Laos and China will co-chair the virtual meeting, the statement said.
LMC consists of six countries, namely China, Cambodia, Myanmar, Laos, Thailand, and Vietnam.
Under the theme "Enhancing Partnership for Shared Prosperity", the leaders will review the progress made pursuant with the directions set by the Sanya Declaration in 2016; Phnom Penh Declaration in 2018; and the Five-Year Action Plan on LMC (2018-2022), the statement said.
The leaders will also chart future directions for widening cooperation, and further promote the mutual trust as well as strengthen partnership among the LMC countries.
"The leaders will also focus on the LMC's collective efforts in addressing the Covid-19 pandemic and promoting the post Covid-19 socio-economic recovery," the statement said.
"The 3rd LMC Leaders' Meeting will highlight the significance of sustained peace and long term sustainable development in the Lancang-Mekong region as well as promote peaceful co-existence among the LMC countries," it added.
Lancang is the Chinese name for the upper reaches of the Mekong River, and the trunk stream stretches over 4,000 km through the six countries.