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Monday, July 22, 2024

Vietnam-Laos trade soars in H1

The Saigon Times

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HCMC – Bilateral trade between Vietnam and Laos totaled over US$824 million in the first half of 2022, up 20.6% year-on-year.

Vietnam exported fuels worth US$30.2 million to Laos, skyrocketing 254.7% year-on-year, while shipping US$22.4 million worth of vegetables and fruits to the latter, up 78%. The exports of other Vietnamese items such as fertilizers, electrical wires and cables, cement, paper and apparel to Laos also grew strongly during the six-month period, according to the Vietnam Trade office in Laos.

Vietnam mainly imported ores, minerals, wood and rubber from Laos, the local media reported.

In June alone, two-way trade soared by 29.5% year-on-year at some US$134 million. Vietnam exported US$55 million worth of goods, mainly oil and gasoline products, to the Lao market, up 11% year-on-year, while spending over US$79 million on imports from Laos, up 47% year-on-year.

Vietnam’s exports to Laos are forecast to continue growing in July as the latter’s economic development gradually becomes stable after the Lao Government approved a credit package for 200 million liters of fuels, and more Vietnamese firms are tapping the Lao market.

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