Press Release

Vietnam, Laos set up firm economic cooperation foundation

  • Jan 09, 2019
  • CPV

Completed projects have continued to be operated well,  including the Xecaman 1 hydroelectric plant, Muong Thanh Hotel in Vientiane, Unitel, the Nong Tha urban area and projects by the Vietnam Rubber Group.

Trade relations have also been considered a bright spot. According to Vietnam’s Ministry of Planning and Investment, in the first 11 months of 2018, the two-way trade turnover reached USD923 million, an increase of 14.1% compared to 2017. The figures fulfilled the growth of trade turnover set in the 40th meeting of the Vietnam-Laos Inter-Governmental Committee.

According to Vietnamese Ambassador to Laos Nguyen Ba Hung, Vietnam is one of the leading investors and large trade partners of Laos, with its projects having contributing to promoting the development of the Lao economy, creating jobs and income for Lao residents.

Apart from economic cooperation, the two sides are accelerating projects in traffic and transport in the framework of bilateral as well as sub-regional cooperation, and continuing to study the model “one gate - one stop” at the border gates of Lao Bao (Vietnam) and Denxavan (Laos).

Vietnam has also been Laos’ large partner in non-refundable assistance, with VND735 billion in 2018.

Political, diplomatic, defence and security cooperation has also been maintained and strengthened by strictly cooperating and supporting each other at regional and international forums.

This has been the 3rd time Prime Ministers Nguyen Xuan Phuc and Thongloun Sisoulith co-chaired the meeting of the Vietnam-Laos Inter-Governmental Committee, continuing to confirm the two countries’ priorities in developing their traditional relationship, special solidarity and comprehensive cooperation.

Ambassador Hung said few countries in the world conduct such regular exchanges of high level delegations like Vietnam and Laos.

During the 41st meeting of the Vietnam-Laos Inter-Governmental Committee, diverse measures were discussed to promote cooperation. Accordingly, the Lao Government will continue to make favourable conditions for Vietnamese businesses’ large projects, and promote the Nong Khang Airport.

The two sides agreed to lift bilateral trade turnover by 10% or more compared to 2018, while well realizing joint statements and agreements, and reinforcing and heightening the efficiency of bilateral cooperation in politics, diplomacy, defence and security.

The commitments have helped expand opportunities for Vietnam’s flow of investment to Laos and increased trade relations between the two countries.

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