HCMC – Vietnam and Laos have reaffirmed their commitment to accelerating efforts to bring two-way trade to US$5 billion from US$2.2 billion in 2024, according to the VGP News.
The agreement was reached during the 47th Vietnam-Laos Intergovernmental Committee meeting held in Vientiane on January 9 when Prime Minister Pham Minh Chinh and his Lao counterpart Sonexay Siphandone discussed plans to strengthen bilateral ties and promote comprehensive cooperation.
Discussing cooperation in 2025, both government leaders emphasized the importance of enhancing political and diplomatic relations to provide strategic direction for their countries’ collaboration.
They also outlined plans to build a peaceful, stable, and cooperative border region that fosters development.
The two nations aim to boost economic integration by encouraging investment and trade cooperation. Plans include facilitating meetings between Lao government leaders and the Vietnamese business community and reviewing Vietnam’s investment projects in Laos.
Vietnam and Laos have set a target to increase bilateral trade by 10-15% in 2025 compared to 2024, with the ultimate goal of reaching US$5 billion as soon as possible.
Agriculture and rural development remain key pillars of economic cooperation, with both nations working to enhance the use of local currencies in bilateral trade.
A significant focus is on addressing infrastructure challenges and mobilizing resources for key connectivity projects, including the Hanoi-Vientiane expressway and the Vung Ang-Vientiane railway.
Efforts will involve leveraging central and local resources, non-refundable aid, concessional loans from development partners, and private sector participation.
In 2024, bilateral trade between the two nations reached US$2.2 billion, a 34% increase compared to 2023. Notably, Laos recorded a trade surplus of about US$732.7 million with Vietnam.
