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
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