Vietnam-Laos trade hits $1.37 bn in 2021, up by 33.3% over 2020 figure

13 Apr '22

1 min read

Pic: Ministry of Industry and Trade Web Portal (MOIT)

Vietnam-Laos trade hit $1.37 billion in 2021—up by 33.3 per cent from the 2020 figure. Vietnam imported goods worth $780 million from Laos, an annual rise of 70 per cent, according to Vietnamese minister of industry and trade Nguyen Hong Dien, who recently participated in the 12th Vietnam-Laos border trade development cooperation conference in Vientiane.

The conference, also attended by his Lao counterpart Khampheng Xaysompheng, agreed to seven cooperation orientations for future.

The results of bilateral trade have been impressive, but yet to be on par with commercial potential of both countries, Dien noted.

The conference discussed causes behind the issue like ineffective policies to attract investment in production, infrastructure, transport and logistics in border areas, as well as slow construction of infrastructure projects, particularly inter-district roads, according to an official release from the Vietnamese ministry.

Documents signed between the two nations like the Vietnam-Laos Free Trade Agreement and the 2007 Hanoi Agreement will be reviewed and amended to make them more suitable to the current situation.

The two sides also agreed to facilitate the flow of products, particularly farm produce, into each other's market, and team up in combating commercial fraud and cross-border smuggling.

Fibre2Fashion News Desk (DS)

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