Vietnamese products gain ground in Lao market
Vietnamese products gain ground in Lao market
Vietnamese products seem to be becoming more popular in the Lao market as imports from Vietnam to Laos reached US$457.9 million this year, an increase of 8.7 percent compared to the previous year.
The Lao and Vietnamese Ministries of Industry and Commerce together set the target of US$2 billion in bilateral trade by 2015 and hope to further increase it to about US$5 billion by 2020.
Import and export volumes in the past and trade exhibitions each year have resulted in trade between the two countries nearly reaching their goal, with 2013 bilateral trade volumes reaching over US$1 billion.
Then, in the first half of this year trade volumes reached over US$766 million, an increase of 51 percent compared to the same period in the year 2013, according to Deputy Minister of Industry and Commerce Mr Siewsavath Savengseuksa.
He told local media that trade relations between Laos and Vietnam have actively developed over the past years and although there were some impacts from the global and regional economic downturn, trade exchange between the two countries has grown dramatically in 2012 and 2013.
In 2013, Vietnamese businesspeople have invested in a total of 412 projects worth over US$5 billion and the country ranked third for foreign investment in Laos.
There are now more than 750 Vietnamese business units operating in Laos, Commercial Counselor of Vietnam Embassy to Laos Mr Tran Bao Giam revealed at the recent trade meeting among the Lao and Vietnamese Businesswomen's Associations.
He said trade volume has continually grown in 2012-2013 compared to other countries trading in Laos.
Import and export values increased to 17.1 percent in 2012, and in 2013 trade volume between the two countries achieved US$1,126 million, an increase of 30 percent compared to 2012.
Meanwhile imports from Vietnam to Laos reached US$457.9 million last year, an increase of 8.7 percent.
The main imports included petroleum types (US$41.6 million), an increase of 27.6 percent; metals and irons (US$31 million), a reduction of 30.5 percent; and transport vehicle and parts (US$15.3 million), which were up by 36.6 percent.
Exports from Laos reached over US$337.2 million in the first four months, an increase of 75.4 percent compared to the same period in the past year. Export items were dominated by wood and furniture products (US$262.6 million), an increase of 113 percent, according to Tran Bao Giam.
Varieties of products produced in Vietnam are becoming more popular in the Lao market, which is experiencing continually high demand, according to the Chairman of Women's Small and Medium Enterprises Association in Hanoi Ms Mai Thi Thuy.
Ms Mai believed that business matching between Lao and Vietnamese business people will help foster even greater trade volumes, especially in handicraft processing, foods, cosmetics, clothes, machinery and construction materials.
vientiane times
