Statistics show that the trade value jumped from some USD 1 billion in 2020 to USD 1.37 billion in 2021 and USD 1.63 billion last year, making it a bright spot in the bilateral relations.
Vietnam’s export to Laos increased from USD 571.7 million in 2020 to USD 594.7 million in 2021. Its major export items included steel, means of transport and accessories, machine, plastic products and vegetables.
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Vietnam - Laos trade value jumps from some USD 1 billion in 2020 to USD 1.37 billion in 2021 and USD 1.63 billion last year. |
Vietnamese Minister of Industry and Trade Nguyen Hong Dien said the two industry and trade ministries have worked together to maintain the annual growth at at least 10% as set by high-ranking leaders since 2012.
The two sides have also closely coordinated in building a complete, comprehensive trade framework and offered special incentives to each other through the Vietnam - Laos Trade Agreement and the Vietnam - Laos Border Trade Agreement in 2015.
In energy, the two governments signed a memorandum of understanding on cooperation in developing hydropower projects in Laos, connecting the electricity systems and power trading between the two countries.
Given impacts by complex, unexpected developments of the regional and global economy, Dien suggested the industry, energy and mining sectors of Vietnam and Laos tighten their connectivity and further support each other to sail through the difficulties and develop sustainably.
Pointing to limitations in the two-way trade, experts said investment attraction policies in production, manufacturing, infrastructure, transport, and logistics at border gate are not effective.
Other problems lie with infrastructure, especially routes leading to border gates and connecting districts, which has failed to satisfy the demand for good exchanges in border areas.
The MoIT’s Asia-Africa Market Department noted that with the current growth pace, trade between Vietnam and Laos is expected to hit USD 2 billion soon.
The department suggested Vietnamese firms invest in building their own brands, fully understand rules set in trade agreements and utilize trade promotion programs to seek partners.
Lao Minister of Industry and Trade Malaythong Kommasith also held that the trade cooperation has yet to match the potential of both nations as well as their political ties.
The two ministries have agreed to actively coordinate in implementing measures to boost the trade ties, soon conclude the negotiations and signing of a memorandum of understanding on border trade infrastructure development and connectivity, and complete adjustments to the bilateral trade agreement to facilitate operations of Vietnamese and Lao businesses.
Source: VNA