Vietnam Trade Fair

According to Ambassador Nguyen Ba Hung, economic cooperation has become a long-term foundation in the bilateral relationship and is on track to develop more effectively. Vietnam has consistently been among Laos' top 3 largest trading partners for many years, with cumulative bilateral trade between Vietnam and Laos reaching US$928 million by the end of June 2024, an increase of 11%. Of this, Vietnam's exports to Laos reached US$289 million, an increase of 7.4%, and imports from Laos reached US$639 million, an increase of 12.8%.

“Regarding investment cooperation, Vietnam is the third largest foreign investor in Laos after China and Thailand. Vietnamese businesses have invested in over 245 active projects in Laos with a total committed capital of more than 5.47 billion USD. Many investment projects by Vietnamese businesses in Laos are operating effectively, making positive contributions to socio-economic development, creating jobs and increasing income for thousands of workers, and supplementing budget revenue for Laos, ” said Ambassador Nguyen Ba Hung.

Sharing further information, Mr. Vu Ba Phu, Director of the Trade Promotion Department ( Ministry of Industry and Trade ), said that preferential policies have created a vast space for the economic and trade development of the two countries. In particular, in recent times, leveraging the preferential treatment from the ASEAN Goods Trade Agreement, the Vietnam-Laos Bilateral Trade Agreement, and the Vietnam-Laos Border Trade Agreement has contributed to promoting trade in goods and services between the two countries.

According to Mr. Vu Ba Phu, in the current era of deep international integration, the relationship in the fields of industry, trade, and investment between the two countries is extremely important and needs to be promoted. To boost cooperation and development, the governments of both countries have tasked the Vietnamese Ministry of Industry and Trade and the Lao Ministry of Industry and Trade with promoting and upgrading signed trade agreements, developing transportation and trade infrastructure, etc., to create maximum convenience for import and export businesses in both countries.

Accordingly, the annual Vietnam-Laos Trade Fair, held since 2007, not only serves as an effective bridge for Vietnamese and Lao businesses and investors to meet, exchange experiences, transfer technology, cooperate in investment, and form joint ventures, but it is also a significant political, economic, and social event that contributes to strengthening the special traditional friendship between the Party, Government, and people of Vietnam and Laos.

Source: https://congthuong.vn/hoi-cho-thuong-mai-viet-lao-hanh-trinh-hon-1-thap-ky-that-chat-quan-he-thuong-mai-hai-nuoc-335810.html