5 key areas of connection

On the morning of October 10, in Vientiane, Laos, within the framework of the 44th and 45th ASEAN Summits, Prime Minister Pham Minh Chinh attended a special exchange with Lao Prime Minister Sonexay Siphandone, Cambodian Prime Minister Hun Manet and the ASEAN Business Advisory Council (ASEAN BAC).

This meeting is an opportunity for the three countries to discuss strategies to strengthen economic and trade relations, while promoting comprehensive development in the region.

In his speech at the event, Prime Minister Pham Minh Chinh affirmed the close relationship between the three countries, not only geographically but also historically and culturally. He stressed that this traditional cooperation is an important foundation for the three countries to develop their socio-economics and build a more sustainable relationship.

In particular, in the economic field, the Prime Minister mentioned the need to enhance economic connectivity between Vietnam, Laos and Cambodia to match the potential of the political and diplomatic relationship.

The meeting focused on promoting infrastructure and transport connectivity projects to facilitate trade and investment between the three countries. Prime Minister Pham Minh Chinh highlighted five key areas of connectivity that Vietnam, Laos and Cambodia need to strengthen: institution building, transport infrastructure, trade, energy and enterprises. The goal is to form a regional production and supply chain, thereby helping the three countries become more economically sustainable and resilient to global economic shocks.

Many new areas of cooperation, such as infrastructure and transport links, will facilitate trade and investment between the three countries (Photo: Nhat Bac)

ASEAN BAC also presented initiatives to enhance cooperation in 2024, including projects to support micro, small and medium enterprises (MSMEs), promote digital transformation and sustainable development. This will help improve the business environment and encourage stronger participation of the private sector in development initiatives in the ASEAN region. The Council also committed to promoting the development of modern and smart logistics infrastructure to improve the supply chain in the region.

Many new areas of cooperation for the three countries

At the event, Chairman of ASEAN BAC Vietnam and Vice Chairman of VCCI Nguyen Quang Vinh delivered a speech, expressing his agreement with the orientations and directions of the Prime Ministers of the three countries on strengthening economic development cooperation.

Mr. Vinh emphasized that areas such as food security, digital transformation, infrastructure connectivity, development of industrial parks and key economic zones are important factors to promote the development of not only the three countries but also the entire ASEAN region.

Chairman of ASEAN BAC Vietnam, Vice Chairman of VCCI Nguyen Quang Vinh (far right) attended the event with Prime Minister Pham Minh Chinh (Photo: VCCI)

Mr. Vinh also highlighted one of the important initiatives of ASEAN BAC in 2024, which is the Vinh Phuc ICD - Viet Nam Superport Logistics Heritage project, a modern international logistics center. This project plays an important role in connecting the supply chain throughout the ASEAN region, helping to improve logistics infrastructure and enhance the region's competitiveness.

In addition, ASEAN BAC is committed to implementing activities under the direction of the Prime Ministers to improve the business environment and facilitate small and medium enterprises (SMEs). Mr. Vinh emphasized that this cooperation not only helps strengthen economic connectivity among the three countries but also helps connect businesses and people in the region, towards the goal of sustainable and inclusive development. This will be the guiding principle for all activities of ASEAN BAC in the coming time.

Speaking before the Prime Ministers of Vietnam, Laos and Cambodia, Mr. Vinh thanked the leaders for their special attention to the business community and ASEAN BAC of the three countries. He also expressed his hope that ASEAN BAC will continue to receive support and guidance from the Prime Ministers to realize the goal of strengthening economic cooperation and enhancing the strategic partnership between the three countries.

This conference is a testament to the efforts of the three countries of Vietnam, Laos and Cambodia in promoting economic cooperation, building a more resilient and strongly connected ASEAN region. With the direction of the Prime Ministers and close coordination from ASEAN BAC, initiatives and projects have been launched to facilitate the sustainable development of the whole region, especially in the fields of infrastructure, trade and logistics.

Promoting economic connectivity among the three countries not only benefits businesses but also helps strengthen diplomatic and cultural relations, connecting the three countries in many aspects. This cooperation will continue to contribute positively to the common development of the ASEAN region, helping to elevate the relationship between Vietnam, Laos and Cambodia in the period of increasingly deep international integration.