Vietnam - Laos bilateral trade turnover increased by 32.8%

Vietnam - Laos bilateral trade turnover in 2024 will reach more than 2 billion USD, an increase of 32.8% over the same period in 2023.

Cooperation in many fields

On the afternoon of January 8, 2025, the 47th Session of the Vietnam - Laos Intergovernmental Committee on Bilateral Cooperation was held at the expert level in Vientiane (Laos).

The conference aims to evaluate and review the implementation of the Agreement on the Cooperation Plan for 2024, thereby developing the Cooperation Plan for 2025. At the same time, the content of the draft Cooperation Plan for 2025 will be discussed and agreed upon for submission to the two Governments for consideration at the 47th Session of the Vietnam - Laos Intergovernmental Committee taking place on January 9, 2025.

The 47th meeting of the Vietnam-Laos Intergovernmental Committee on Bilateral Cooperation was held in Vientiane, Laos. Photo: MPI

At the Conference, Permanent Vice Chairman of the Laos - Vietnam Cooperation Committee, Mr. Viengsavanh Vilayphone, presented an overview of Laos' socio-economic situation in 2024 and the socio-economic development plan for 2025.

Accordingly, in 2024, Laos' GDP growth will reach 4.6% (exceeding the set plan of 4.5%), and budget revenue will exceed the set plan for 4 consecutive years. For 2025, Laos sets an economic growth target of 6.5%. In particular, the plan will be implemented in a focused, scientific, high-quality, innovative and creative manner that is consistent with Laos' actual potential.

At the conference, Mr. Viengsavanh Vilayphone also presented a report assessing the cooperation situation between Vietnam and Laos in 2024. The report stated that bilateral cooperation in 2024 has developed strongly in many areas, especially cooperation in the fields of economy, trade and investment.

Regarding bilateral trade turnover in 2024, it will reach more than 2 billion USD, an increase of 32.8% over the same period in 2023. Of which, Laos' import value from Vietnam will reach 641.8 million USD, an increase of 32% over the same period in 2023; the export value from Laos to Vietnam will reach 1.3 billion USD, an increase of 26.2% over the same period in 2023. The two sides signed the new version of the Laos - Vietnam Trade Agreement and the Memorandum of Understanding on cooperation against smuggling and tax evasion across the Laos - Vietnam border on April 8, 2024; at the same time, continue to build a legal framework for special trade priorities for import and export goods of the two countries.

2024 also recorded positive results in Vietnam's investment in Laos, with a number of major projects in the energy sector being promoted. At the same time, the two sides have also actively promoted the organization of meetings to consult and remove difficulties and obstacles related to projects of Vietnamese enterprises investing in Laos.

Vietnam and Laos also continued to implement the memorandum of understanding on the Transport Cooperation Strategy for the period 2016-2025 and vision to 2030. The two sides coordinated to research and promote capital sources for key projects such as the Vientiane - Hanoi Expressway; the Vientiane - Thakhek - Tan Ap - Vung Ang Railway, and other important transport connection projects... The two sides have also basically completed investment cooperation in developing berths 1, 2 and 3 of Vung Ang port.

Vietnam-Laos bilateral trade turnover to increase by 32.8% in 2024. Photo: MPI

Boosting trade growth by 10-15% by 2025

Discussing the direction of cooperation between the two countries in 2025, Deputy Minister of Planning and Investment Tran Quoc Phuong said that the two sides need to pay attention to implementing a number of contents, including strengthening the connection between the two economies and promoting investment and trade cooperation between Vietnam and Laos.

Accordingly, Vietnam will continue to strengthen support for Laos in terms of experience in stabilizing the macro-economy, sustainable development, and improving the business environment. Regarding this content, Deputy Minister Tran Quoc Phuong said: The Ministry of Planning and Investment, the Vietnam - Laos Cooperation Committee will continue to closely coordinate with the Ministry of Planning and Investment, the Laos - Vietnam Cooperation Committee and the relevant agencies of the two countries to continue implementing the very important task assigned by the Prime Minister on presiding over the implementation of the task of the Vietnamese Expert Group to support Laos in building an independent, self-reliant economy, stabilizing the macro-economy and building a 10-year socio-economic development strategy for the period 2026-2035, with a vision to 2045.

Strengthening connectivity and complementarity between the two economies; creating a stable, transparent legal corridor and a favorable environment; having specific mechanisms for key security and defense projects.

Promote Vietnamese enterprises to invest in industries and fields that are in line with Laos' priority orientation, focusing on areas such as high-tech agriculture associated with processing to become export goods; renewable energy, especially projects in the border areas of the two countries connected to Vietnam's power grid; deep-processed mineral mines for Vietnamese enterprises; tourism connection. Consider and pilot new, specific mechanisms and policies to attract Vietnamese enterprises to form joint ventures and partnerships with foreign partners to carry out investment projects in Laos.

Along with that, promote trade turnover growth by about 10-15%; strengthen trade promotion, build brands, and distribution channels for goods in each country to ensure stable presence and sustainable output.

Regarding cooperation in electricity trading, the two sides will continue to coordinate to review and study in detail the electricity trading prices for power projects expected to be put into operation after 2025; study the connection of the two countries' transmission lines to meet the demand for electricity trading from power projects in Laos in the future; create favorable conditions to promote the implementation of wind power projects in border areas to sell electricity to Vietnam.

One of the cooperation contents in 2025 is that Vietnam and Laos will organize conferences to promote investment and trade between the two sides, inviting large enterprises and important partners such as Japan, Korea, EU, etc. to attend to attract investment.

Source: https://congthuong.vn/kim-ngach-thuong-mai-song-phuong-viet-nam-lao-tang-328-368630.html