During a working trip to Vientiane, Laos from April 6-8, 2024, on the morning of April 8, the delegation of the Ministry of Industry and Trade of Vietnam led by Minister Nguyen Hong Dien held talks with Lao Minister of Industry and Trade Malaithong Kommasith to discuss and remove difficulties and obstacles, promoting industrial and trade cooperation between Vietnam and Laos. At the same time, the two Ministers signed the new Vietnam - Laos Trade Agreement and witnessed the signing of a number of cooperation agreements between the two countries.
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| Minister Nguyen Hong Dien, Head of the delegation, held talks with the Lao Minister of Industry and Trade. |
Reviewing the trade cooperation situation between Vietnam and Laos in recent times, Minister Nguyen Hong Dien said that cooperation in the field of Industry and Trade is a pillar in the relationship between the two countries. Since 2012, the two sides have continuously achieved the target of increasing trade turnover by 10-15% per year (except for the Covid-19 pandemic). In 2023, bilateral trade turnover between the two countries reached 1.63 billion USD, down 4.3% compared to 2022. Of which, Vietnam's exports to Laos reached 533 million USD, down 18.7%; Vietnam's imports from Laos reached 1.1 billion USD, up 4.7%. It is estimated that in the first 3 months of 2024, trade turnover between the two countries will reach 417.8 million USD, down 1.8% compared to the same period in 2023.
Of which, Vietnam's exports to Laos were estimated at 148.3 million USD, up 16%; Vietnam's imports from Laos were estimated at 270 million USD, down 9.5%. Petroleum, iron and steel, machinery and equipment... are Vietnam's main export items to Laos. In the opposite direction, Vietnam continues to import rubber, wood, ore and minerals from Laos.
According to Minister Nguyen Hong Dien, in recent years, Laos has shifted from a trade deficit to a trade surplus with Vietnam. This shows that Laos' production capacity is gradually increasing. Laos is gradually becoming one of the important suppliers of products and raw materials for production in Vietnam in the ASEAN bloc. Meanwhile, in recent times, Vietnam has become the world 's factory with an import-export turnover of more than 735 billion USD, ranking among the 20 countries with the largest foreign trade scale in the world and the group of the most attractive markets for FDI attraction. Therefore, Vietnam has a huge demand for importing input materials and electricity from other countries, including Laos.
However, according to Minister Nguyen Hong Dien, the Vietnam-Laos trade turnover has only reached 1.65 billion USD, only 10% of Laos' total foreign trade turnover and 0.2% of Vietnam's total foreign trade turnover, not commensurate with the potential and special relationship between Vietnam and Laos.
To exploit the potential for trade cooperation, during the talks, the two Ministers agreed on specific solutions to implement the commitments and agreements agreed upon by the two countries' senior leaders in the Agreement on the Cooperation Plan between the Government of Vietnam and the Government of Laos; and the minutes of the 46th meeting of the Vietnam - Laos Intergovernmental Committee.
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