Business

Ample room remains for Vietnam-Laos trade ties

Despite impacts caused by COVID-19 pandemic and natural disasters in two years, two-way trade between Vietnam and Laos has regained its growth momentum, with the visit of Prime Minister Pham Minh Chinh and the 45th meeting of the Vietnam-Laos Inter-Governmental Committee expected to help promote sustainable development of bilateral ties.
Ample room remains for Vietnam-Laos trade ties ảnh 1Vietnam-Laos trade value jumps from some 1 billion USD in 2020 to 1.37 billion USD in 2021 and 1.63 billion USD last year. (Photo: VNA)
Hanoi (VNA) – Despite impacts caused by COVID-19 pandemic andnatural disasters in two years, two-way trade between Vietnam and Laos has regained its growthmomentum, with the visit of Prime Minister Pham Minh Chinh and the 45th meeting of the Vietnam-Laos Inter-Governmental Committee expected to help promote sustainable development of bilateral ties.

Statistics show that the trade value jumped fromsome 1 billion USD in 2020 to 1.37 billion USD in 2021 and 1.63 billion USDlast year, making it a bright spot in the bilateral relations.  

Vietnam’s export to Laos increasedfrom 571.7 million USD in 2020 to 594.7 million USD in 2021. Its major exportitems included steel, means of transport and accessories, machine, plasticproducts and vegetables.

Vietnamese Minister of Industry and Trade NguyenHong Dien said the two industry and trade ministries have worked together to maintainthe annual growth at at least 10% as set by high-ranking leaders since 2012.

The two sides have also closely coordinated in buildinga complete, comprehensive trade framework and offered special incentives toeach other through the Vietnam-Laos Trade Agreement and the Vietnam-Laos BorderTrade Agreement in 2015.

In energy, the two Governments signed a memorandumof understanding on cooperation in developing hydropower projects in Laos,connecting the electricity systems and power trading between the two countries.

Given impacts by complex, unexpected developments ofthe regional and global economy, Dien suggested the industry, energy and miningsectors of Vietnam and Laos tighten their connectivity and further support eachother to sail through the difficulties and develop sustainably.

Pointing to limitations in the two-way trade,experts said investment attraction policies in production, manufacturing, infrastructure,transport, and logistics at border gate are not effective.
Ample room remains for Vietnam-Laos trade ties ảnh 2Illustrative image (Source: VNA)
Other problems lie with infrastructure, especiallyroutes leading to border gates and connecting districts, which has failed tosatisfy the demand for good exchanges in border areas.

The MoIT’s Asia-Africa Market Department noted thatwith the current growth pace, trade between Vietnam and Laos is expected to hit2 billion USD soon.

The department suggested Vietnamese firms invest in building their own brands, fully understand rules set in tradeagreements and utilise trade promotion programmes to seek partners.

Lao Minister of Industry and Trade Malaythong Kommasith also held that the trade cooperation hasyet to match the potential of both nations as well as their political ties.

The two ministries have agreed to activelycoordinate in implementing measures to boost the trade ties, soon conclude thenegotiations and signing of a memorandum of understanding on border tradeinfrastructure development and connectivity, and complete adjustments to thebilateral trade agreement to facilitate operations of Vietnamese and Lao businesses./.
VNA
#Vietnam #Laos #two-way trade #Vietnam-Laos Inter-Governmental Committee #Prime Minister Pham Minh Chinh #VietnamPlus #Vietnam news Laos
Follow VietnamPlus

Related News

Prime Minister leaves Hanoi for official visit to Laos

Prime Minister leaves Hanoi for official visit to Laos

Prime Minister Pham Minh Chinh left Hanoi on January 11 morning for a two-day official visit to Laos at the invitation of Lao PM Sonexay Siphandone, during which he will co-chair the 45th meeting of the Vietnam-Laos Inter-Governmental Committee.
Prime Minister starts official visit to Laos

Prime Minister starts official visit to Laos

Prime Minister Pham Minh Chinh arrived in Vientiane on January 11 morning, beginning his two-day official visit to Laos at the invitation of his Lao counterpart Sonexay Siphandone, during which he will co-chair the 45th meeting of the Vietnam-Laos Inter-Governmental Committee.

