On the morning of January 9, in Vientiane (Laos), Prime Minister Pham Minh Chinh and Lao Prime Minister Sonexay Siphandone co-chaired the 47th meeting of the Vietnam-Laos Intergovernmental Committee on Bilateral Cooperation.
Trade turnover increased by nearly 34% compared to 2023
At the meeting, the two Prime Ministers expressed their delight at the successful results of cooperation in many fields.
Notably, in 2024, economic, trade and investment cooperation will be focused on, promoted and achieve remarkable results.
To date, Vietnamese enterprises have invested in 267 projects in Laos, with a total registered capital of 5.7 billion USD; implemented capital reached about 2.8 billion USD.
The two Prime Ministers congratulated each country on the important achievements in 2024. Photo: VGP/Nhat Bac
It is noteworthy that Vietnam's investment in Laos is showing signs of increasing again in a more sustainable direction.
In 2024, registered investment capital to Laos will be 191.1 million USD, an increase of 62.1% compared to 2023. Tax contributions and other financial obligations of Vietnamese enterprises to the Lao Government in the past 5 years have reached an average of about 200 million USD/year.
In the context of the world and regional economic situation continuing to face difficulties and declining consumer demand, bilateral trade turnover between Vietnam and Laos in 2024 marked a milestone when the total trade turnover between the two countries reached 2.2 billion USD, an increase of nearly 34% compared to 2023, of which it is noteworthy that Laos had a trade surplus with Vietnam of about 732.7 million USD (an increase of about 30%).
The two Prime Ministers met seven times in 2024 (Photo: VGP/Nhat Bac).
This result was achieved thanks to the important contribution of Vietnamese enterprises investing and doing business in Laos.
Energy cooperation is basically the target set for the 2021-2025 period; many large-scale projects in the energy sector are being promoted for implementation. Difficulties and obstacles that have lasted for many years in many projects are being resolved.
Promoting Hanoi-Vientiane Expressway Project
Regarding the focus of cooperation in 2025, the two sides will strengthen promotion, deepen political and diplomatic relations, achieve higher efficiency, orient the overall Vietnam-Laos cooperation relationship; maintain and improve the effectiveness of cooperation mechanisms...
The two sides agreed to focus on effectively implementing the agreements of high-ranking leaders (Photo: VGP/Nhat Bac).
The two sides promote strong trade growth, striving to increase bilateral trade turnover by 10-15% in 2025 compared to 2024, aiming to soon reach the target of 5 billion USD.
Consider agriculture and rural development one of the pillars of economic cooperation between the two countries. Promote local currency payments in relations between the two countries.
Prime Minister Pham Minh Chinh emphasized that ministries, branches and agencies of the two countries should promote the spirit of "doing what is said must be done, doing what is done must produce specific products, the results in 2025 must be higher than in 2024" - Photo: VGP/Nhat Bac
In particular, focus on solving difficulties, removing obstacles, promoting the implementation of transport infrastructure connections, researching resource mobilization plans to implement key projects such as the Hanoi-Vientiane expressway and the Vung Ang-Vientiane railway.
This includes mobilizing both central and local resources, non-refundable aid, preferential loans from development partners and the participation of businesses from both countries.
At the same time, promote the early completion of Vung Ang 1, 2, 3 port projects...; contribute to strongly implementing the strategy of "turning Laos from a landlocked country into a connected country".
Along with that, research, survey, and carefully evaluate to report to competent authorities on the possibility of building industrial parks, economic zones, economic models at border gates, and oil and gas depots in border areas...
The two sides continue to prioritize and promote quality improvement in education-training cooperation and human resource development.
The Vietnamese Government continues to provide 1,160 scholarships for Lao officials and students to study in Vietnam; and continues to send teachers to teach Vietnamese in Laos.
The two Prime Ministers emphasized that they will resolutely focus on directing relevant ministries, branches, localities, enterprises and units to closely coordinate and effectively implement the agreements and commitments, including continuing to create maximum convenience for businesses of the two countries to cooperate in investment, production and business - Photo: VGP/Nhat Bac
The two sides will also strengthen cultural cooperation and tourism connection between the two countries and the three countries of Vietnam - Laos - Cambodia "One journey, three destinations"; promote the great friendship and special solidarity between Vietnam and Laos to all classes of people, especially the young generation.
Concluding the meeting, the two Prime Ministers emphasized that they will resolutely focus on directing relevant ministries, branches, localities, enterprises and units to closely coordinate and effectively implement the agreements and commitments, including continuing to create maximum convenience for enterprises of the two countries to cooperate in investment, production and business.
The two sides believe that the success of the meeting will create new momentum to help the cooperation between the two countries develop further, in depth, in substance, trust and efficiency, contributing to continuously consolidating the great friendship, special solidarity and comprehensive cooperation between Vietnam and Laos in the coming time.
Overview of the meeting (Photo: VGP/Nhat Bac).
Prime Minister Pham Minh Chinh emphasized that ministries, branches and agencies of the two countries should promote the spirit of "doing what needs to be done, doing what needs to be done, saying what needs to be done, doing what needs to be done, producing specific products, the results in 2025 must be higher than in 2024".
Immediately after the meeting, the two Prime Ministers witnessed the signing ceremony and exchange of important cooperation documents between the two countries, including: Minutes of the 47th meeting; Agreement on the Cooperation Plan between the Lao Government and the Vietnamese Government in 2025; Agreement between the two Governments on coal-fired power purchase and sale; Cooperation Plan for 2025 between the Vietnamese Ministry of Education and Training and the Lao Ministry of Education and Sports.
Source: https://www.baogiaothong.vn/huy-dong-nguon-luc-dau-tu-cao-toc-ha-noi-vientiane-duong-sat-vung-ang-vientiane-192250109153221823.htm
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