At the Vietnam-Laos Trade Fair 2017 (Photo: VNA)
Hanoi (VNA) – Since Vietnam and Laos set up diplomatic
relations in 1962, the relationship between the two countries has flourished thanks
to efforts from both sides to make ties deeper and more effective, especially
in economy, trade and investment.
According to Deputy Minister of Industry and Trade Tran Quoc Khanh,
since a bilateral trade agreement was signed in March 3, 2015 and a border
trade agreement was inked on June 26, 2015, trade ties between the two
countries have developed.
Launching the Vietnam-Lao trade website at www.vietlaotrade.com has also fostered
connections and trade exchange between business communities of both sides.
Deputy Minister Khanh said the website aims to provide the business
community timely and comprehensive information on economic, trade, industry
regulations, mechanisms and policies as well as trade promotion activities, aiming
to better serve enterprises of both countries and make information cheaper to access.
Statistics of the Ministry of Industry and Trade (MoIT) showed that as
of March 2017, trade between the two countries reached 236 million USD, up 4.3
percent year on year, with Vietnam’s exports at 135 million USD, a rise of 22.6
percent.
Meanwhile, Vietnam imported 101 million USD worth of goods from Laos, down
13.1 percent over the same period last year, resulting in a trade surplus of 34
million USD for Vietnam.
Vietnam mostly exported fuel, steel, iron, transportation vehicles and spare
parts to Laos, while importing rubber, fertiliser, ore and minerals.
To celebrate the 55th anniversary of Vietnam-Laos diplomatic
relations and 40 years of the Vietnam-Laos Treaty of Amity and Cooperation, a
trade fair was held from June 29-July 3 in Vientiane to encourage stronger
economic, trade and investment cooperation between the two countries.
Meanwhile, two-way trade between Vietnam and Laos dropped about 20
percent in 2016, mostly because the Government of Laos stopped exporting woods
and minimised imports of some products the country can supply itself such as cement,
iron and steel. Trade competition in Laos has also become fiercer.
Recently, Minister of Industry and Trade Tran Tuan Anh had a meeting
with Lao Minister of Industry and Commerce Khemmany Phonexena to discuss the fall
in trade and seek measures to promote bilateral trade.
The two sides have agreed to work closely in building a bilateral trade
development plan for the next 10 years, and to strengthen communications on the
bilateral trade and border trade agreements.
To fulfil the target of 4 billion USD in two-way trade in 2020, the two
sides will launch new cooperation projects in Laos and assist existing projects,
while carrying out the agreement on border and border gate management and the
protocol on borderline and national border markers.
The MoIT will also review Vietnamese projects in Laos to seek measures
to support investors.-VNA