According to the assessment, the trade relationship between Vietnam and Laos and Thailand in recent years has achieved certain achievements. It is necessary to continue to promote the advantages of increasing trade in the coming time.

According to the assessment from the Ministry of Industry and Trade of Vietnam, the friendly cooperation relationship between the two countries Vietnam and Laos has increased in many fields and achieved certain achievements, significantly contributing to the development of the two countries.

Moreover, the two nations' trade and cooperation relations have traditionally progressed favorably, deepening and growing more substantial. Trade relations in general and border trade between the two nations in particular have changed since the 11th Conference on Border Trade Development Cooperation between the two countries in 2018 until the present.

This is reflected in the impressive growth rate, not only compared with Vietnam-Laos trade in previous years but also compared with the growth of trade turnover between Vietnam and many other countries in the region.

After a period of being affected by the COVID-19 epidemic and natural disasters, floods caused trade between Vietnam and Laos to face a number of obstacles and difficulties, from the beginning of 2021 onwards, trade between the two sides has increased. With strong growth, the balance of exports and imports is relatively balanced. Therefore, the structure of import and export of goods has changed in a sustainable way, and the list of goods exchanged between the two countries has been increasingly expanded, diversified and richer.

According to statistics of the Ministry of Industry and Trade, the bilateral trade turnover between Vietnam and Laos in 2020 will reach more than 1 billion USD, down 11.5% compared to 2019; in which, exports of Vietnam to Laos reached 571.7 million USD, down 18.5% compared to the previous year. In the opposite direction, Vietnam's import turnover from Laos reached 458.1 million USD, down 0.7%.

However, by 2021, trade turnover between Vietnam and Laos will reach 1.37 billion USD, up 33.3% over the previous year. Of these, Vietnam's exports to Laos reached US$594.7 million, up 4% over the previous year and Vietnam's import turnover from Laos reached US$778.2 million, up 69.8%.

In the first 5 months of 2022, Vietnam - Laos trade turnover reached 708.2 million USD, of which, Vietnam's exports to Laos reached 247.2 million USD. The main export items of Vietnam to Laos include products from iron and steel, means of transport and spare parts, machinery, equipment, tools, other spare parts, fertilizers of all kinds, plastic products, Vegetables...

Trade turnover between Vietnam and Thailand increased 7 times

Thailand is one of the partners with a large import and export turnover, with a total trade value that is always among the 10 countries with the largest trade relations with Vietnam. According to statistics from the International Trade Center (ITC), Vietnam's trade turnover with Thailand has increased sevenfold, from 2.31 billion USD in 2004 to 16.58 billion USD in 2020. the average growth rate is more than 11%/year.

In 2021, import-export turnover between Vietnam and Thailand will reach nearly 19 billion USD, up 17.9% compared to 2020. This is the highest two-way trade turnover between Vietnam and Thailand since before until now.

In the first 5 months of 2022, the import-export turnover between the two countries reached nearly 8.57 billion USD, of which, Vietnam's export to Thailand reached 2.95 billion USD, up 15.6%; Vietnam's imports from Thailand reached 5.26 billion USD, up 3.5%.

Although being a powerhouse in exporting agricultural products in the world, Thailand also has a great demand for importing fresh fruits and vegetables. This is an opportunity for Vietnamese agricultural product exporters to explore this potential market worth billions of dollars. Currently, products such as seafood, vegetables, cashew nuts, coffee, pepper, and many items such as fresh fruits of Vietnam are also being favored by Thai consumers.