Laos, Vietnam agree to deepen economic cooperation
Laos, Vietnam agree to deepen economic cooperation
Lao and Vietnamese leaders have agreed to further deepen their economic cooperation to increase their bilateral trade volume and facilitate the work of Vietnamese firms operating in Laos.
The agreement was reached during a visit to Vietnam by Prime Minister Thongloun Sisoulith from May 15-17 in response to an invitation from his Vietnamese counterpart Nguyen Xuan Phuc.
The two prime ministers agreed to coordinate for the effective implementation of agreements signed between the two countries last year, including a trade agreement, a border trade pact, and a Memorandum of Understanding on transport cooperation for 2016-25, according to a Vietnam News report.
They agreed to bolster the operations of Vietnamese firms investing in Laos as well as expand the ‘one stop, one check' model at border crossings, while striving to raise bilateral trade revenue by 20 percent in 2016, compared to 2015.
Currently the two countries are implementing the ‘one stop, one check' model at the Dansavan-Lao Bao international border crossing in Savannakhet province.
The system aims to simplify administrative procedures by minimising the amount of offices that importers/exporters and their drivers have to visit and the amount of paperwork they have to complete. Lao economists are optimistic that Mr Thongloun's visit to Vietnam will serve as a driving force for boosting economic cooperation between the two nations.
It was Mr Thongloun's first visit to a foreign country since he was elected Prime Minister last month.
During his visit, three cooperation agreements were signed between government sectors of the two countries.
Two of the documents related to planning and investment cooperation and an agriculture allocation zone project in Xieng Khuang and Huaphan provinces.
The t wo governments also reached consensus on effectively carrying out several agreements signed in 2015, notably those relating to trade an d investment.
Mr Thongloun said Laos will provide favourable conditions for Vietnamese companies to invest and carry out their operations in Laos, striving for 20 percent growth in bilateral turnover this year.
As of March this year, Vietnam's investments in Laos stood at about US$5 billion, according to a Tuoi Tre News report.
Laos tops the list of 68 countries and territories that have business operations in Vietnam, while Vietnam ranks second among the nations investing in Laos.
Vietnamese enterprises have carried out many successful operations in Laos, contributing to the country's socio-economic development.
Among them are investment projects owned by the Hoang Anh-Gia Lai Group, branches of Vietnamese venture banks, telecommunication projects operated by Vietnam's largest mobile operator Viettel, and plans to build distribution networks for oil and gas by the Vietnam National Oil and Gas Group and Vietnam National Petroleum Group.
