Vietnam and Laos will continue to seek ways to step up the implementation of the trade development scheme for the 2008-2015 period previously signed by the two governments, to fulfil the set target of earning two-way trade of 1 billion USD in 2012.

This is the major subject of the talks between Minister of Industry and Trade Vu Huy Hoang and his Lao counterpart Nam Viyaketh during the latter’s visit to Vietnam from May 3-6.

The two ministers agreed to launch more joint programmes of trade promotion to advertise each country’s products, while creating more chances for businesses from both countries to meet, exchange and conduct trade deals, particularly during trade promotions in the cooperative framework of the East-West corridor.

Apart from holding Vietnam-Laos trade fairs in Vientiane , the two sides agreed to expand the fairs to various localities in Laos .

Showrooms to introduce each other’s products will also be opened in both countries, while a network of markets along the border will be set up by 2020.

The two ministers pledged to closely coordinate with other related local agencies to develop several economic zones, including the Lao Bao Border Gate (Quang Tri province)-Densavan (Savannakhet province), Tay Trang (Dien Bien)-Phang Hoc (Phongsaly) and Bo Y (Kon Tum)-Phu Cua (Attapeu).

Last year’s two-way trade between Vietnam and Laos hit 734 million USD, up 50 percent over 2010. In the first quarter of 2012, revenue reached 232 million USD, a year-on-year increase of 57 percent.-VNA