Mekong meeting holds possibilities

Vietnam will likely advance a list of more than 20 co-operation projects in many sectors Photo: Le Toan

According to Vietnam’s Ministry of Foreign Affairs, at the invitation of Cambodia’s Prime Minister Hun Sen, Prime Minister Nguyen Xuan Phuc will come to Phnom Penh to attend the second Lancang-Mekong Cooperation (LMC) Summit on January 10.

LMC is a relatively new mechanism that brings together leaders of China, Cambodia, Laos, Myanmar, Thailand, and Vietnam – the countries that the Mekong River passes through.

At the summit, Phuc will highlight Vietnam’s priorities and orientations in LMC co-operation, further affirming the role and responsibility of the country in boosting the Mekong region’s co-operation, and also contributing to shaping LMC’s co-operation in the time to come.

Vietnam will also likely advance a list of more than 20 co-operation projects in many sectors, such as railway, risk insurance, coping with natural calamities, tourism, trade, and environment.

These projects, if approved by LMC, will get non-refundable loans from LMC’s fund which is worth more than $300 million. They will contribute to the socio-economic development of not only Vietnam, but also other regional nations.

In its operational plan, LMC will focus its co-operation on large-scale projects regarding infrastructure in the 2019-2020 period.

At present, Vietnam already has four projects benefiting from non-refundable loans of the fund, focusing in areas such as building the capacity to cope with droughts and flooding; harmonising waterway regulations; and constructing a goods centre for the regional nations.

On the sidelines of the summit, Phuc will likely have meetings with the leaders of China, Cambodia, Laos, Myanmar, and Thailand.

It is expected that the summit will see the adoption of two key documents, including the Phnom Penh Declaration, and the LMC Five-Year Cooperation Plan.

LMC was launched in 2015, with the first leaders’ meeting taking place in March 2016 in the Chinese province of Hainan. Lancang is the Chinese name for the upper reaches of the Mekong River.

LMC is based on three pillars: political and security issues, economic and sustainable development, and socio-cultural issues. There are also five key priority areas: connectivity, production capacity, cross-border economic co-operation, water management resources, and agriculture and poverty reduction.

LMC’s overarching goal is to boost comprehensive co-operation in order to build a responsible community with mutual interest in the region. Its other objectives are to further strengthen trust and mutual understanding, maintain peace and stability; boost sustainable development, reduce poverty, narrow development gaps, and further integrate into the regional and global economy.

It also aims to further consolidate friendship and fine neighbourliness among regional nations.