Viet Nam and Laos Set Ambitious Goal: Boost Bilateral Trade by 10-15 Percent

Hanoi, The Gulf Observer: Vietnamese Prime Minister Pham Minh Chinh and his Lao counterpart Sonexay Siphandone have committed to expanding bilateral trade turnover between Viet Nam and Laos by 10-15% in 2024 compared to 2023. The announcement follows the 46th meeting of the two countries’ Inter-Governmental Committee.

The leaders noted strengthened political relations and the effectiveness of the Intergovernmental Committee in promoting cooperation agreements across various sectors. The two nations achieved 13 sets of tasks outlined at the 45th meeting, and cooperation in security, defense, and border development emphasized peace, stability, friendship, and comprehensive development.

The total bilateral trade turnover in 2023 reached about $1.6 billion, with Vietnam’s investment capital in Laos reaching $116.6 million, a 65.3% increase compared to 2022. The leaders pledged to continue implementing agreements between the Politburos of both countries and outcomes from high-level meetings.