AEM-54: Vietnam affirms importance of economic ties with Laos

The meeting took place in Phnom Penh, Cambodia on the sidelines of the 54th ASEAN Economic Ministers’ Meeting (AEM-54).

Dien appreciated growth in bilateral trade ties, with two-way trade surging by 27% year-on-year to nearly 1.1 billion USD in the first eight months of 2022.

However, the figure is not commensurate with the two sides’ special friendship and comprehensive solidarity as well as their potential, he noted.

To fully tap the potential, the Vietnamese minister proposed his Lao counterpart encourage the two countries’ businesses to cooperate and invest in the fields that can serve their production and export.

Vietnam will increase the import of electricity from Laos and support the country overcome economic difficulties, Dien affirmed, suggesting the Lao ministry coordinate closely with the Vietnamese side to soon complete negotiations towards the signing of bilateral cooperation documents such as the amended trade agreement, and a memorandum of understanding on border trade infrastructure connectivity and development between the two nations.

Malaythong Kommasith thanked the Vietnamese ministry for supporting Laos' imported petroleum transit through Vietnam. In this regard, the two ministers agreed that it is necessary to have more specific plans in the medium and long terms to ensure a sustainable and stable supply of this fuel, including the development of transport connectivity between the two countries.

They also agreed to encourage and create favourable conditions for businesses’ cooperation to maximise their potential and make better use of investment opportunities.