| The 32nd Vietnam Expo Fair takes place from April 5-8, 2023 Opening of Vietnam International Trade Fair - Vietnam Expo 2023 |
The Vietnam - Laos Trade Fair 2023 (VIETLAO EXPO 2023) was opened in the capital Vientiane on July 27, 2023. This is the largest annual trade promotion event co-chaired by the Ministry of Industry and Trade of Vietnam and the Ministry of Industry and Trade of Laos, assigned to the Trade Promotion Department of the two countries to coordinate with relevant agencies to organize.
VIETLAO EXPO 2023 has the presence of hundreds of businesses from both countries displaying and introducing products on a scale of about 250 booths, of which the Vietnam Pavilion has a scale of 120 standard booths in industries such as: Pharmaceuticals and medical equipment; Agriculture - forestry - seafood and processed food; Garment - fashion; Handicrafts and interior and exterior decoration; Plastics and consumer products...
Speaking at the opening ceremony of the Fair, Mr. Nguyen Ba Hung - Ambassador Extraordinary and Plenipotentiary of Vietnam to Laos, representative of the Vietnamese Organizing Committee said: I am very pleased to see that this year's Fair is organized on a large scale, the displayed goods are quite diverse and rich with beautiful designs and high quality, meeting the needs of consumers in the two countries' markets. This demonstrates the interest and confidence of the business communities of the two countries in the development of Vietnam - Laos trade relations.
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| Mr. Nguyen Ba Hung - Ambassador Extraordinary and Plenipotentiary of Vietnam to the Lao PDR spoke at the opening ceremony of the Fair. |
“ With the presence of hundreds of businesses from both countries displaying and introducing products at a scale of about 250 booths, I strongly believe in the success of the Vietnam - Laos Trade Fair 2023, contributing to strengthening solidarity and cooperation between businesses and people of the two countries ,” Ambassador Nguyen Ba Hung emphasized.
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| Leaders of the two countries cut the ribbon to open the Vietnam - Laos Trade Fair 2023 |
This year, the Vietnamese business delegation participating in VIETLAO EXPO 2023 aims to: Promote the image of the country and Vietnamese businesses; Promote exports, expand the consumption network of Vietnamese goods in the Lao market and the Northeast region of Thailand; Create an environment to introduce the potential and strengths of businesses in Vietnam's economic sectors... The fair will become an effective bridge for trade organizations, manufacturers, and investors from Vietnam and Laos to meet, exchange experiences, transfer technology, invest, and form joint ventures.
Over the years, Laos has always been considered an important gateway for Vietnamese enterprises to develop markets in ASEAN countries. Vietnam and Laos are geographically close, have advantages in convenient transportation, as well as closeness in culture and consumption. The two countries share a border of more than 2,300km, passing through the administrative boundaries of 10 provinces and cities of each side, an area with development potential, with a strategic position on the East-West Economic Corridor. The entire Vietnam-Laos border has 09 international border gates, 06 main border gates, 18 secondary border gates and 27 openings and the establishment of 09 border gate economic zones...
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| Leaders of the two countries took souvenir photos at the Vietnam - Laos booth |
According to Mr. Vu Ba Phu - Director of the Trade Promotion Agency (Ministry of Industry and Trade), in recent times, taking advantage of incentives from the ASEAN Trade in Goods Agreement, the Vietnam - Laos Bilateral Trade Agreement, and the Vietnam - Laos Border Trade Agreement has contributed to promoting trade in goods and services. In 2022, Vietnam - Laos trade turnover reached 1.63 billion USD, up 18.9% compared to 2021; of which, Vietnam's exports to Laos reached 600.4 million USD, up 1% over the same period in 2021; Vietnam's imports from Laos reached 1.03 billion USD, up 32.6% compared to 2021.
In the first 6 months of 2023, the two-way trade turnover between Vietnam and Laos reached 835 million USD, an increase of 1.3% over the same period in 2022, of which Laos exported to Vietnam 567 million USD, more than double the 268 million USD turnover that Vietnam exported to Laos.
The governments of Vietnam and Laos wish to increase bilateral trade value to US$2 billion in the near future by maximizing the potential for trade cooperation that the two countries can bring.
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| Representative of Vietnamese rice product distribution business at the Fair |
In terms of investment, Vietnam is the third largest foreign investor in Laos after China and Thailand. Vietnamese companies are involved in nearly 260 active projects in Laos with a total committed capital of nearly 5.4 billion USD.
It can be seen that in the current period of international integration, the relationship in the field of industry and trade is extremely important and needs to be promoted. In order to promote development cooperation, the Governments of the two countries have assigned the Ministry of Industry and Trade of Vietnam and the Ministry of Industry and Trade of Laos to promote the implementation of signed commitments and trade agreements, develop transport infrastructure, trade infrastructure, etc. to create maximum convenience for import and export enterprises of the two countries.
Over the years, the Vietnam - Laos Trade Fair has become a prestigious event where Vietnamese and Lao enterprises attend to promote and introduce their products, and is a destination for business and investment startups between the two countries' markets.
The Vietnam - Laos Trade Fair 2023 will last until July 31, 2023.
Within the framework of the Vietnam - Laos Trade Fair 2023, on July 27, in Vientiane, the Trade Promotion Agency, Ministry of Industry and Trade of Vietnam and the Trade Promotion Agency, Ministry of Industry and Trade of Laos signed a Memorandum of Understanding (MOU).
According to the Memorandum of Understanding, the two sides will continue to coordinate in organizing the annual Vietnam - Laos Trade Fair (VIETLAO EXPO) in Vientiane, Laos. Together, they will study and innovate the content and preparations for the Fair to better meet the needs of businesses of the two countries, especially further strengthening the Fair's advertising work.
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| Signing Ceremony of Memorandum of Understanding (MOU) between the Trade Promotion Agency, Ministry of Industry and Trade of Vietnam and the Trade Promotion Agency, Ministry of Industry and Trade of Laos |
In addition, the Trade Promotion Agency will support large Lao export enterprises to participate in international fairs and exhibitions in Vietnam: Vietnam International Food Industry Exhibition (VIETNAM FOOD EXPO), Vietnam International Trade Fair (VIETNAM EXPO)...
The Trade Promotion Department supports the promotion of typical Lao enterprises and export products on a number of official media of the Ministry of Industry and Trade and the Trade Promotion Department.
The two sides continue to exchange experiences and strengthen cooperation in trade promotion activities such as: exhibitions, product design, building national product brands and exchanging trade promotion information systems...
After the MOU signing ceremony between the Trade Promotion Departments of the two countries, representatives of Vietnamese and Lao enterprises also signed an MOU on agency contracts.
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