played an essential role as a vital source of information and documentation about the area, updating projects and activities within the region.

To further promote the implementation and development of cooperation plans for the CLV Development Triangle Area in the coming years, it requires the three countries to unite their efforts, enhance coordination, and introduce more comprehensive solutions to achieve breakthroughs in the implementation of cooperation agreements within the area. At the meeting, the SOM leaders of the CLV Development Triangle affirmed the spirit of friendship and solidarity, tight cooperation, and unity, emphasizing the need for concerted efforts, enhanced coordination, and comprehensive solutions to achieve breakthroughs in the cooperation of the CLV Development Triangle Area./.

Bao Linh

Ministry of Planning and Investment