At the working session (Photo: VNA) Hanoi (VNA) - Lao Minister of Industry and Commerce MalaithongKommasith on April 24 led a delegation to FSI Investment and Trading Technology DevelopmentJSC (FSI) to explore Make in Vietnam technology solutions thatcould support Laos' digital transformation in the logistics sector and,consequently, propel economic and trade cooperation between the two countries.
FSI General Director Doan Huy Thuan FSI presentedthe company's extensive ecosystem, encompassing over 50 products, saying thatFSI offers digital solutions for the logistics sector with outstandingadvantages.
Vietnam and Laos share a borderline of over 2,330km with a total of 33active border gates, including 9 international, 6 main and 18 auxiliary bordergates.
Border trade plays a crucial role in bilateraleconomic relations, accounting for up to 90% of the total trade value betweenthe two nations.
Despite this strong foundation, the overalltrade turnover between Vietnam and Laos currently represents only a smallfraction of their global trade activity. Laos' total import-export volume seesVietnam contributing just 10%, while Vietnam's global trade involvementreflects minimal engagement with Laos (0.2%).
One of the key constraints hindering expansionof bilateral trade is the high cost of logistics compared to competingcountries.
Under the bilateral trade agreement signed onApril 8, 2024, both countries agreed to adopt information technology in customsprocedures and statistics collection. This presents an effective solution to addressthe high logistics costs, potentially leading to shorter processing times,reduced business expenses, and increased transparency./.
