Vietnam, Laos strengthen trade relations

Vietnamese Ambassador to Laos Nguyen Ba Hung (3rd from right) visits a stall at the VIETLAO EXPO 2024 (Photo: VNA)

At the opening ceremony on July 25, Vietnamese Ambassador to Laos Nguyen Ba Hung remarked that economic cooperation has become a longstanding foundation in the bilateral relationship and is showing sound development. Vietnam has consistently been one of Laos's top three largest trading partners, with bilateral trade reaching 928 million USD by the end of June, an annual increase of 11%.

Hung expressed his hope that their trade volume would exceed the 10% growth target set for this year by their senior leaders at the 46th meeting of the Vietnam-Laos intergovernmental committee.

The diplomat noted that many Vietnamese investment projects in Laos are operating effectively, significantly contributing to the local socio-economic development, creating jobs, raising incomes for thousands of workers, and increasing the Lao state budget's revenue. Looking ahead, the two governments aim to raise the bilateral trade to 2 billion USD by maximising the two sides’ potential for commercial cooperation.

The expo features around 250 booths of businesses, with the Vietnamese section comprising 120 standard booths of nearly 80 reputable companies across various sectors such as pharmaceuticals and medical equipment, agro-forestry-fishery and processed foods, textiles and fashion, handicrafts, interior and exterior decoration, and consumer goods, among many others.

Vietnamese businesses participating in the expo aim to promote the national image, boost exports, expand distribution networks in Laos and northeastern Thailand, and showcase the strengths of Vietnamese industries. The event serves as an effective bridge for trade organisations, manufacturers, and investors from both countries to exchange experiences, transfer technology, and explore investment opportunities.