Laos, Vietnam should act to maintain annual trade growth rate of 10-15%: official

In an interview granted to the Vietnam News Agency in Vientiane on the outcomes of the state visit to Vietnam by General Secretary of the LPRP Central Committee and State President Thongloun Sisoulith from September 10-13, Thongsavanh affirmed that they include a commitment from both countries to continue prioritising and remaining "shoulder to shoulder" to each other, and consistently supporting the other in its national building, development, safeguarding and innovation cause, both in the current period and in the future.

To achieve the set target in terms of the bilateral trade growth rate, he proposed the two sides work together to promote the implementation of agreements and cooperation memoranda between the two Governments, as well as among ministries, sectors, localities, and businesses of both countries, and at the same time continue negotiations towards the signing of new ones in line with the actual situation and build a legal framework that facilitates bilateral collaboration.

It is necessary to have specific measures to enhance connectivity and support between the two economies, and also among the three economies of Laos, Vietnam, and Cambodia; and improve the quality and efficiency of investment cooperation, with a focus on important projects.

The official also stressed the importance of stepping up exchanges and coordination in macroeconomic management; and prioritising policies that encourage businesses to invest in areas where they each have strengths, particularly in energy, digital transformation, technology, agriculture, minerals and tourism, and promote the implementation of the Border Economic Zone model along the East-West Economic Corridor.

He suggested the two countries intensify trade promotion activities, build brand recognition, and establish distribution channels for Vietnamese and Lao goods; and encourage the use of local currencies in business, trade, and investment activities between the two countries.

Thongsavanh expressed his hope that Vietnam will provide all necessary conditions to facilitate Laos’s foreign trade through Vietnamese seaports.