Vietnam, Laos promote payments in local currencies to boost trade

Expanding local currency usage will offer businesses greater flexibility in payment options, lowering transaction costs and easing foreign currency demand pressures.

Saturday, March 15, 2025 07:37

Manola Meuangmani, Director General of the Foreign Exchange Management Department under the Bank of the Lao PDR, speaks at the conference (Photo: VNA)

Vientiane (VNA) – A conference was held in Vientiane on March 14 to promote the use of the Lao kip (LAK) and the Vietnam dong (VND) in payments for goods and services between the two countries.

Speaking at the event, Manola Meuangmani, Director General of the Foreign Exchange Management Department under the Bank of the Lao PDR, said reducing reliance on foreign currencies is crucial for monetary stability. Integrating LAK and VND into bilateral transactions marks a significant step in achieving this goal, she added.

Currently, two banks, Lao-Viet Joint Venture Bank (LVB) and Vietcombank Laos, facilitate trade and service payments in LAK and VND. Expanding local currency usage will offer businesses greater flexibility in payment options, lowering transaction costs and easing foreign currency demand pressures.

During the conference, delegates shared insights and recommendations to further facilitate local currency payments. Their discussions will facilitate the implementation of trade and investment payments in line with the actual conditions of both countries.

The State Bank of Vietnam and the Bank of the Lao PDR signed a Memorandum of Understanding in 2023, aiming to strengthen bilateral payments in VND and LAK./.

VNA

#Lao kip #State Bank of Vietnam #Bank of the Lao PDR #payment Laos

See more

Permanent Deputy Minister of Foreign Affairs Nguyen Minh Vu (right) and Airbus Executive Vice President International Wouter van Wersch (Photo: Ministry of Foreign Affairs)

Vietnam urges Airbus to expand collaboration in high-tech industries, human resource training

14/03/2025 21:51

Permanent Deputy Minister of Foreign Affairs Nguyen Minh Vu on March 14 suggested Airbus expand its cooperation with Vietnam, especially in high-tech industries and human resource training.

Prime Minister Pham Minh Chinh receives Wouter Van Wersch, Executive Vice President of Airbus International. (Photo: VNA)

PM suggests Airbus help Vietnam in developing aviation ecosystem

14/03/2025 21:15

During a meeting on March 14 with Wouter Van Wersch, Executive Vice President International of Airbus, Prime Minister Pham Minh Chinh praised the aerospace giant’s cooperation with Vietnamese partners, emphasising its role in boosting domestic and international connectivity and driving Vietnam’s socio-economic growth.

Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son speaks at the event (Photo: VNA)

Lao Cai aims to become trade hub bridging Vietnam, ASEAN with southwest China

14/03/2025 20:52

Lao Cai serves as a crucial point within the Southern Corridor of the Belt and Road Initiative (BRI) and the economic corridor linking Yunnan with Vietnam's Quang Ninh, Hai Phong, Hanoi and Lao Cai.

Vietnam’s state budget revenue reaches 574.4 trillion VND (22.5 billion USD) as of March 11. (Photo: VNA)

State budget revenue surges, nears 30% of annual target

14/03/2025 20:14

Central budget revenue stood at 28.04% of the target, while local budget revenue hit 30.46%.

The Vietnam Consumer Rights Day 2025 is under the theme "Transparent Information – Responsible Consumption". (Photo: VNA)

Hanoi launches campaign for Consumer Rights Day

14/03/2025 19:49

The event, organised by the city's Department of Industry and Trade, aimed to promote consumer protection as a long-term, essential task for all levels of government, businesses and society.

CP Foods CEO Prasit Boondoungprasert. (Photo:vietstock.vn)

Thailand's largest meat producer to launch IPO in Vietnam

14/03/2025 19:37

CPF CEO Prasit Boondoungprasert told media that the company would begin the IPO process as soon as it received approval from Vietnamese authorities.

Party General Secretary To Lam receives founder and CEO of US-based Pacifico Energy (PE) Nate Franklin. (Photo: VNA)

Party chief calls for more investments from Pacifico Energy

14/03/2025 19:37

Party General Secretary To Lam praised PE’s contributions to Vietnam’s renewable energy sector and the broader Vietnam-US partnership.

Vietnamese Ambassador to Algeria Tran Quoc Khanh (left) and GBRS’s General Director Hamel Derradji (Photo: VNA)

Vietnam’s oil venture in Algeria advances to second phase with promising results

14/03/2025 18:26

PVEP aims to deepen ties with its partners to speed up new contract packages and tap new wells in the second phase, targeting higher output. The company also plans to pursue new deals in promising Algerian blocks to expand its footprint in the North African nation.

A booth of Vietnam Trade Office at an exhibition in Malaysia (Photo: VNA)

Food to be exported to Malaysia must be certified

14/03/2025 17:42

Food imported to Malaysia must be produced in facilities that follow food safety assurance programmes recognised by the Malaysian Ministry of Health.

At a MoU signing ceremony between PV Gas and ConocoPhillips, Excelerate Energy (Photo: VNA)

Vietnam – US economic ties strengthened with multiple agreements

14/03/2025 17:13

PetroVietnam Gas Joint Stock Corporation (PetroVietnam PV Gas) signed Memoranda of Understanding with ConocoPhillips, an independent exploration and production company, and Excelerate Energy regarding long-term liquefied natural gas (LNG) purchase agreements.

Buon Ma Thuot Coffee Festival wraps up

14/03/2025 12:31

This year’s festival, themed “Buon Ma Thuot – Coffee City,” featured 17 official activities alongside various supporting events across the province. Notably, the festival coincided with the 50th anniversary of Buon Ma Thuot’s victory and the liberation of Dak Lak province (March 10, 1975 – 2025). The event attracted around 250,000 visitors, including 1,800 international guests, leaving a lasting impression with its vibrant cultural programmes rich in traditional identity.

Special Envoy of the Prime Minister, Minister of Industry and Trade Nguyen Hong Dien (R) and US Trade Representative Jamieson L. Greer (Photo: Ministry of Industry and Trade)

Vietnam, US strengthen economic, trade partnership

14/03/2025 10:44

Vietnam’s consistent policy is to build harmonious, sustainable, stable, and mutually-beneficial economic and trade ties with the US, he stated, adding that Vietnam has no intention to create any barriers that could harm the US’s workers or economic and national security.

The seminar is held by the Investment and Trade Promotion Centre of HCM City (ITPC) and the Vietnam Trade Office in Singapore. (Photo: VNA)

Ample room remains for Vietnam – Singapore trade

14/03/2025 10:37

In addition to boosting exports, Vietnamese businesses are also advised to consider investing in Singapore to export to third markets.

The daily reference exchange rate for the US dollar is set at 24,779 VND/USD on March 14. (Photo: VNA)

Reference exchange rate up 21 on March 14

14/03/2025 09:48

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 24,779 VND/USD on March 14, up 21 VND from the previous day.

Mud crabs in Australia are similar to those from Ca Mau but priced very high. (Photo: VNA)

More Vietnamese products expected to enter Australian market

14/03/2025 09:38

Among the various Vietnamese goods exported to Australia, agricultural, forestry, and aquatic products, along with fruits and vegetables, still have much room to grow. They are now widely available in Australia, even reaching remote areas such as the Northern Territory.