Visit boosts Vietnamese-Lao energy, mineral cooperation

Lao Prime Minister Sonexay Siphandone (right) meets with Vietnamese Minister of Industry and Trade Nguyen Hong Dien on April 8 in Vientiane, Laos

Leading the delegation, Vietnamese Minister of Industry and Trade Nguyen Hong Dien held talks and meetings with Laos officials and witnessed the signing of cooperation agreements between the two countries’ businesses and governments from April 6-8.

On April 7, Minister Dien had a meeting with Lao Minister of Energy and Mines Phosay Sayasone to discuss facilitation of bilateral energy cooperation.

In the field of electricity, the two ministries had made recommendations on increasing Vietnam’s import of electricity from Laos, as well as creating conditions for the development and approval of investment projects between the two countries. The two parties agreed to find solutions to reduce the price of coal imports/exports, and address a number of issues related to hydroelectric plants and commodity exchange between Laos and Vietnam.

On the same day, Minister Nguyen Hong Dien and Minister Phosay Sayasone signed a Memorandum of Understanding (MoU) on energy and mineral cooperation, marking a new step in the bilateral energy cooperation.

A new Vietnam-Laos Trade Agreement was signed on April 8 by Minister of Industry and Trade Nguyen Hong Dien and Lao Minister of Industry and Commerce Malaithong Kommasith.

The agreement consists of five chapters, covering important issues of market regulations on access to goods and services; facilitation and promotion of trade, especially e-commerce; as well as cooperation against smuggling, trade fraud, money laundering and illegal border trade.

The agreement is expected to further strengthen and consolidate the comprehensive cooperation between Vietnam and Laos, while also promote market access for goods and services, and create sustainable, long-term connections.

On April 8, the two ministers witnessed the signing of an MoU by the Vietnamese Ministry of Industry and Trade’s Market Surveillance Agency and Lao Ministry of Industry and Commerce’s Department of Competition and Trade Inspection.

According to the MoU, the two parties will strengthen cooperation in policy information; civil servants training and development; information and experience exchange to prevent and combat violations; and collaboration against smuggling, trade fraud, and illegal merchandise transportation.

Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Lao Minister of Energy and Mines Phosay Sayasone sign a Memorandum of Understanding on energy and mineral cooperation on April 7

Giving a speech at the signing ceremony, Director of the Market Surveillance Agency Tran Huu Linh affirmed the MoU implementation will help strengthen the bilateral efforts in combating counterfeit goods, especially those related to border trade.

On the same day, the two ministers witnessed the signing of an MoU on building warehouses and conveyor belts for importing coals through the La Lay border, signed by Green Peace Holdings (PG Holdings) and the Vietnamese National Research Institute of Mechanical Engineering and Phonesack Group (PKG).

This MoU promises to open up many new opportunities for coal and energy transportation cooperation. Specifically, the conveyor belts will help shorten transportation time, increase the flow of coal cleared through customs, and reduce traffic congestion and environmental pollution in the countries’ border areas, where the volume of coal transportation is estimated at 25 to 30 million tonnes per year.

At the end of the visit, on the afternoon of April 8, Minister Nguyen Hong Dien had a meeting with Lao Prime Minister Sonexay Siphandone. The PM highly appreciated the cooperation between the Ministry of Industry and Trade of Vietnam and Lao Ministry of Energy and Mines.

Prime Minister Sonexay Siphandone also asked the three ministries to actively exchange information and share experiences, and help the two countries’ businesses overcome difficulties, especially in coal and electricity import/export, in order to improve the bilateral cooperation in trade, energy and minerals.