(MPI Portal) - In the framework of the Joint Coordination Committee Meeting on Cambodia – Lao – Vietnam (CLV) Development Triangle Area, on December 05th 2012, in Kon Tum, the Ministry of Planning and Investment in coordination with Kon Tum provincial People's Committee held Investment, Trade and Tourism Promotion Conference 7th in CLV Development Triangle Area.
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At the Conference. Photo: Thanh Son (MPI Portal)
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The delegates attending the Conference included Mr. Youn heng, Assistant of Prime Minister, General Director of Department of Project Priority and Evaluation, Development Council of the Kingdom of Cambodia; Mr. Somchit Inthamith, Deputy Minister of Planning and Investment from Laos; Mr.Cao Viet Sinh, Permanent Deputy Minister of Planning and Investment of Vietnam; Mr.Pham Thanh Ha, Vice Chairman of the Provincial People's Committee of Kon Tum and representatives of the Ministries, the branches of the three countries, representatives of local governments in the CLV Development Triangle Area, the business community and investors.
The conference is an opportunity for the state management agencies at the central level, the relevant local authorities of Cambodia, Laos and Vietnam and the business community, investors to discuss, evaluate results on trade, investment and tourism, spontaneously, continue to propose solutions to the exploitation of resources, promote and attract investment, trade and tourism in CLV Development Triangle Area.
In recent years, the Ministries, branches and localities of the three countries cooperated to remove difficulties and facilitate the promotion of investment, trade and tourism at both the state agencies and the enterprise level, said Deputy Minister Cao Viet Sinh.
According to Vietnamese reports, in the CLV Development Triangle Area, Vietnam has 75 direct investment projects with total investment of US$ 3.1 billion, of which 25 projects in Cambodia, with a total investment of US$ 1.44 billion, 50 projects in Laos with a total investment of US$ 1.65 billion. However, the investment data among the three countries has a difference due to different statistic methods of registered capital.
Vietnam and Cambodia have signed the Protocol amending and supplementing the Agreement on Investment Promotion and Protection (June, 2012). It is expected that a similar Protocol would be signed between Vietnam and Laos.
The Conference agreed on a number of recommendations to the leaders of the three Governments related to attraction and effective exploitation of international resources and investment capital for development; implementation of the master plan in Development Triangle Area; completion of legal system and administrative procedures for investment and business; upgrading and improvement of infrastructure system, especially in the CLV Development Triangle Area; construction of coordination and cooperation mechanism between the central state management agencies and local authorities of the three countries./.
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Vietnam's investment in Cambodia: Currently, Vietnam has 120 investment projects in Cambodia with a total registered capital of US$ 2.64 billion, of which 25 investment projects are in the Development Triangle Area of Cambodia with a total registered capital of US$ 1.44 billion (accounting for 20.8% of total projects and 54.5% of total FDI from Vietnam to Cambodia): Stung Treng (US$ 860 million), Rattanakiri (US$ 327 million), Kratie (US$ 156 million) and Mondulkiri (US$99 million).
Vietnam’s investment in Laos: Vietnam has 222 investment projects in Laos, with total registered capital of about US$ 3.6 billion, of which 50 investment projects were invested in the Development Triangle Area of Laos with a total investment of US$ 1.65 billion (capturing 23% of total projects and 48% of total investment capital): Attapeu (US$ 922 million), Sekong (US$ 460 million), Champasak (US$ 270 million), Salavan (US$ 4 million).
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