See more

Prime Minister Pham Minh Chinh chairs the third meeting of the steering committee for national key railway projects. (Photo: VNA)

PM urges swift, accountable implementation of key railway projects

As head of the steering committee, PM Chinh reiterated the strategic direction outlined in the 13th National Party Congress, which emphasises the need to continue three strategic breakthroughs, with priority given to railway development and starting work on several sections of the North–South high-speed railway, improving transport connectivity with economic zones, industrial parks, seaports, and airports, and accelerating the pace of urban railway projects in Hanoi and Ho Chi Minh City.

Workers produce textile and garment for export. (Illustrative photo: VNA)

Israeli firms step up sourcing from Vietnam

The conflicts have caused serious disruptions to Israel’s external supply chains, leading to greater demand for a wide range of imported goods. As a result, Israeli enterprises are intensifying efforts to diversify sources of supply, including from Vietnam, to meet domestic consumption needs.

An overview of the seminar. (Photo: VNA)

Traceability emerges as a key to sustainable digital economy

Scandals involving counterfeit goods, unsafe food and substandard pharmaceuticals not only cause economic losses but also erode public trust. On a global scale, verification and traceability are among the top criteria that businesses must maintain to ensure credibility, enhance competitiveness and meet stringent international trade standards.

Vietnamese Ambassador to Japan Pham Quang Hieu speaks at the dialogue. (Photo: VNA)

Vietnam-Japan business dialogue boosts cooperation prospects

The dialogue offered Japanese businesses an opportunity to gain the most updated insights into Vietnam’s socio-economic landscape as well as its new policies, and to exchange views on potential future collaboration in various sectors.

By June 2025, total credit had reached over 17.2 quadrillion VND (658.43 billion USD), up 9.9% from end-2024 and 19.32% year-on-year—the highest growth rate since 2023 (Photo: VNA)

Central bank rolls out measures to support economic growth

By June 2025, Vietnam's total credit had reached over 17.2 quadrillion VND (658.43 billion USD), up 9.9% from end-2024 and 19.32% year-on-year—the highest growth rate since 2023—signalling strong recovery in manufacturing, agriculture, and supporting sectors.

UOB raises Vietnam’s GDP growth forecast to 6.9% for 2025 - Illustrative image (Photo: VNA)

UOB raises Vietnam’s GDP growth forecast to 6.9% for 2025

According to a report released by UOB's Global Economics & Market Research Unit released on July 8, Vietnam’s real GDP grew by a robust 7.96% year-on-year in the second quarter of 2025, significantly exceeding Bloomberg’s forecast of 6.85%, UOB’s projection of 6.1%, and the revised growth figure of 7.05% in the first quarter.

Vietnam Airlines JSC (HVN) receives approval from the State Securities Commission of Vietnam to issue 900 million shares at 10,000 VND apiece. (Photo: VNA)

Vietnam Airlines receives approval for major share issuance

The planned issuance is expected to raise roughly 9 trillion VND (equivalent to 344.53 million USD), providing the national carrier with additional capital to improve liquidity, reinforce its financial foundation, and advance its post-pandemic recovery and growth strategy.

Passengers board a Vietnam Airlines flight (Photo: VNA)

Vietnamese aviation industry takes off

According to the Civil Aviation Authority of Vietnam (CAAV), in the first half of 2025, Vietnam's aviation industry served 41.3 million passengers, representing a 10% increase compared to the same period in 2024. Notably, the international market accounted for 23 million passengers, up by 13%, while the domestic maintained a steady 7% growth with 18.4 million passengers.