Vietnam has agreed with Laos and Cambodia to promote two way trade in 2011 and in the following years.
The agreement with Laos was signed on October 29 by Minister of Trade and Industry Vu Huy Hoang and his Laotian counterpart Nam Vinhaket on the sidelines of the 17 th ASEAN Summit.
The document provides supplements and amendments to the agreement on commodities to enjoy both countries’ preferential tariff signed on January 17, 2009.
As part of the new agreement, commodities from Vietnam and Laos will be categorised in three groups, including commodities that enjoy a zero-percent tariff rate, commodities enjoying a 50 percent reduction in tariff rate and commodities not eligible for preferential tariffs.
The agreement also specifies quotas for Vietnamese imports of a number of Laotian products.
In 2009, due to adverse impacts of the global financial crisis, the two-way trade value between Vietnam and Laos stood just at 418 million USD, a drop of 1.2 percent compared with 2008.
In the first nine months of this year, it reached more than 327 million USD, showing a 7.4 percent rise year on year. Vietnam saw a rise in both exports (10.8 percent to 138 million USD) and imports (5 percent to 189 million USD) from Laos .
The agreement with Cambodia was signed by Vietnam ’s Minister Vu Huy Hoang and Cambodia ’s Senior Minister and Minister of Trade Cham Prasidh.
Under the new document, Vietnam will levy a zero percent tariff rate on 60 products originating from Cambodia and Cambodia will do the same to 13 goods originating from Vietnam .
The document also set out quotas for Vietnamese imports of products originating from Cambodia .
Last year, two way trade between Vietnam and Cambodia earned more than 1.3 billion USD, a drop of 18.7 percent over 2008, including 1.1 billion USD in Vietnamese exports, down by 19.8 percent and 186 million USD in imports, down by 11.3 percent.
In the first nine months of this year, two-way trade hit nearly 1.29 billion USD, a rise of 36.2 percent year on year.
Of the nine-month figure, Vietnam earned 1.1 billion USD in exports to the Cambodian market, rising 34.4 percent while its imports fetched up 191 million USD, up 47.6 percent./.
The agreement with Laos was signed on October 29 by Minister of Trade and Industry Vu Huy Hoang and his Laotian counterpart Nam Vinhaket on the sidelines of the 17 th ASEAN Summit.
The document provides supplements and amendments to the agreement on commodities to enjoy both countries’ preferential tariff signed on January 17, 2009.
As part of the new agreement, commodities from Vietnam and Laos will be categorised in three groups, including commodities that enjoy a zero-percent tariff rate, commodities enjoying a 50 percent reduction in tariff rate and commodities not eligible for preferential tariffs.
The agreement also specifies quotas for Vietnamese imports of a number of Laotian products.
In 2009, due to adverse impacts of the global financial crisis, the two-way trade value between Vietnam and Laos stood just at 418 million USD, a drop of 1.2 percent compared with 2008.
In the first nine months of this year, it reached more than 327 million USD, showing a 7.4 percent rise year on year. Vietnam saw a rise in both exports (10.8 percent to 138 million USD) and imports (5 percent to 189 million USD) from Laos .
The agreement with Cambodia was signed by Vietnam ’s Minister Vu Huy Hoang and Cambodia ’s Senior Minister and Minister of Trade Cham Prasidh.
Under the new document, Vietnam will levy a zero percent tariff rate on 60 products originating from Cambodia and Cambodia will do the same to 13 goods originating from Vietnam .
The document also set out quotas for Vietnamese imports of products originating from Cambodia .
Last year, two way trade between Vietnam and Cambodia earned more than 1.3 billion USD, a drop of 18.7 percent over 2008, including 1.1 billion USD in Vietnamese exports, down by 19.8 percent and 186 million USD in imports, down by 11.3 percent.
In the first nine months of this year, two-way trade hit nearly 1.29 billion USD, a rise of 36.2 percent year on year.
Of the nine-month figure, Vietnam earned 1.1 billion USD in exports to the Cambodian market, rising 34.4 percent while its imports fetched up 191 million USD, up 47.6 percent./.
