VIENTIANE (Biz Hub) — Vietnamese businesses have performed well in Laos and contributed to local economic growth over the last five years despite the lingering impact of the global economic crisis, a report revealed.

Delivered at a congress of the Viet Nam Business Association in Vientiane, Laos late last week, Laos Deputy Prime Minister Somsavad Lengsavath, who chairs the Laos – Viet Nam co-operation sub-committee, said the over 7 per cent economic growth by the country in recent years was largely a result of contributions by Vietnamese enterprises.

He thanked the Vietnamese government and companies for supporting Laos, adding that Vietnamese firms have also helped reinforce the special solidarity between the two countries.

The official asked the association to continue acting as a bridge tightening the partnership between the two business circles and boosting their competitiveness.

At the congress, which was attended by almost 100 representatives of Vietnamese companies doing business in Laos, Vietnamese Deputy Foreign Minister Vu Hong Nam, chairman of the State Commission on Overseas Vietnamese Affairs, and Vietnamese Ambassador to Laos Nguyen Manh Hung said that they hoped the association would improve its performance in the 2016-2020 period to expand the development of Laos-based companies, thus helping with the intensification of the countries' special solidarity and all-faceted co-operation. — VNS