Vietnam-Laos Trade Aims For Stable And Sustainable Development
|Image of Vietnam's first batch of electric vehicles exported to Laos through Lao Bao International Border Gate in Quang Tri province.
At the invitation of Prime Minister Pham Minh Chinh, from January 6-7, 2024, Lao Prime Minister Sonexay Siphandone and his wife paid an official visit to Vietnam, co-chairing the 46th Meeting of the Vietnam-Laos Intergovernmental Committee.
This is Prime Minister Sonexay Siphandone's first visit to Vietnam since taking office and the first foreign senior leader to visit Vietnam in the new year 2024.
The official visit to Vietnam by Prime Minister Sonexay Siphandone and his wife took place in the context that relations between the two countries continue to develop well. Political relations have been consolidated and trust has increased, playing a core role in the relationship between the two countries.
Sharing the meaning and importance of the visit to the relationship between the two countries, as well as the prospects for cooperation, Nguyen Ba Hung, Vietnamese ambassador to Laos said that this is an opportunity for the two sides to discuss the situation of each country, international and regional situations of mutual concern.
This is an opportunity for the two countries to review and evaluate the results of high-level agreements and cooperation agreements between the two Governments reached at the 45th meeting of the Vietnam-Laos Intergovernmental Committee taking place on January 2023.
This is also an opportunity for leaders of the two sides to discuss directions and breakthrough measures to continue making the cooperative relationship more effective and substantive in 2024.
Currently, the special friendship and comprehensive cooperation between Laos and Vietnam is increasingly being consolidated, achieving practical results.
Accordingly, from 2018 to 2021, the total bilateral import-export turnover of goods between Vietnam and Laos reached US$4.5 billion.
Of which, export turnover from Laos to Vietnam reached US$2.1 billion and export turnover from Vietnam to Laos reached US$2.4 billion. The average bilateral trade turnover reaches US$1 billion/year, growing more than 10%/year.
In 2023, trade cooperation continued to be a bright spot in the cooperative relationship between the two countries. In the first 10 months of 2023, two-way trade turnover reached more than US$1.3 billion, of which Vietnam's exports to Laos reached US$441.9 million and imports from Laos reached US$888.4 million.
Regarding investment, Vietnam currently has 241 investment projects in Laos with a total registered capital of US$5.47 billion, continuing to maintain the 3rd position among countries/territories investing in Laos.
As of August 2023, there are seven new projects and two adjusted projects with a total registered capital of more than US$114 million (up 71.7% over the same period in 2022).
In recent years, incentives from the bilateral trade agreement and the Vietnam-Laos Border Trade Agreement contributed to promoting trade in goods and services between the two sides.
As a commercial bridge, the Vietnam Trade Office in Laos regularly worked with Lao specialized units at the central and local levels to connect, introduce, promote national brands and Vietnamese goods.
The Office updated policies, business environment in Vietnam, import and export regulations, market information, and information about Vietnamese businesses to Lao partners.
|VietLao Expo 2022 is the largest trade promotion event organized annually by the Ministries of Industry and Trade of the two countries in the capital Vientiane, Laos. Photo: MOIT
In particular, the Trade Office coordinated with Lao agencies and businesses of the two countries to organize many trade promotion programs in Lao localities, such as VietLao Expo 2022.
The event was held in August 2022 in the capital Vientiane, attracting the participation of 120 businesses from both countries with 250 booths.
The Trade Office coordinated to organize trade promotion delegations in the Northern and Southern provinces of Laos in the context of Laos opening the first high-speed railway line to transport people and goods.
Close coordination between ministries, branches and localities, especially the connection between the Ministry of Industry and Trade of Vietnam and the Ministry of Industry and Commerce of Laos along with the efforts of the two countries' business communities contributed to trade relations between the two sides.
This growth not only created an economic space with closer and more effective cohesion, but is also an opportunity to promote exchanges between the two cultures, firmly consolidating the special relationship between Vietnam and Laos.
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