VIENTIANE: The governments of Laos and Vietnam have set an ambitious target of US$4 billion in bilateral trade in 2026 and US$10 billion by 2030, following continued growth in commerce between the neighbouring countries.
The target was reiterated during talks between Lao Minister of Industry and Commerce Malaithong Kommasith and Vietnamese Minister of Industry and Trade Le Manh Hung in Hanoi, Vietnam, on July 31, as the two sides reviewed progress in implementing their annual cooperation plan and discussed measures to deepen economic cooperation.
According to the Ministry of Industry and Commerce, the meeting followed agreements reached by the senior leaders of the two countries and built on the outcomes of the 48th meeting of the Laos-Vietnam Intergovernmental Committee.
The two ministers welcomed the steady expansion of bilateral trade, which reached US$3.196 billion in 2025, an increase of 12 per cent compared to 2024. They agreed to step up cooperation to achieve this year’s trade target of
US$4 billion, while working towards the long-term goal of US$10 billion by 2030.
The two sides described cooperation between their ministries as a key driver of broader economic relations and pledged to strengthen coordination in several strategic sectors.
In the trade sector, officials reviewed progress towards the 2026 trade target and discussed plans to promote the development of cross-border economic and trade zones to facilitate investment and commerce.
Energy cooperation also featured prominently in the discussions. Both sides agreed to expand collaboration in electricity trading and cross-border energy infrastructure to strengthen regional energy links.
They also pledged to ensure the effective implementation of government-to-government fuel supply arrangements to enhance long-term fuel security and advance plans for a Laos-Vietnam oil pipeline.
The ministers also discussed expanded cooperation in mining and industrial development, including resolving investment challenges and promoting the establishment of mineral processing industrial parks.
The two sides agreed to strengthen coordination between relevant agencies, identify and address outstanding issues, and develop appropriate policies and mechanisms to support the implementation of agreed projects and cooperation plans.
They also expressed appreciation for the efforts of technical agencies and businesses from both countries in advancing bilateral cooperation and reaffirmed their commitment to preserving the longstanding friendship and special solidarity between Laos and Vietnam while promoting economic integration for the mutual benefit of both countries. - Vientiane Times/ANN
