Vietnam-Laos promote economic connectivity, soon reach the target of 5 billion USD in bilateral trade
Báo Chính Phủ•09/01/2025
(Chinhphu.vn) - 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.
Lao Prime Minister Sonexay Siphandone warmly welcomed Prime Minister Pham Minh Chinh to Vientiane to co-chair the 47th meeting of the Vietnam-Laos Intergovernmental Committee on Bilateral Cooperation - Photo: VGP/Nhat Bac
Attending the meeting were Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son; Minister of Planning and Investment Nguyen Chi Dung, Chairman of the Vietnam-Laos Cooperation Committee; Minister of Planning and Investment, Chairman of the Laos-Vietnam Cooperation Committee Phet Phomphiphak, along with many ministers, leaders of ministries, sectors, localities and enterprises of the two countries. Lao Prime Minister Sonexay Siphandone warmly welcomed Prime Minister Pham Minh Chinh and the high-ranking delegation of the Vietnamese Government to visit and attend the meeting. Prime Minister Pham Minh Chinh thanked the respectful, thoughtful, warm and fraternal reception that Prime Minister Sonexay Siphandone and the Lao Government had given to the Vietnamese delegation. The two Prime Ministers congratulated the important achievements that each country has achieved in 2024, thereby continuing to overcome difficulties and challenges, develop socio-economy, improve people's lives, maintain national defense and security, promote integration and foreign affairs.
Lao Prime Minister introduced to Prime Minister Pham Minh Chinh some images of Vietnam-Laos bilateral cooperation - Photo: VGP/Nhat Bac
Trade turnover increased by nearly 34% compared to 2023
The two Prime Ministers emphasized that, in the context of many difficulties and challenges, thanks to the thorough understanding of the direction of the two Politburoes, together with the great efforts and determination of the State, Government, ministries, sectors and localities, the two countries have seriously and effectively implemented high-level agreements, bringing about many cooperative achievements and remarkable results, contributing to building an independent, self-reliant economy, deeply integrated into the international community, practically and effectively, with 14 groups of tasks completed and performed well in 2024. The two Prime Ministers expressed their delight at the successful cooperation results in many fields. The great friendship, special solidarity and comprehensive cooperation between Vietnam and Laos have increasingly developed and deepened, with close trust, playing a core role, and guiding the overall relationship between the two countries. The two countries' senior leaders regularly exchange and contact in many forms. The two Prime Ministers met seven times in 2024. The Intergovernmental Committee, chaired by the two Ministers of Planning and Investment, continued to promote effectiveness and promote the implementation of cooperation agreements in all fields. Close defense and security cooperation, effectively maintaining political stability and social order and safety in each country; building a peaceful, stable, friendly, cooperative and comprehensively developed Vietnam-Laos border; effectively preventing all types of crime, especially transnational crime. In 2024, economic, trade and investment cooperation was focused on, promoted and achieved 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 it has made in 2024, thereby continuing to overcome difficulties and challenges, develop socio-economy, improve people's lives, maintain national defense and security, promote integration and foreign affairs - Photo: VGP/Nhat Bac
Notably, Vietnam's investment in Laos is showing signs of increasing again in a more sustainable direction. In 2024, the registered investment capital in Laos was 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 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 made an impression when the total trade turnover of 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%). This result was achieved thanks to the important contributions of Vietnamese enterprises investing and doing business in Laos. Basic energy cooperation targets set for the 2021-2025 period; many large-scale projects in the energy sector have been promoted for implementation. Difficulties and obstacles that have lasted for many years in many projects have been resolved. Cooperation in culture, communications, tourism, internal affairs, justice, etc. has been promoted and enhanced; including the timely completion of the dossier submitted to UNESCO (January 2024) to recognize Hin Namno National Park (Laos) as a transboundary world natural heritage site expanding from Phong Nha-Ke Bang World Natural Heritage (Vietnam). The legal framework for cooperation between the two countries continues to be perfected, in which the two sides have signed the new Vietnam-Laos Trade Agreement. The two sides continue to be proactive, active, and coordinate to share experiences in macroeconomic management, building an independent and self-reliant economy in the context of international integration. Cooperation between localities of the two countries, especially in border localities, continues to be effective, contributing to the overall cooperation between the two countries. The two sides support and help each other effectively in international and regional multilateral cooperation forums; coordinate effectively so that Laos can successfully assume the role of ASEAN Chair 2024, AIPA 45 and other high-level conferences.
The two Prime Ministers met seven times in 2024. The Intergovernmental Committee, chaired by the two Ministers of Planning and Investment, continued to promote effectiveness, promoting the implementation of cooperation agreements in all fields - Photo: VGP/Nhat Bac
Promoting Hanoi-Vientiane Expressway Project
Regarding the focus of cooperation in 2025, the two sides agreed to focus on resolutely and seriously implementing effectively the agreements of high-ranking leaders; propose many strong and practical measures to continue to deepen the political and diplomatic relations between the two countries; strengthen the pillar of defense and security cooperation; strongly promote economic cooperation; continue to give special priority to education and training cooperation. Accordingly, the two sides will strengthen the promotion and deepen the political and diplomatic relations, achieve higher efficiency, and orient the overall Vietnam-Laos cooperation relationship; maintain and improve the effectiveness of cooperation mechanisms; effectively organize visits, meetings and contacts between high-ranking leaders in many flexible forms; improve and enhance the practicality and effectiveness of cooperation at all levels, sectors and localities. Continue to cooperate closely in defense and security; Building a peaceful, stable, cooperative and comprehensively developed Vietnam-Laos border; closely coordinating, searching for and collecting the remains of Vietnamese volunteer soldiers in Laos.
Regarding the focus of cooperation in 2025, the two sides agreed to focus on effectively implementing the agreements of high-ranking leaders; propose many strong and practical measures to continue deepening the political and diplomatic relations between the two countries; strengthen the pillar of defense-security cooperation... - Photo: VGP/Nhat Bac
At the same time, strengthen the connection between the two economies, promote Vietnam-Laos investment and trade cooperation. Accordingly, organize meetings between the leaders of the Lao Government and the Vietnamese business community; review and promote Vietnam's investment projects in Laos, and cooperation between businesses of the two countries. The Lao Government creates favorable conditions for large and key projects of Vietnamese enterprises; study and adjust regulations on implementation time in hydropower and mining investment in accordance with the new situation. The two sides promote strong trade growth, striving to increase bilateral trade turnover in 2025 by 10-15% 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 connectivity, studying resource mobilization plans to implement key projects such as the Hanoi-Vientiane expressway, the Vung Ang-Vientiane railway, in which both central and local resources, non-refundable aid, preferential loans from development partners and the participation of enterprises of the two countries are mobilized; promote the early completion of Vung Ang 1, 2, 3 port projects...; contribute to the strong implementation of 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, cross-border economic models, oil and gas depots in border areas... The two sides continue to prioritize and promote the improvement of quality 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, 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, in which they will continue to create maximum convenience for businesses 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 more and more, go deeper, more substantial, trustworthy and effective, contributing to constantly strengthening the great friendship, special solidarity and comprehensive cooperation between Vietnam and Laos in the coming time.
The two sides believe that the success of the meeting will create new momentum to help the cooperative relationship between the two countries develop further, in depth, practically, reliably and effectively - Photo: VGP/Nhat Bac
Prime Minister Pham Minh Chinh emphasized that the 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, doing what needs to be done, doing what needs to be done, and implementing what needs to be done must produce 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 in 2025 between the Vietnamese Ministry of Education and Training and the Lao Ministry of Education and Sports.
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