Lao Cai (VNA) – Business associations of the northern border province of Lao Cai and Chinese province Yunnan signed a framework agreement for the development of their friendly relations at a virtual conference on May 28.

Accordingly, they sealed six deals, focusing on the establishment of an information exchange mechanism and the organisation of exchanges within five years (May 2020 – May 2025) in a friendly and equal manner.

The two associations also agreed to assign their respective units to be in charge of contacting and supporting enterprises from the sides in implementing investment cooperation.

At the event, Director of the Lao Cai Department of Industry and Trade Hoang Chi Hien said in the first five months of 2021, trade between the two localities remained stable and even grew significantly from the same time last year despite COVID-19.

He attributed the outcome to efforts made by their business communities, authorities, and competent agencies.

Wang Xiaohua, Deputy Director of the Yunnan Trade Department, stressed Lao Cai and Yunnan have set up a diverse and multifaceted collaboration mechanism over the years to lift their ties to new heights.

The official called for investment and expansion of the sides’ logistics infrastructure to create a more favourable environment for their economic and commercial engagements./.