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Sunday, September 25, 2022

Vietnam-Laos trade advances in Jan-Jul

The Saigon Times

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HCMC – Two-way trade between Vietnam and Laos in the year to July improved 24.2% against the same period last year at nearly US$949 million, according to data from the Vietnam Trade Office in Laos.

Between January and July, Vietnam exported products worth almost US$586 million to Laos, soaring 48.2% year-on-year, while importing commodities valued at some US$363 million from the neighboring country, down a slight 1.6%, reported the Vietnam News Agency.

Vietnam’s main export products to Laos were fuels worth over US$39 million, surging 297%; and vegetables and fruits valued more than US$25 million, soaring over 96%. Other exports of Vietnam to Laos comprised fertilizers, cement, electrical wires and cables, paper and ceramics, all of which enjoyed growth in the first seven months of the year.

Vietnam mostly imported rubber, wood and wooden products, ores and other minerals from Laos.

In July alone, two-way trade between the two nations reached almost US$125 million, expanding over 54% compared to the year-ago figure. Of which, Vietnam’s export value hit nearly US$53.2 million, up nearly 34%. This is the third month in a row that Vietnam’s exports to Laos have soared.

Vietnam’s export turnover to Laos is expected to further advance this month as Laos’ economy has resumed stability, global fuel prices are also edging lower, and a growing number of Vietnamese businesses have visited Laos for trade promotion.

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