Vietnam and Laos strengthen trade promotion efforts.

According to the Vietnam News Agency correspondent in Laos, from July 25-29, the Vietnam-Laos Trade Fair 2024 (VIETLAO EXPO 2024) will be held at the Lao International Convention and Exhibition Center (Lao Itecc) in Vientiane.

This is the largest annual trade promotion event co-chaired by the Ministry of Industry and Trade of Vietnam and the Ministry of Industry and Trade of Laos, with the Trade Promotion Departments of both countries coordinating the organization in collaboration with relevant agencies.

Vietnamese Ambassador to Laos Nguyen Ba Hung and delegates cut the ribbon to inaugurate the exhibition. (Photo: Xuan Tu/VNA)

Attending the opening ceremony on July 25th were the Vietnamese Ambassador to Laos, Nguyen Ba Hung; representatives from the Vietnamese and Lao Ministries of Industry and Trade; and numerous representatives from businesses of both countries operating in Vientiane.

Speaking at the opening ceremony, Ambassador Nguyen Ba Hung said that economic cooperation has become a long-term foundation in the relationship between the two countries and is on track to develop more effectively.

Of this total, 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%. Ambassador Nguyen Ba Hung expressed hope that bilateral trade turnover in 2024 will achieve an increase of over 10%, as targeted by the high-level leaders of both countries at the 46th session of the Intergovernmental Committee.

According to Ambassador Nguyen Ba Hung, 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 the Lao state budget.

He shared that in the near future, the governments of both countries hope to increase bilateral trade to $2 billion by maximizing the potential for trade cooperation that the two countries can offer.

The Vietnam-Laos Trade Fair 2024 attracted hundreds of businesses from both countries, showcasing and introducing their products across approximately 250 booths. The Vietnamese pavilion alone comprised 120 standard booths, featuring nearly 80 high-quality, reputable businesses across various sectors, including pharmaceuticals and medical equipment; agriculture, forestry, fisheries, and processed foods; garments and fashion; handicrafts and interior/exterior decoration; plastics and consumer products, among others.

The Vietnamese business delegation participating in the fair aims to promote the image of Vietnam and its businesses; boost exports and expand the distribution network of Vietnamese goods in the Lao market and the Northeast region of Thailand; and create an environment to showcase the potential and strengths of businesses in various economic sectors of Vietnam.

The fair will serve as an effective bridge for Vietnamese and Lao trade organizations, manufacturers, and investors to meet, exchange experiences, transfer technology, and establish joint ventures and partnerships. This event will also contribute to further promoting trade cooperation and the branding of distinctive products and goods from both Vietnam and Laos.

Source: https://congthuong.vn/ngoai-giao-kinh-te-viet-nam-lao-tang-cuong-thuc-day-thuong-mai-335170.html