Strengthening the connection of the three economies of Cambodia - Laos - Vietnam

Overview of the meeting. Photo: Minh Trang (MPI)

At the 8th CLV Development Triangle Area Summit held on November 25, 2014, in Vientine Capital (Laos) agreed on upgrading and expanding the regional cooperation framework and assigned the Joint Coordination Committee to develop a project to connect the three CLV economies. Then, at the Minutes of the 10th Meeting of the CLV Development Triangle Regional Cooperation Coordination Committee in 2015, the Minister of Planning and Investment of Vietnam committed to coordinate with the two countries to develop an Action Plan to connect the three CLV economies.

Accordingly, Vietnam's Ministry of Planning and Investment has actively coordinated with the focal agencies of the Lao Ministry of Foreign Affairs, the Cambodian Ministry of Trade, as well as ministries and local branches of the three countries to jointly organize surveys, research, and develop an Action Plan to connect the three CLV economies by 2030. This action plan was presented at the 9th CLV Development Triangle Area Summit in Cambodia on June 11, 2020. November 23, 2016. The Prime Ministers of the three countries agreed to assign the Joint Coordination Committee of the CLV Development Triangle Area and relevant ministries and branches of the three countries to complete the Action Plan and submit it to the 11th Joint Coordination Committee Conference for consideration and approval by the end of 2017.

The implementation of this Action Plan is important, helping the three economies improve their competitiveness, ability to attract foreign investment, and shorten the development gap with ASEAN members. At the same time, it helps the three countries accelerate the progress of economic connection within the framework of the ASEAN Economic Community and integrate into the regional and world economy with high efficiency.

Draft Action Plan connecting the three CLV economies to 2030 to create favorable infrastructure conditions; Institutional openness; Understanding the culture and people between the three countries. Accordingly, increase investment in developing transport infrastructure, energy, communications..., ensuring modernity and synchronization of infrastructure within each country with connection infrastructure between countries; Remove barriers and procedures that hinder the circulation of goods and people; Strengthen exchanges and understanding between the people of the three countries. Through economic connection, it creates a driving force for socio-economic development in each country, and at the same time creates a basis for the three CLV countries to integrate into the ASEAN Economic Community and integrate regionally and internationally more deeply and effectively.

The conference received valuable contributions from experts from three countries: Cambodia, Laos, and Vietnam on cooperation content; Roadmap and directions, solutions connecting the three economies. As expected, the draft Action Plan connecting the three CLV economies will be approved by the end of this year./.