Hanoi: The Vietnamese Ministry of Industry and Trade (MoIT) and the Lao Embassy in Vietnam have reaffirmed their commitment to strengthening economic, trade, and industrial energy cooperation between the two nations. This affirmation was made during a working session in Hanoi, attended by Vietnam’s Minister of Industry and Trade, Nguyen Hong Dien, and Lao Ambassador to Vietnam, Khamphao Ernthavanh.
According to Lao News Agency, Minister Dien highlighted the significant achievements in Vietnam-Laos trade relations during 2024, noting that bilateral trade turnover reached an estimated 2.2 billion USD. This figure marks a nearly 34% increase compared to 2023 and is the first time the trade turnover has surpassed the 2 billion USD mark, exceeding the target set by both governments. Dien attributed this success to the collaborative efforts of the governments, authorities, and businesses in both countries, including the contributions from the ministry and the embassy.
Dien also discussed the Vietnam-Laos trade agreement, announcing that the Ministries of Industry and Trade from both countries have completed the necessary procedures for governmental approval of the new agreement signed on April 8, 2024. The Minister urged Ambassador Khamphao to expedite the internal procedures with Lao authorities and promptly communicate the official effective date to enable swift implementation and realization of the agreement’s benefits.
In the energy and mineral sectors, Dien emphasized the importance of these areas in the economic relationship between Vietnam and Laos. The cooperation in coal and electricity trade in 2024 produced positive outcomes, aligning with Vietnam’s socio-economic development needs and helping to harness Laos’s potential, thereby contributing to its economic growth.
Ambassador Khamphao echoed the minister’s sentiments regarding the impressive achievements in recent bilateral relations. She expressed appreciation for Vietnam’s role in stabilizing the Lao fuel market by supplying 36 million litres of gasoline and oil in 2024, which was crucial in maintaining domestic market stability in Laos.
Both officials expressed optimism for the upcoming 47th meeting of the Vietnam-Laos Intergovernmental Committee, scheduled for January 2025 in Laos, and anticipated successful outcomes from the discussions.
