Vietnam and Laos signed an agreement on bilateral border trade in the central province of Nghe An on June 27.
Vietnam’s Deputy Prime Minister Nguyen Xuan Phuc and Minister ofIndustry and Trade Vu Huy Hoang, and their Lao counterparts SomsavatLangsavad and Khemmani Pholsena, respectively, attended the signingceremony.
Deputy PM Phuc hailed the agreement ashighly significant since it would create a legal basis for boostingbilateral trade in line with the two countries’ time-honoured friendshipand comprehensive cooperation.
Morespecifically, it is expected to help achieve the joint objective ofincreasing two-way trade to 2 billion USD in 2015, he stated.
According to Deputy PM Phuc, in recent years border trade betweenVietnam and Laos has grown, with a larger number of businesses involvedand import-export demands on the rise. Administrative procedures andpolicies have been improved, while the infrastructure along the borderhas been upgraded. Efforts to prevent smuggling and the trade incounterfeit goods have also produced positive results.
The new border trade agreement comprises 23 articles, documenting that all border gates on land are open to trade.
The import tax rates for goods made in Vietnam and Laos, as well asvarious products made by Vietnamese investors in Laos, will be reducedto zero.
The agreement also regulates paymentsfor trans-border trade, controls the transportation of cash via bordergates, and manages the entry-exit regulations for humans and vehicles.
According to the document, the Governments ofVietnam and Laos agreed to set up a joint Steering Committee on BorderTrade and organise a biennial cooperation conference on the developmentof Vietnam-Laos border trade, and encouraged the establishment of aborder trade entrepreneur association.
On thisoccasion, by order of State President Truong Tan Sang, Deputy PM Phucpresented three second class Independence Orders and two third classIndependence Orders to Lao individuals for their outstandingcontributions to the consolidation and enhancement of the two countries’traditional friendship.-VNA
Vietnam’s Deputy Prime Minister Nguyen Xuan Phuc and Minister ofIndustry and Trade Vu Huy Hoang, and their Lao counterparts SomsavatLangsavad and Khemmani Pholsena, respectively, attended the signingceremony.
Deputy PM Phuc hailed the agreement ashighly significant since it would create a legal basis for boostingbilateral trade in line with the two countries’ time-honoured friendshipand comprehensive cooperation.
Morespecifically, it is expected to help achieve the joint objective ofincreasing two-way trade to 2 billion USD in 2015, he stated.
According to Deputy PM Phuc, in recent years border trade betweenVietnam and Laos has grown, with a larger number of businesses involvedand import-export demands on the rise. Administrative procedures andpolicies have been improved, while the infrastructure along the borderhas been upgraded. Efforts to prevent smuggling and the trade incounterfeit goods have also produced positive results.
The new border trade agreement comprises 23 articles, documenting that all border gates on land are open to trade.
The import tax rates for goods made in Vietnam and Laos, as well asvarious products made by Vietnamese investors in Laos, will be reducedto zero.
The agreement also regulates paymentsfor trans-border trade, controls the transportation of cash via bordergates, and manages the entry-exit regulations for humans and vehicles.
According to the document, the Governments ofVietnam and Laos agreed to set up a joint Steering Committee on BorderTrade and organise a biennial cooperation conference on the developmentof Vietnam-Laos border trade, and encouraged the establishment of aborder trade entrepreneur association.
On thisoccasion, by order of State President Truong Tan Sang, Deputy PM Phucpresented three second class Independence Orders and two third classIndependence Orders to Lao individuals for their outstandingcontributions to the consolidation and enhancement of the two countries’traditional friendship.-VNA
