VIENTIANE — The Lao and Vietnamese governments must develop a favourable legal environment to speed up the execution of licensed projects, Prime Minister Nguyen Tan Dung said at a Viet Nam-Laos investment co-operation conference in Vientiane on Saturday.

The conference, which drew the participation of more than 300 businesses from the two countries, was co-chaired by Dung and his Lao counterpart Thongsing Thammavong.

Dung also proposed the two countries give orientations for areas of co-operation for localities and businesses.

At the conference, Lao leaders briefed the participants of their country's investment potential and discussed issues raised by Vietnamese investors.

Vietnamese businesses proposed the Lao Government develop policies to better train local workers and increase investment in building transport and power and communications infrastructure in regions where bilateral co-operation projects are being carried out.

They said they hoped the Lao Government would continue creating a transparent investment environment and reforming investment procedures to facilitate Vietnamese businesses' long-term investment in Laos.

Dung said both sides' localities needed to increase dialogue and information exchange as well as apply new appropriate forms of co-operation to promote their advantages and potential, he said.

The PM also urged businesses and investors to accelerate the progress of projects, raising efficiency in co-operation.

"The Vietnamese Government highly values Laos' s policy of promoting special friendship with Viet Nam as well as its efforts to facilitate Vietnamese investors' operations in Laos," Dung stressed.

Lao PM Thongsing Thammavong affirmed that Viet Nam's investment projects in Laos contributed to Laos' socio-economic development, adding that Viet Nam was an exemplary foreign investor in Laos.

While affirming the Lao Government always encouraged and created conditions for Vietnamese investors in Laos, he called on Vietnamese firms to continue investing in Laos on a larger scale.

At the event, the two PMs witnessed the signing of a number of important projects, including the construction of a hydro-electric power plant by the Hoang Anh-Gia Lai Group, the Petrolimex Laos, the five-star Vientiane Complex and co-operation agreements on construction and development of a new airport in Houa Phan province and several hydro-electricity plants.

Also on the same day, the two PMs attended a ground-breaking ceremony for the US$70 million Vientiane hotel and apartment complex.

Viet Nam is among the leading foreign investors in Laos with 203 projects worth $3.3 billion. In the first eight months of this year, the total registered capital of Vietnamese firms in Laos reached $469 million.

Viet Nam's projects focus on the services sector with total investment of $1.07 billion, electricity with $867 million, and agriculture with $791 million. — VNS