Viet Nam, Laos target to raise bilateral trade by 15% in 2023

The agreement was reached during the 45th session of the Viet Nam – Laos inter-government Committee co-chaired by Vietnamese Prime Minister Pham Minh Chinh and his Lao counterpart Sonexay Siphandone in Vientiane on January 12.

The PMs noted that two-way trade turnover is a bright spot in bilateral ties, citing the statistics of trade exchanges which rose by 24 percent last year to US$1.73 billion. 

Vietnamese investment capital in Laos also rose by 52.4 percent to more than US$180 million.

Over the past five years, Vietnamese businesses have contributed approximately US$200 million in taxes and other financial obligations to the Lao State budget.

To meet the target set for 2023, both sides agreed to fully implement the joint statements, agreements by the two Political bureaus, and other agreements reached at the 45th session of the Viet Nam – Laos inter-government committee, while promoting political, security, defense, investment, and trade ties.

They also agreed to expand linkages in human resource training, invest in transport infrastructure projects connecting the two countries, and cooperate in sustainable management of water and natural resources.

They vowed to completely address difficulties faced by Viet Nam-funded projects in Laos, and at the same time encourage ministries, agencies, and localities of the two countries to expand their relations.

In the spirit of mutual confidence, the two countries will continue to support and closely cooperate in international and regional organizations and forums.

Lao PM Siphandone suggested that the two sides continue to strengthen the exchange of delegations at all levels and through all channels as a means of further fostering the special and close political relationship with a high level of trust.

He also called on both sides to raise the level of bilateral economic cooperation, further improving the two countries’ investment and business environment, as well as strengthening effective connections between the two economies, including hard connections in transport, telecommunications, and energy infrastructure.

After the meeting, the PMs witnessed the signing of the meeting’s minutes and the 2023 cooperation agreement of the Bilateral Cooperation Committee between the Governments of Viet Nam and Laos./.