According to Ambassador Nguyen Ba Hung, economic cooperation has become a long-term foundation in the relationship between the two countries and is on the way to more effective development. Vietnam has always been in the Top 3 largest trade partners of Laos for many years, the cumulative two-way trade turnover between Vietnam and Laos by the end of June 2024 reached 928 million USD, an increase of 11%. Of this, Vietnam's exports to Laos reached 289 million USD, an increase of 7.4% and imports from Laos reached 639 million USD, an increase of 12.8%.
“Regarding investment cooperation, Vietnam is the third largest foreign investor in Laos after China and Thailand. Vietnamese enterprises have invested in Laos in over 245 operating projects with a total committed capital of over 5.47 billion USD. Many investment projects of Vietnamese enterprises in Laos are operating effectively, contributing positively to socio-economic development, creating jobs and increasing income for thousands of workers, and supplementing the budget revenue for Laos, ” said Ambassador Nguyen Ba Hung.
Sharing more, Mr. Vu Ba Phu - Director of the Trade Promotion Department ( Ministry of Industry and Trade ) said that with preferential policies, it has created a large space for economic and trade development between the two countries. In particular, in recent times, taking advantage of incentives from the ASEAN Trade in Goods Agreement, the Vietnam - Laos Bilateral Trade Agreement, and the Vietnam - Laos Border Trade Agreement has contributed to promoting trade in goods and services between the two countries.
According to Mr. Vu Ba Phu, in the current period of deep international integration, the relationship in the fields of industry, trade and investment between the two countries is extremely important and needs to be promoted. In order to promote development cooperation, the two governments assigned the Ministry of Industry and Trade of Vietnam and the Ministry of Industry and Trade of Laos to promote and upgrade signed trade agreements, develop transport infrastructure, trade infrastructure, etc. to create maximum convenience for import and export enterprises of the two countries.
Accordingly, the organization of the annual Vietnam - Laos Trade Fair since 2007 has not only played the role of an effective bridge for businesses and investors of Vietnam and Laos to meet and exchange experiences, transfer technology, cooperate in investment, and form joint ventures, but the Fair is also a meaningful political and socio-economic event that contributes to strengthening the special traditional friendship between the Party, Government and people of Vietnam and Laos.
Source: https://congthuong.vn/hoi-cho-thuong-mai-viet-lao-hanh-trinh-hon-1-thap-ky-that-chat-quan-he-thuong-mai-hai-nuoc-335810.html
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