Dien commended the progress made in trade cooperation, noting that bilateral trade reached 2.25 billion USD last year, marking an annual increase of 38.2% and surpassing 2 billion USD for the first time. In the first half of 2025 alone, the turnover reached 1.78 billion USD, a year-on-year rise of 92.2%. Laos continued to record a trade surplus with Vietnam.
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Minister of Industry and Trade Nguyen Hong Dien (right) and his Lao counterpart Malaithong Kommasith in Hanoi on August 4 (Photo of moit.gov.vn) |
Both ministers welcomed the strengthened ties in trade promotion and business connectivity, especially the Vietnam–Laos trade fair held in Vientiane in July, which featured 250 booths and attracted strong participation from enterprises of both countries.
The Vietnamese official called on the Lao side to increase information sharing on market demand, lists of imports and exports, and key contact enterprises. This, he noted, will support effective linkage with major importers and distribution systems in Vietnam.
He also recommended that Laos formulate a master plan for power projects intended for export to Vietnam, rather than submitting separate small-scale project proposals, in a bid to facilitate Vietnam’s overall planning for electricity imports in line with its national energy development strategy.
The two sides agreed to expedite the implementation of the two Governments' agreement on electricity and coal trading signed on January 9, 2025 and the amendment protocol signed on July 9. Additionally, they plan to convene the 13th border trade development cooperation conference between the two countries in Thanh Hoa province of Vietnam in the fourth quarter, to review achievements and address bottlenecks in boosting cross-border trade.
The Lao side also expressed interest in learning from Vietnam’s experience in state-owned enterprise reform and management, the public–private partnership (PPP) model, and the equitization process. Laos further proposed addressing difficulties faced by sugar exporters to Vietnam under the Vietnam–Laos trade agreement for 2021–2022. It also suggested partnerships in building a petroleum storage facility and a shared industrial–economic zone of the two countries.
In response, Dien reaffirmed Vietnam’s cooperative spirit and readiness to work closely through designated agencies, ensuring all collaboration aligns with legal regulations and benefits both parties.
The two ministers agreed to continue mutual visits and enhance inter-agency coordination, laying a solid foundation for elevating bilateral economic, trade, and energy relations to a new height.
Source: VNA