(KPL) The Ministry of Planning and Investment of Laos and the Ministry of Planning and Investment of Vietnam held their annual meeting for 2025 in Vientiane.
The meeting was co-chaired by Laos' Minister of Planning and Investment Phet Phomphiphak and Vietnam's Minister of Planning and Investment Nguyen Chi Dung.
The meeting saw the presence of Prime Minister Sonexay Siphandone, Vietnam's Prime Minister Pham Minh Chinh, and representatives from government offices and business communities of both countries. 
Mr. Phet Phommiphak stated that the Lao PDR government prioritizes trade and investment as a key component of its national development strategy to promote economic growth, increase state revenue, and drive socioeconomic progress.
In the first 11 months of 2024, the bilateral trade volume between Laos and Vietnam reached USD 1.94 billion, a 32.8% increase compared to the same period in 2023. Of this, imports from Vietnam amounted to USD 641.8 million, up 32%, while exports to Vietnam totaled USD 1.3 billion, an increase of 26.2%.
Regarding investment, since opening to foreign investments, the Lao PDR has attracted significant interest from various countries. Among them, Vietnam ranks third largest investor, with 417 projects approved, valued at over USD 4.9 billion. 
Vietnamese investments in Laos are estimated at USD 4.6 billion. The majority of these are concentrated in the mining sector (USD 1.04 billion), hydropower (USD 980 million), agriculture (USD 680 million), and service sector (USD 2 billion).
Vietnam is currently the third-largest investor among 53 countries operating in the Lao PDR. 
On this occasion, Prime Minister Sonexay Siphandone and his Vietnamese counterpart urged all sectors, including the business communities of Laos and Vietnam, to enhance cooperation to increase trade and investment, noting that doing so would reflect the close ties and strength of the special cooperation between the two Parties, two States, and peoples of Laos and Vietnam.
Additionally, investment licenses, concession agreements, and development project agreements were granted to 12 companies. The QR Code-based payment system for the Lao kip and Vietnamese dong was also launched. 
This system aims to reduce reliance on foreign currencies, facilitating transactions for the people and business sectors of both nations. It enables online payments using each country’s own currency, serving as a symbolic milestone of robust investment cooperation between Laos and Vietnam.