Illustrative photo (Source: VNA)

Vientiane (VNA) – Two-way trade between Laos and Vietnam exceeded 1 billion USD in 2018, up 13 percent annually and surpassing the set target, according to the Lao Laophatthana newspaper.

The two governments have set the target of a 10 percent rise or more for this year.

At present, Vietnam ranks third among those countries investing in Laos. Notably, the Xekaman 1 and Xekaman Sanxay hydropower projects were producing and selling electricity to Vietnam, adding revenue to the Lao State budget.

Additionally, joint work in the development of Vung Ang ports 1, 2, and 3 and the power purchase agreement are also expected to hike bilateral trade.

Last year, 12 projects making use of assistance funds were put into operation. The two countries’ sectors and localities facilitated meetings to share experience and expand effective, practical collaboration.

Cooperation mechanisms and policies were also successfully revised in time to suit each country’s realities and international law.–VNA