Vietnam, Laos seek to boost trade by 10-15 percent

09:10 | 04/11/2019 Vietnam - Asean

(VEN) - Lao Prime Minister Thongloun Sisoulith’s official visit to Vietnam from October 1-3 created a new impetus for the bilateral friendship, solidarity and cooperation.

vietnam laos seek to boost trade by 10 15 percent
Prime Minister Nguyen Xuan Phuc talks with his Lao counterpart Thongloun Sisoulith

Prime Minister Nguyen Xuan Phuc said the visit boosted the special relationship between Laos and Vietnam. The two leaders had a very successful talk, agreeing to implement measures to ensure the progress and quality of Vietnam’s investment projects in Laos.

The two countries will continue sharing experiences in restructuring commercial banks, developing foreign exchange management regulations, and training bank staff.

The two sides agreed to connect their infrastructure economies, such as traffic routes along the East-West Economic Corridor, contributing to bilateral cooperation development. They will also hold a meeting soon to review and expand the one-stop inspections at different border crossings.

In recent years, apart from achievements related to political, security, defense, social, education and training cooperation, Vietnam and Laos have achieved great progress in investment and trade cooperation, which is a bright spot in the special bilateral relationship.

Vietnam continues to be the third largest foreign investor in Laos. According to data from the Ministry of Planning and Investment of Laos, as of June 2019, Vietnamese enterprises had 411 projects totaling US$4.22 billion in registered capital in Laos, mostly in the fields of hydropower, mining, services, agriculture and telecommunications.

Bilateral trade reached US$748 million in the first eight months of 2019 (up 14.2 percent from the same period in 2018), including US$405 million (up almost 18.8 percent) in Vietnam’s exports and Lao exports worth nearly US$260 million (up 5.2 percent).

Lao Prime Minister Thongloun Sisoulith said that although bilateral trade remains incommensurate with the potential, the two countries would try to increase it 10-15 percent annually. He believes that cooperative documents, especially recently signed energy cooperation agreements, will contribute to increasing bilateral trade significantly.

During Lao Prime Minister Thongloun Sisoulith’s recent visit to Vietnam, Vietnam and Laos signed eight cooperation

documents in the fields of economic development, investment, education, finance, banking, energy and aviation.

Nguyen Huong