Specifically, Vietnam's exports to Laos were valued at USD 56.8 million, surging 104.4% year-on-year, with increases seen for most main export items. Among them petrol and oil product earned USD 11.6 million, up 276%, iron and steel products brought home USD 5.44 million, up 176.6%, transport vehicles and spare parts USD 4.3 million, up 118.7%.
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At Lao Bao International Border Gate between Vietnam and Laos |
Meanwhile, imports from Laos were worth USD 117.6 million, an increase of 64.7% over the same period in 2023. The country spent USD 27.4 million to buy rubber from Laos (up 107.2%), USD 11.2 million on wood and wood products (up 62.2%), USD 9.2 million on minerals, and USD 8.5 million on maize (up 19%), among others.
With the strong trade growth in January, Vietnam - Laos trade in 2024 is expected to reach or exceed the target growth rate of 10 - 15% that the leaders of the two countries set at the 46th meeting of the Vietnam - Laos Intergovernmental Committee in early January.
Last year, their bilateral trade turnover reached USD 1.6 billion.
Source: VNA