At the meeting, the Lao official briefed on Laos’ economic difficulties in the first months of 2023, saying that his country’s inflation rate in February 2023 stood at 41.3%, up 1% from the figure reported in the previous month.

Deputy Minister of Industry and Trade Tran Quoc Khanh (right) and his Lao counterpart Bunthong Duonsavan

According to the guest, the Vietnamese government has promptly applied effective policies and solutions to control inflation and stabilise the domestic petroleum market.

He said that the Lao side is eager to learn experience related to management policies from Vietnamese ministries and sectors, especially regarding developing industrial parks and clean production centres, promoting renewable and green energy development, and stabilising the petroleum market.

Deputy Minister Khanh said Vietnam will do utmost to fully support Laos in overcoming its difficult economic situation.

He shared Vietnam’s experience in attracting investment in developing industrial parks, and in operating and managing the petroleum market.

An overview of the event

The officials affirmed that the two sides will closely coordinate in implementing measures to promote bilateral trade and industrial cooperation, contributing to realising the set goal of increasing two-way trade by at least 10% in 2023.

According to the data of the General Department of Vietnam Customs, two-way trade between Vietnam and Laos reached 244.2 million USD in the first two months of 2023, up 0.4% year-on-year. The three-month figure is estimated at 408.2 million USD, up 1.1% over the same period in 2022.

Source: VNA