HCMC – Bilateral trade between Vietnam and Laos reached more than US$1 billion in the first eight months of this year, surging 27% year on year.
Vietnam spent US$662 million on imports from Laos and exported products worth US$414.5 million to this neighboring country, up 50.7% and 1.37% respectively, the news site Vietnamplus reported.
With the current growth rate, the total trade turnover between the two countries is expected to reach US$1.6 billion, up around 20% year on year.
The figure will reach the target set by the leaders of the two countries at the 44th session of the Vietnam-Laos Intergovernmental Committee on Bilateral Cooperation in January.
Vietnam exports petroleum products, vehicles and machines to Laos. Meanwhile, its main imports from Laos include electricity, gold, paper, paper products, copper ore, rubber and agricultural products.
Vietnam ranks third among the largest exporters to Laos. Besides, total trade between Laos and other countries worldwide reached US$8.97 billion in the first eight months of this year, down 1.1%, of which exports reached US$4.65 billion.