Minister of Industry and Trade of Vietnam Vu Huy Hoang and his Lao counterpart Khemmani Pholsena on September 26 signed a memorandum of understanding on border trade linkage, aiming for 2 billion USD in two-way trade by 2015.

The document, the ninth of its kind, was inked at the end of the ninth conference on Vietnam-Laos border trade cooperation held in Vietnam ’s northern province of Dien Bien.

Participants in the conference spoke highly of the achievements made since the eighth conference held in 2012 and suggested the two sides continue to work closely to create favourable conditions for boosting trans-border trade in the future.

Last year, bilateral trade reached 1.25 billion USD, up by 27 percent compared to the year before. The figure hit 888 million USD during the first six months of this year, an increase of more than 33 percent. It is expected to reach 1.5 billion USD by the end of 2014, and 2 billion USD by 2015.

The ministers said the two governments needed to devise more incentives and invest in the development of joint border markets.

In addition, concrete measures to strengthen trade ties between the two countries were necessary in order to meet trade targets and contribute to the building of a common border area of peace, friendship, development and long-term stability.-VNA