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Vietnam, Laos eye 2 billion USD in two-way trade

Vietnam and Laos expect to achieve 2 billion USD in two-way trade in the near future, given that the figure surged 28.2% annually to 1.4 billion USD in ten months of this year, heard a forum held in Vientiane on November 25.
Vietnam, Laos eye 2 billion USD in two-way trade ảnh 1Illustrative image (Photo: VNA)

Vientiane (VNA) – Vietnam and Laosexpect to achieve 2 billion USD in two-way trade in the near future, given thatthe figure surged 28.2% annually to 1.4 billion USD in ten months of this year,heard a forum held in Vientiane on November 25.

Speaking at the event,Somvixay Vongthilath, Deputy Director of Trade Promotion Department under the Lao Ministry of Industry and Commerce (MIC), said the event offers achance to listen to concerns of businesses and review the efficiency ofexisting cooperation frameworks to fine-tune policies, mechanisms and laws,thus helping firms improve their production and export capacity, even export tothe third country.

Deputy head of the VietnameseMinistry of Industry and Trade’s Department of Asia-Africa Markets Do Quoc Hungsaid Laos now ranks first among 78 countries and territories invested byVietnam. Meanwhile, Vietnam is the third biggest investor in Laos, mostly inagriculture, banking, finance, telecommunications, manufacturing andprocessing.

Reports at the eventfocused on trade achievements between the two countries, bilateral cooperationin market management and energy development.

Vice Chairman of theVietnamese Business Association in Laos Nguyen Xuan Ha suggested the MIC issuepolicies to protect domestically-made goods and importers of goods via officialchannels.

He also urged the twogovernments and the Lao Ministry of Public Works and Transport to soon upgradethe Lao section of road linking Vietnam and Laos and build the Hanoi-Vientianeexpressway to save time and cost of trade between the two nations.

Participants at theevent debated ways to pool more resources and corporate involvement in tradeinfrastructure, retail distribution and processing industry to achieve the settarget of 2 billion USD soon./.

VNA
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