Vietnam, Laos border trade agreement passed
Vietnam, Laos border trade agreement passed
The Government has approved the border trade agreement between Vietnam and Laos, which was inked on June 27, 2015 in the central province of Nghe An.
Ministry of Foreign Affairs has been instructed to process necessary foreign procedures relating to the agreement in accordance with regulations and laws. The agreement is expected to create a legal basis for boosting bilateral trade in line with the two countries’ time-honoured friendship and comprehensive cooperation. It is expected to help achieve the joint objective of increasing two-way trade to 2 billion USD in 2015.
In recent years, border trade between Vietnam and Laos has grown, with a larger number of businesses involved and import-export demands on the rise. Administrative procedures and policies have improved while the infrastructure along the border has been upgraded. Efforts to prevent smuggling and counterfeit goods trade have also yielded positive results.
The new border trade agreement comprises 23 articles and stipulates that all border gates on land are open to trade.
The import tax rates for goods made in Vietnam and Laos, as well as various products made by Vietnamese investors in Laos, will be zeroed.
The agreement also regulates payments for trans-border trade, controls the transportation of cash via border gates and manages entry-exit regulations for humans and vehicles.
According to the document, the Governments of Vietnam and Laos agreed to set up a joint Steering Committee on Border Trade and organise a biennial cooperation conference on the development of Vietnam-Laos border trade. It also encourages the establishment of a border trade entrepreneurship association.
