Vietnam, Laos strive to raise total trade turnover by up to 15%

Lao Minister of Planning and Investment Khamjane Vongphosy made the statement in a recent interview granted to a VOV reporter based in Laos’ capital Vientiane to discuss the recent economic co-operation between the two sides.

This comes amid celebrations of two important events, the 60th anniversary of both nations' diplomatic ties and the 45th anniversary of the signing of the Vietnam-Laos Treaty of Friendship and Comprehensive Cooperation within the framework of the Lao-Vietnam Solidarity and Friendship Year 2022.

Talking about the comprehensive co-operation that exists between Laos and Vietnam and orientations moving forward, Minister Vongphosy highlighted 2022 as being a year of great historical significance due to the entire Laotian Party, army, and people are co-ordinating with their Vietnamese counterparts. This level of co-operation is being done to launch a wide range of practical activities to celebrate two important historical events.

He also applauded the special solidarity that exists, particularly as it has been increasingly strengthened due to the two countries making unremitting efforts to take co-operative relations across the board to new heights.

Despite facing complicated global and regional developments in 2021, the great friendship, special solidarity, and comprehensive ties between the two Parties, States, and citizens were not dominated, with socialist-oriented socio-economic co-operation growing steadily, he stated.

Since the start of this year, the two sides have continued to strengthen and improve the effectiveness of co-operation mechanisms, with efforts made to carry out joint statements, agreements, bilateral co-operation documents, as well as holding working visits between senior leaders from central to local levels in various forms.

They also co-ordinated to effectively organise a broad range of activities in celebration of the Solidarity and Friendship Year 2022, whilst ramping up co-operation in combating drug crimes, human trafficking, smuggling, and illegal resource exploitation, the Laotian official went on to say.

Regarding economic co-operation, Minister Vongphosy said that at present, there have been 417 investment projects run by Vietnamese enterprises in Laos, with a total investment of roughly US$4.3 billion, duly ranking third out of 54 countries and territories currently operating in the neighbouring country.

In 2021, the Lao Government licensed three investment projects of Vietnamese enterprises, including two in the mining sector and one in the banking sector. In addition, the Lao Government is in the process of pressing ahead with closer co-ordination in dealing with pending issues in the implementation of a number of large-scale projects involving firms from both sides in the fields of energy, minerals, infrastructure construction, and agro-forestry production in line with the signed agreements.

The two sides therefore agreed to evaluate and analyse investment opportunities in Laos for Vietnamese enterprises by 2025 and outline orientations until 2030.

They have prioritised investment in Laos by local enterprises with financial capacity and expertise in clean agriculture, manufacturing, and processing industries, as well as in fields that boast strengths in border areas, thereby contributing to hunger eradication and poverty alleviation for local people.

Last year's total two-way trade turnover reached US$1.37 billion, up 33.3% compared to 2020. The two sides concurred to create favourable conditions for businesses and people in border areas to intensify trade exchanges, he added.