Minister of Industry and Trade Nguyen Hong Dien (Photo: VNA) The meeting took place in Phnom Penh, Cambodia on thesidelines of the 54th ASEAN Economic Ministers’ Meeting (AEM-54).
Dien appreciated growth in bilateral trade ties, with two-waytrade surging by 27% year-on-year to nearly 1.1 billion USD in the first eightmonths of 2022.
However, the figure is not commensurate with the two sides’ specialfriendship and comprehensive solidarity as well as their potential, he noted.
To fully tap the potential, the Vietnamese minister proposedhis Lao counterpart encourage the two countries’ businesses to cooperate andinvest in the fields that can serve their production and export.
Vietnam will increase the import of electricity from Laos andsupport the country overcome economic difficulties, Dien affirmed, suggestingthe Lao ministry coordinate closely with the Vietnamese side to soon completenegotiations towards the signing of bilateral cooperation documents such as theamended trade agreement, and a memorandum of understanding on border tradeinfrastructure connectivity and development between the two nations.
Malaythong Kommasith thanked the Vietnamese ministry forsupporting Laos' imported petroleum transit through Vietnam. In this regard,the two ministers agreed that it is necessary to have more specific plans inthe medium and long terms to ensure a sustainable and stable supply of thisfuel, including the development of transport connectivity between the twocountries.
They also agreed to encourage and create favourable conditions for businesses’cooperation to maximise their potential and make better use of investmentopportunities./.
VNA
