Laos enjoys trade surplus in controlled goods via VN
Laos enjoys trade surplus in controlled goods via VN
Laos enjoyed a trade surplus in controlled goods through Vietnam in the first six months of 2021 despite the transport difficulties caused by Covid-19 prevention measures.The total value of the trade in imports and exports of controlled goods through Vietnam in the first six months of this year was about $314 million, of which the value of exports reached $216 million and imports stood at $98 million, according to the Lao Ministry of Industry and Commerce.
Controlled products shipped by Laos to third countries through Vietnam included gold ore, copper ore, red copper plates, iron ore and household appliances. Controlled goods that were imported into Laos through Vietnam included wood and paper waste.
Laos’ main exports to third countries were copper ore, gold ore, copper plate, iron ore and household appliances. The main products imported into Laos were wood pulp and scrap paper for new products and aluminium ore.
The main markets to which Laos exported goods through Vietnam were China, India and Hungary, while goods imported to Laos through Vietnam mostly came from the US, Canada and South Korea.
The value of general goods exported from Laos to Vietnam was recorded at $1 billion last year.
Vietnam is Laos’ third largest trading partner after Thailand and China. Vietnam was Laos’ third largest investor from 2016-2020 with registered capital of $4.2 billion, an increase of 35 per cent compared to 2010.
This was among the significant achievements in bilateral economic cooperation revealed during the 43rd session of the Vietnam-Laos inter-governmental committee held in Hanoi on December 6.
In 2020, Vietnam saw a breakthrough in its investment activities in Laos with total registered investment capital of $143 million, including nine new and existing projects, representing an increase of 130 per cent year-on-year.
These included major infrastructure projects, such as the Vung Ang port, Nong-khang Airport, roads and railways, and Laos’ new National Assembly building.
As part of the cooperation strategy for 2021 and the next 10-year period, Laos and Vietnam have agreed to further boost economic cooperation, especially in trade, infrastructure and telecommunications, while seeking financing from international partners for joint projects.
