Agreements facilitate Laos-Vietnam trade

The conference was co-organised by the industry and trade ministries of both countries. 200 firms from Vietnam and Laos attended.

At the conference, firms from the two nations were provided with all the contents of the two trade agreements together with list of goods which enjoy special preferences. These agreements are expected to boost bilateral trade while paving the way for Vietnamese businesses to expand their presence in Laos.

Phan Thanh Thu, Director of Hoang Anh Attapeu Sugar-Cane Co., Ltd, Attapeu Province, Laos said : "Sugar cane that we produced in Laos often saw difficulties when being brought to Vietnam in the past. But in recent years we’ve seen the reverse. For example, it is now much easier for us to export thousands of cows from Laos to Vietnam annually. So we’ll expand our business in farm produce in the near future".

Kaseumsack Keosayavongk, Chairman of Chaleunsap Group, Bolikhamsay Province, Laos said: "The exemption of tariffs on certain goods in Vietnam will enable our group to increase its presence in Vietnam".

Speaking at the conference, Vietnamese Deputy Minister of Industry and Trade Nguyễn Cẩm Tú stated that under the agreements, a large amount of goods will enjoy 50% to zero rate taxes.

Nguyen Cam Tu, Vietnamese Deputy Minister of Industry and Trade said "The two bilateral trade deals facilitate a large number of traded goods. For example, previously, goods produced by Laos-based Vietnamese firms did not enjoy tax or procedure preferences when being exported to Vietnam. However, the situation has changed under these two trade agreements, so more investment is likely to happen".

As planned, similar conferences will be held in the Laos capital of Vientiane and in Luang Prabang Provinces soon by the ministries of industry and trade of both countries. This is expected to elevate trade and investment ties between the two nations.