VN, Laos vows to boost trade to new heights

VN, Laos vows to boost trade to new heights

Việt Nam and Laos pledged to elevate cross-border trade and economic cooperation to a new height, unlocking potential for investment, industrial development and logistics between the two countries, heard a conference on Friday.

At the 13th Việt Nam – Laos Border Trade Development Cooperation Conference in Quảng Ninh Province on Friday. — VNA/VNS Photo

The commitment was made at the 13th Việt Nam – Laos Border Trade Development Cooperation Conference, jointly held by the Vietnamese Ministry of Industry and Trade and Laos Ministy of Industry and Commerce in Quảng Ninh Province.

Vietnamese Minister of Industry and Trade Nguyễn Hồng Diên said that economic and trade cooperation between the two countries, particularly border trade, have seen significant growth despites increasing global economic uncertainties and geopolitical instability.

He emphasised huge potential for further trade and investment cooperation between the two countries, adding that this conference marks an important stop towards further tapping the potential.

Diên called for review of existing agreements to identify obstacles in bilateral trade and investment, through which practical solutions would be raised to facilitate trade, improve border infrastructure and expand logistics capacity.

He also urged policies to promote investment in production and processing for exports to be raised, especially in border areas, stressing that the two countries are aiming for a new phase of cooperation, more efficient, more sustainable in line with digital and green development.

Lao Minister of Industry and Commerce Malaythong Kommasith at the conference said Việt Nam - Laos border trade cooperation is not only economically important but also carries profound political, cultural, and social significance.

For Laos, border trade with Việt Nam offers opportunities to expand markets and access diverse supplies, while for Việt Nam, it opens the door for deeper market penetration into Laos and beyond, he said.

The annual conference is a key mechanism to implement the Việt Nam – Laos Cooperation Strategy for 2021–30, aiming to advance bilateral trade and investment, promote the development of border economic zones, and improve livelihoods for residents in border areas. 

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