Lao-Vietnam expo to boost economic ties
Lao-Vietnam expo to boost economic ties
The Lao Ministry of Industry and Commerce and the Vietnamese Ministry of Industry and Trade are set to further their increasing bilateral trade cooperation over the coming years through various trade activities.
To this end the 8th Lao-Vietnam Expo 2015 was officially launched at Lao-ITECC in Vientiane yesterday.
The expo, which will run until July 6, is aimed at promoting economic cooperation, trade and investment between the two neighbouring countries.
This year's expo will feature a variety of Lao and Vietnamese products including handicrafts, consumer goods, machinery, foodstuffs and household effects.
More than 250 booths are on display at the expo, providing a good opportunity for local and foreign exhibitors to showcase their products as well as foster business cooperation with local importers.
Speaking at the event, Deputy Minister of Industry and Commerce Mr Somchith Inthamith said the two sides intend to organise many trade activities to boost the trade value between the two countries in the years to come.
“Trade at the borders is also one of the most important cooperation ties for boosting economic cooperation between Laos and Vietnam. This also includes the agreements that were recently signed between the two sides in the area of customs duties exemptions,” he said.
Deputy Minister of Industry and Trade of Vietnam Mr Nguyen Cam Tu also said that this year's expo appeared to be more interesting because a wider variety of products are on display at the five day-long expo in Vientiane.
“This is a good deed for both countries to boost the trade value and economic cooperation generally,” he said, noting that this expo will enable businesspeople from the two countries to enjoy close interaction with each other and build further business cooperation ties.
Mr Tu also reported that the trade value between the two countries was recorded at US$1.29 billion in 2014, which increased by more than 20 percent if compared to the same period for 2013.
According to the bilateral trade cooperation plan, the trade value between the two countries should reach US$2 billion in 2015 and a total of US$5 billion is set for 2020.
At the end of 2014, the combined value of 450 Vietnamese investment projects in Laos amounted to US$5 billion, putting Vietnam amongst the top foreign investors in Laos.
