Lao-Viet Expo opens in Vientiane
Lao-Viet Expo opens in Vientiane
The 2012 Lao-Viet Expo officially opened at Lao-ITECC in Vientiane yesterday, creating opportunities for businesses from the two nations to exhibit their products and explore market opportunities.
Deputy Minister of Industry and Commerce Ms Khemmani Pholsena and her Vietnamese counterpart cut a ribbon to officially open the five day annual trade fair, which features more than 250 booths.
The expo displays Vietnamese goods produced by 120 companies and Lao goods made by 90 companies. Most of the Vietnamese products are medical goods, construction materials and heavy machinery while Laos is mostly exhibiting textiles, furniture and handicrafts.
According to a media release from the organising committee, the event not only enables Lao and Vietnamese businesses to discover new markets but is also a platform for the sharing of information and technology, while encouraging business cooperation.
Many Vietnamese businesses consider Laos to be not just one of many growing markets in the region thanks to increasing consumption and economic growth, but also an important land bridge to markets in the northeast of Thailand.
Thailand is not only one of the largest investors in Laos but is also a main source of tourists, so the Vietnamese see Laos as a potential market for Thai consumers.
Speaking at the opening ceremony of the expo, Ms Khemmani observed that the trade fair was taking place as the two nations celebrate the 50th anniversary of diplomatic relations and the 35th anniversary of the friendship and cooperation treaty.
She said the trade fair was not simply an activity to mark the two historic occasions but aimed to create opportunities for businesses from the two countries to explore trade and investment opportunities and further cooperation.
Laos and Vietnam are planning to strengthen their economic cooperation as part of efforts to enhance their special relations. The two countries also plan to increase bilateral trade to US$2 billion in 2015 and US$5 billion in 2020.
To achieve these goals, Laos and Vietnam offer attractive investment and tax incentives to businesses in each country. Over the past 10 months of 2012, bilateral trade value between Laos and Vietnam reached US$750 million, about 24 percent more than in the previous year.
Bilateral trade between Laos and Vietnam increased by more than 20 percent in the period 2005 to 2010, according to the Ministry of Industry and Commerce.
vientiane times
