Development Triangle Area receives a boost

Vietnamese Minister of Planning and Investment Bui Quang Vinh said CLV cooperation will help speed up the implementation of prioritised projects and programmes in the region.

At the 7^th Development Triangle Area Summit in Vientiane, Laos, in March 2013, CLV leaders agreed to popularise the area's development potential and opportunity, mobilise official development assistance (ODA) for prioritised projects, and boost domestic and foreign investment in the region.

The fact is that people, development partners and private businesses know little about CLV cooperation compared with other cooperation initiatives such as ASEAN or the Greater Mekong Sub-region (GMS), said Vinh, adding it is essential to raise public awareness of the region's potential, opportunities and challenges.

In addition, he said it is necessary to consider institutional and policy making reforms to facilitate ODA and private investments in the three countries.

Tomoyuki Kimura, Asian Development Bank (ADB) Country Director for Vietnam, suggested the Development Triangle Area outline an overall vision for developing the region in a comprehensive and sustainable manner.

He said obstacles as well as priority areas should be clarified to support the drawing up of practical development plans.

He asked stakeholders to formulate an implementation roadmap and a consistent investment framework, identify priority areas, use resources effectively, and diversify investment sources.

Vietnamese Deputy Prime Minister Nguyen Xuan Phuc highlighted the region's underdevelopment, poor infrastructure, low living standards, and limited resources as the major obstacles to its development.

He said the implementation of the master plan on socio-economic development and preferential policies for the Development Triangle Area, has yet to meet the countries' expectations.

Phuc stressed the need to improve the region's poor transport infrastructure which is currently a huge hindrance to progress.

Priority should be given to building and upgrading infrastructure at border economic zones and border markets to facilitate the efficient transportation of goods, he said.

The Deputy PM reminded the CLV localities to pay more attention to agricultural development, poverty reduction and human resource training, while maintaining rapid and sustainable development in association with environmental protection and climate change adaptation.

Each locality needs to improve its competitiveness, investment attraction and administrative reform capacity, and to intensify border security measures to stabilise border areas and support development, he concluded.

(Source: VOV News)