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Viet Nam-Laos trade grows beyond expectation in 2021

VGP – Trade between Viet Nam and Laos expanded up to 33.3 percent on year to US$1.37 billion last year, far beyond the goal of 10 percent agreed upon by the sides' leaders.

Posts Thuy Dung

April 12, 2022 6:49 AM GMT+7
Viet Nam, Laos bolster border trade - Ảnh 1.

Minister of Industry and Trade Nguyen Hong Dien (L) and his Lao counterpart Khampheng Xaysompheng sign the minutes on border trade development cooperation between Viet Nam and Laos, Vientiane, Laos, April 11, 2022 - Photo: VNA

Vietnamese Minister of Industry and Trade Nguyen Hong Dien announced the above figure at the 12th Viet Nam-Laos order trade development cooperation conference held in Vientiane capital on April 11.

Of the figure, Viet Nam's import value from Laos was estimated at nearly US$780 million, an increase of 70 percent compared to the previous year, Nguyen added.

During the conference, Nguyen and his Lao counterpart Khampheng Xaysompheng agreed to review and put forward preferential mechanisms and policies to further attract investment capital in infrastructure development at border economic zones.

Both countries will accelerate talks on a memorandum of understanding on trade infrastructure development and connectivity.

The two minsters also agreed to mull over amendments to the Viet Nam-Laos Trade Agreement and the Ha Noi Agreement signed by the two countries in 2015 and 2007 respectively.

The ministers pledged to facilitate the flow of trade in goods, particularly farm produce, between the two countries, and continue close coordination to prevent trade fraud and illegal transportation of goods in a bid to create an environment conducive to cross-border trade development.

The Viet Nam-Laos border runs 2,161 kilometers, on which eight international border gates and nine border-gate economic zones have been established./.