14:00 | 25/04/2015 Cooperation
(VEN) - Deputy Minister of Industry and Trade Nguyen Cam Tu and an accompanying delegation visited Vientiane and worked with Laos’ Ministry of Industry and Commerce and Ministry of Energy and Mines between April 2 and 4 in order to promote trade cooperation between the two sides, especially in preparation for the signing of the Vietnam-Laos Cross-border Trade Agreement.
Vietnamese Deputy Minister of Industry and Trade Nguyen Cam Tu (left) gives souvenirs on the occasion of the Lao New Year
In a meeting with Lao Vice-Minister of Industry and Commerce Khemmani Pholsena and Minister of Energy and Mines Xulivong Dalavong, Vietnamese Deputy Minister of Industry and Trade Nguyen Cam Tu offered his warmest wishes to all staff in these two sectors on the occasion of the Lao New Year. During their meeting, both sides also exchanged information about ongoing preparations for the signing of the Vietnam-Laos Cross-border Trade Agreement.
Cross-border trade between the two countries has seen many positive changes in recent years. The market has been expanded and has attracted the participation of numerous businesses. Meanwhile, two-way trade turnover has recorded strong growth. In addition, the two sides have focused on improving mechanisms and policies as well as administrative procedures in order to create a favorable environment for cross-border trade. This has included upgrading border-crossings and the commercial infrastructure as well as strengthening the fight against smuggling and trade fraud. According to statistics, two-way trade turnover between Vietnam and Laos in 2014 reached around US$1.4 billion, an increase of 24.5 percent compared to 2013.
Vietnam currently has 413 investment projects in Laos with a total registered capital of around US$5 billion. As such, Vietnam ranks third in terms of value among the countries and territories investing in Laos and first in terms of the number of investors.
Addressing a meeting on April 3, Deputy Minister of Industry and Trade Nguyen Cam Tu clarified issues in a draft agreement on trade between the two countries with representatives of Lao ministries, departments and agencies.
Vietnam-Laos trade has allowed border provinces to create cross-border economic zones that are dynamic and competitive in the market.
Vietnam and Laos signed a new bilateral trade agreement, creating more favorable conditions to reach a target of US$2 billion in two-way trade turnover in 2015.
The signing of a cross-border trade agreement on goods and services will be of great significance, helping to create a legal framework for cross-border trading activities. An agreement will also create a consensus in resolving some existing problems in cross-border trade between the two countries.
Leaders from the Lao Ministry of Industry and Commerce and Ministry of Energy and Mines as well as the Vietnamese Ministry of Industry and Trade agreed on the content and preparations for an exchange program between the three ministries and the signing ceremony of Vietnam-Laos Cross-border Trade Agreement which is expected to take place between June 26 and 29, 2015 in Nghe An Province.
By Quang Duong