Vietnam and Laos are aiming for $2 billion in bilateral trade

Vietnam and Laos are aiming for $2 billion in bilateral trade

Somvixay Vongthilath, Deputy Director of the Lao Ministry of Industry and Commerce’s (MIC) Trade Promotion Department, said at the event that the event provides an opportunity to listen to business concerns and examine the efficiency of current cooperation frameworks to fine-tune policies, mechanisms, and laws, thereby assisting enterprises in improving their production and export capacity, even export to foreign countries.

Do Quoc Hung, Deputy Director of the Vietnamese Ministry of Industry and Trade’s Department of Asia-Africa Markets, stated that Laos now ranks first among 78 countries and territories in which Vietnam has invested. Meanwhile, Vietnam is Laos’ third largest investor, with a focus on agriculture, banking, finance, telecommunications, manufacturing, and processing.

The event featured reports on the two countries trade achievements, bilateral collaboration in market management, and energy development.

Nguyen Xuan Ha, Vice Chairman of the Vietnamese Business Association in Laos, proposed that the MIC create policies to protect domestically manufactured items and importers of commodities through official channels.

He also urged the two governments and the Lao Ministry of Public Works and Transport to expedite the renovation of the Lao segment of the road connecting Vietnam and Laos, as well as the construction of the Hanoi-Vientiane highway, to reduce the time and cost of trade between the two countries.

Participants at the event discussed how to pool more resources and corporate involvement in trade infrastructure, retail distribution, and the processing industry in order to meet the $2 billion target as quickly as possible.