Following a meeting of high-ranking officials last weekend in Kratie province, Cambodia, Laos, and Vietnam (CLV) have agreed on nearly two-thirds of an action plan to promote economic connectivity in the area.
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The 12th meeting of the Joint Coordination Committee on Cambodia-Laos-Vietnam Development Triangle Area (CLV DTA JCC) took place over the weekend in the riverine city.
Sok Sopheak, secretary of state at the Ministry of Commerce, presented the results of the meeting yesterday, explaining that significant progress was achieved on the action plan up to 2030 for economic connectivity in CLV DTA.
“The three countries’ working groups will continue discussions to finalise the draft action plan on CLV’s economic connectivity, which will be approved and signed in the presence of the prime ministers of the three countries,” he said.
“The Cambodian side still needs some more time to ensure the effective implementation of the agreement on trade promotion and facilitation in the CLV DTA,” he added.
The Cambodia-Laos-Vietnam Development Triangle Area was established in 1999 and initially included Kon Tum, Gia Lai, Dak Lak, and Dak Nong provinces in Vietnam, Sekong, Attapeu and Saravan provinces in Laos, and Stung Treng, Ratanakkiri, and Mondulkiri provinces in Cambodia.
In 2009, the three countries agreed to add Vietnam’s Binh Phuoc province, Cambodia’s Kratie province, and Laos’ Champasak province to the area.
Cooperation in CLV DTA focuses on the fields of security, external affairs, transport, industry, agriculture, trade, investment, and environmental protection.
By 2018, Vietnam had invested in 39 projects in Kratie, worth a combined $983 million, Commerce Minister Pan Sorasak said. He added that the biggest projects were in agriculture and agro-industry.
The minister pointed out that Cambodia and Vietnam signed a double taxation avoidance (DTA) agreement last year to facilitate investments. “Therefore, I would like to ask Laos to also consider starting negotiations for a similar agreement with Cambodia to promote investment between the two countries,” he said.
Mr Sorasak said that to promote trade with Asean member states, as well as within CLV DTA, the ministry is allowing border provinces to issue the D form needed to obtain certificates of origin.
Nine provinces are currently able to issue their own D forms, including Kratie, Stung Treng, Ratanakkiri and Mondulkiri, which are part of CLV DTA.
“This new process will benefit export companies that have offices in the provinces. The purpose of this scheme is to save exporters time and money,” he added.