On the morning of November 7, within the framework of the 13th Vietnam - Laos Border Trade Development Cooperation Conference in Quang Ninh province, Minister of Industry and Trade Nguyen Hong Dien and Lao Minister of Industry and Commerce Malaythong Kommasith visited the Thanh Cong Viet Hung automobile manufacturing plant.

Speaking at the event, Minister Dien said Vietnam currently has 15 automobile manufacturing and assembly plants, operated by eight major investors. Among them, Thanh Cong Group is a key player, owning two factories located in Ninh Binh and Quang Ninh.

According to the minister, the automobile, electronics, and textile–footwear industries have been the top three contributors to Vietnam’s import - export turnover over the past decade. Despite global challenges caused by trade conflicts and geopolitical competition, Vietnam has maintained a high economic growth rate, projected to reach between 8.3 and 8.5% this year. The industry and trade sector contributes roughly three-quarters of overall growth, with industrial production expanding by around 10.5% year-on-year, the same rate recorded for manufacturing and processing industries.

Thanks to the steady growth of the industrial and manufacturing sectors, by the end of October 2025, Vietnam’s budget revenue surpassed the annual target by 110%, equivalent to approximately VND 2.5 quadrillion. By year-end, this figure is expected to exceed 128 - 130% of the plan.

“In terms of trade, Vietnam’s import-export turnover reached about USD 740 billion in the first 10 months of 2025, and is forecast to hit a record USD 920 - 930 billion for the whole year. If achieved, this would mark the 12th consecutive year that Vietnam remains among the world’s top 15 - 20 economies in terms of trade value”, Minister Nguyen Hong Dien emphasized.

He noted that such results stem from strong and consistent policies that attract both domestic and foreign investors. These include favorable land policies, such as rent exemptions in the early years, and support for essential infrastructure like electricity, water, and information technology.

“To draw investment, we need open and enabling policies instead of focusing on immediate tax collection. Without proper incentives, it is difficult to attract investors”, the minister stressed.

Minister Nguyen Hong Dien highlighted Thanh Cong Group as one of Vietnam’s largest private conglomerates, operating in four major fields, automobile manufacturing and assembly, real estate and hospitality, finance and banking, and healthcare, including pharmaceutical and medical equipment production.

“We hope our Lao friends can explore this practical model and develop their own attractive investment policies in the future”, Minister said.

The minister added that with the Hyundai and Skoda brands, Lao consumers could directly purchase and experience vehicles manufactured in Vietnam. More importantly, the visit demonstrates Vietnam’s growing demand for raw materials, minerals, and rare metals,  areas where Laos holds a strong advantage.

“In the future, Laos can absolutely become a stable supplier for Vietnam’s manufacturing and export industries. We are in great need of raw materials, minerals, and energy, all of which Laos has in abundance. Therefore, this visit provides a valuable opportunity for both sides to better understand each other’s needs, strengthen connectivity, and foster mutually beneficial cooperation”, Minister Dien underlined.

Following the tradition of previous conferences, on the afternoon of November 7 in Quang Ninh, the Ministries of Industry and Trade of Vietnam and Laos will jointly hold the 13th Vietnam - Laos Border Trade Development Cooperation Conference. The event aims to review existing agreements, promptly listen to and address queries, remove obstacles, and create favorable conditions for border trade between the two countries to reach a new level of development.

The conference will be co-chaired by Vietnam’s Minister of Industry and Trade Nguyen Hong Dien and Lao Minister of Industry and Commerce Malaythong Kommasith. It will also see participation from representatives of central ministries and agencies, leaders of border provinces, provincial Departments of Industry and Trade, as well as representatives of businesses from both countries.