Vietnam and Laos look forward to raising two-way trade to 2 billion USD

ABO/NDO- At the Vietnam-Laos Bilateral Trade Promotion Forum 2022, many commented that with average trade growth rate of over 10% per year, two-way trade between Vietnam and Laos will soon reach 2 billion USD.

Regarding investment, Laos is one of the countries and territories that Vietnam is investing the most, currently Vietnam ranks third among the largest investors in Laos, focusing on the fields of agriculture, banking, finance, telecommunications, processing and manufacturing.

Delegates pose for a group photo at the forum.

According to Somvixay Vongthilath, Deputy Director of Trade Promotion Department under the Ministry of Industry and Trade of Laos, in order to soon achieve the target of 2 billion USD, in addition to promoting the achieved results it is also necessary to specify the limitations, shortcomings as well as obstacles on administrative mechanisms, policies and procedures.

According to a representative of Vietnamese businesses in Laos, the two governments should soon study and upgrade the road connecting Vietnam and Laos, in which it is necessary to soon build the Hanoi-Vientiane Expressway to reduce time and costs in the import and export of goods between the two countries.

In addition, more attention should be paid to attract more participation of enterprises of the two countries in economic, investment and trade cooperation and in specific fields such as trade infrastructure, the retail distribution system, and the processing industry.

The Vietnam-Laos Bilateral Trade Promotion Forum 2022 was held by the Ministry of Industry and Trade of Vietnam and the Ministry of Industry and Trade of Laos on November 25, attracting the participation of a large number of businesses from the two countries together with representatives of state management units.

(Source: NDO)