Lao and Vietnamese Ministers of Industry and Commerce co-chair the 13th Vietnam-Laos Border Trade Development Cooperation Conference in Quang Ninh province. - Ministry of Trade of Vietnam
VIENTIANE: The Lao and Vietnamese commerce ministries have pledged to deepen border trade and economic ties to drive sustainable growth and strengthen the special friendship between the two countries.
The two ministries reaffirmed their commitment to increase trade volume during talks at the 13th Vietnam-Laos Border Trade Development Cooperation Conference held on Nov 7 in Quang Ninh province, Vietnam, according to the Ministry of Industry and Trade of Vietnam.
The meeting was co-chaired by Vietnam’s Minister of Industry and Trade, Nguyen Hong Dien, and Laos’ Minister of Industry and Commerce, Malaythong Kommasith.
Vietnam is one of Laos’ top trading partners. In the first nine months of this year, the value of two-way trade reached US$2.1 billion, ranking the third highest after China and Thailand, according to figures provided by the Lao Ministry of Industry and Commerce.
A meeting between the leaders of Laos and Vietnam on the sidelines of the Asean Summit in Malaysia last month agreed to set a target of annual two-way trade worth US$5 billion, a significant increase on the value of US$2.86 billion recorded in 2024.
The majority of goods traded between the two countries comprise chemical products, diesel fuel, rubber, electrical equipment and appliances, wood pulp, and other industrial materials.
Speaking at the meeting on Friday, Malaythong said border trade is not only economically important but also has deep political, cultural, and social significance.
“This is the lifeline of our great friendship and a driver of stable, sustainable growth for both nations,” Malaythong was quoted as saying.
Border trade gives Laos access to a broader range of goods and markets while enabling Vietnamese goods to reach the Lao market and beyond to third-country markets, he said.
Minister Nguyen Hong Dien urged participants to focus on key areas, including assessing progress and challenges in trade and investment, identifying solutions to strengthen bilateral trade, and improving infrastructure, logistics, and production capacity in border areas.
He said the conference should lay the groundwork for practical, sustainable cooperation based on innovation, digital transformation, and green growth.
“On the foundation of the great friendship, special solidarity, and comprehensive cooperation between our two parties, states, and peoples, I believe this conference will be a significant milestone, opening a new chapter of deeper, more effective cooperation between Vietnam and Laos,” he said.
Quang Ninh provincial Chairman Bui Van Khang said the annual conference serves as a key mechanism to review progress, address obstacles, and create favourable conditions for cross-border trade.
The conference and its related programmes are expected to open a new phase of bilateral cooperation, promoting trade, investment, industry, and infrastructure in border economic zones. - Vientiane Times/ANN
