Making Vietnam-Laos economic cooperation a pillar of strategic cooperation

Economy - the pillar of Vietnam - Laos strategic cooperation

On the occasion of Prime Minister Pham Minh Chinh's visit to Laos and co-chairing the 48th meeting of the Vietnam-Laos Intergovernmental Committee on December 2 and 3, Deputy Foreign Minister Nguyen Manh Cuong gave an interview to the press about the key contents of the working trip.

According to the Deputy Minister of Foreign Affairs , the Vietnam - Laos Intergovernmental Committee is a very important mechanism to implement the relationship of "great friendship, special solidarity, comprehensive cooperation, and strategic connection" between the two Parties and two States.

Therefore, this is not only an annual meeting to review cooperation agreements during the year, but also a special meeting taking place right after the high-level meeting between the Communist Party of Vietnam and the Lao People's Revolutionary Party, and at the same time taking place at a time when the two countries are summarizing the 2021-2025 cooperation term and preparing to enter a new phase of cooperation with a broader strategic vision.

Deputy Minister of Foreign Affairs Nguyen Manh Cuong answered the press about the key contents of the working trip. Photo: Quang Hoa

Deputy Minister of Foreign Affairs Nguyen Manh Cuong answered the press about the key contents of the working trip. Photo: Quang Hoa

The 48th session, co-chaired by Prime Minister Pham Minh Chinh and Prime Minister Sonexay Siphandone, contributed to affirming the highest political concern and determination of senior leaders in cultivating the "unique" relationship, as well as the key role of the Intergovernmental Committee mechanism - a cooperation institution that has been continuously maintained for the past 48 years, ensuring that all commitments and orientations between the two Parties and two countries in the cooperative relationship are implemented substantially. This is the mechanism to realize the spirit of sharing, mutual support and mutual development.

“This year, the two sides will comprehensively evaluate the results of cooperation in the past 5 years from 2021 to 2025. At the same time, it will be of strategic orientation when the two sides will discuss and propose cooperation directions for 2026 and the following years.

Based on the results of General Secretary To Lam's State visit to Laos and high-level agreements, the two sides will discuss and agree to continue making economic cooperation one of the strategic pillars, strongly and comprehensively promoting relations between the two countries in all fields," the Deputy Minister of Foreign Affairs informed.

In particular, Deputy Minister Nguyen Manh Cuong emphasized that the 48th session is an opportunity for both sides to affirm and deepen the great friendship, special solidarity, comprehensive cooperation and strategic connection between Vietnam and Laos. This close connection has strategic significance not only for the stability and development of each country, but also contributes positively to peace, stability and cooperation in the region.

Promoting comprehensive cooperation between Vietnam and Laos

Sharing about the outstanding achievements in implementing the Vietnam - Laos Cooperation Agreement for the 2021 - 2025 period, the Deputy Minister of Foreign Affairs said that in the 2021 - 2025 period, despite the rapidly changing world and regional situation, increased strategic competition between major countries and many global challenges such as natural disasters, epidemics, especially the Covid-19 pandemic, the special relationship between Vietnam and Laos was still consolidated and developed sustainably.

Under the direct and comprehensive leadership of the two Parties and States, along with the close coordination between ministries, branches, localities and businesses of both sides, many difficulties in key cooperation projects have been resolved, bringing about substantial results, creating new momentum for bilateral cooperation in the fields of politics, economics, defense, security and culture - society.

During the 2021 - 2025 period, the two sides held a Conference to disseminate and issue a Plan to implement the High-Level Agreement to concretize the high-level agreements, contributing to developing the great friendship, special solidarity and comprehensive cooperation between Vietnam and Laos more deeply, substantially and effectively, specifically:

First of all, political relations continue to be strengthened and increasingly deepened, connected, and trusted, affirming the core role and overall orientation in the bilateral relationship.

The two sides have effectively promoted existing cooperation mechanisms and at the same time built new mechanisms to promptly remove difficulties and obstacles in implementing agreements between the two Parties and two States; and closely coordinated on strategic issues.

Second, cooperation in the fields of defense, security and foreign affairs between Vietnam and Laos continues to be maintained and developed as an important pillar in the bilateral relationship.

Third , economic, investment and trade cooperation between Vietnam and Laos has recently made new progress and positive changes. In the 2021-2025 period, Vietnam-Laos trade grew beyond the target set by the leaders of the two countries, striving to bring bilateral trade turnover to 5 billion USD in the coming time.

Several large-scale projects in the fields of energy and mineral exploitation have been promoted, creating an important driving force for other Vietnamese projects to invest in Laos. The two sides have also actively researched and resolved difficulties in several key and strategic projects.

Regarding Vietnam's investment in Laos, Vietnam currently has 276 investment projects in Laos with a total registered capital of more than 6.21 billion USD, of which the implemented capital is about 3 billion USD. Many large projects have been completed, operated effectively and brought profits, contributing to creating jobs for Lao people, promoting socio-economic development of the two countries, especially in the fields of telecommunications, banking, energy, mining, agriculture and food processing.

In the 2021-2025 period, the Lao Government allows Vietnamese enterprises to invest in 35 projects in various fields with a total registered capital of 4.3 billion USD. Vietnamese enterprises contribute an average of about 200 million USD/year in taxes and financial obligations to the Lao Government.

Not only that, the two sides effectively promoted the mechanism, promoted the digitalization of bilateral retail payments, contributing to strengthening economic connectivity between the two countries, creating new momentum in trade cooperation. Thereby, actively supporting economic cooperation, trade, investment and exchange activities of the two peoples.

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