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The collaboration aims to resolve any trade obstacles and barriers, and facilitate trade activities, especially in e-commerce, towards stepping up trade cooperation among the parties, Tan said.

Also, the official acknowledged the efforts of the four countries in promoting economic, trade, and investment activities over the past year, amidst ongoing regional and global economic difficulties and challenges. He hoped the efforts will continue to improve the cooperation in developing investment and business environment, develop transportation, energy, and telecommunications infrastructure in our nations.

At the 16th Cambodia, Laos, Myanmar and Vietnam Economic Ministers' Meeting (CLMV-EMM 16) in Vientiane, Laos on September 18, Vietnamese Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan suggested further strengthening co-operation among the four countries (Photo: VNA).

“We will also support each other to promote digitalization and human resource development, strengthen support measures for businesses, and further solidify each country's position in regional supply chains, thus maintaining the momentum of trade and investment growth in the future,” he said.

Regarding the CLMV Action Plan for 2023-24, Tan said he highly valued the proactive, flexible, and highly consensual coordination among the countries in implementing activities and projects.

He recommended Laos, in its role as ASEAN Chair in 2024, to strengthen its coordination with the ASEAN Secretariat to speed up the adoption of the CLMV Senior Economic Officials' Meeting (CLMV SEOM) Terms of Reference (TOR), with the hope that the approval could be completed before the 11th CLMV Summit slated for later this year. He also asked Cambodia, Laos, and Myanmar to create favorable conditions for Vietnamese investors to implement investment and business projects in the countries.

The CLMV EMM 16 demonstrates a commitment to continued cooperation in realizing the CLMV countries’ vision, aiming to transform the region into an upper middle-income area and an economic hub of ASEAN by 2045, VNS reported.

Amidst numerous challenges, the CLMV countries continue to maintain economic growth, with their trade value reaching US $767.7 billion in 2023, accounting for 21.6 % of ASEAN’s total trade value. Foreign direct investment in the countries increased by 5.4 % to US $26.4 billion in 2023 from US $25.1 billion in 2022.

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