The Hanoi and Vientiane Departments of Industry and Trade (Vietnam and Laos, respectively) jointly organized a conference to exchange best practices in state administration of industry and trade in the afternoon of July 3, 2023.

As a response to the Vietnam-Laos Friendship and Solidarity Year 2023 and to put into practice through specific activities the Memorandum of Understanding on cooperation between the Department of Industry and Trade of Hanoi Capital and the Department of Industry and Trade of Vientiane Capital for the period 2022-2025, signed in Vientiane Capital on January 4, 2022, the aforementioned conference was organized to actively contribute to the implementation of the contents of the Memorandum of Cooperation Agreement, which was signed by the Party Committee and the authorities of the two capitals, Hanoi and Vientiane, respectively, and its contents.

In 2022, the amount of investment capital from Vietnam to Laos will reach 180 million USD, marking a 52.5% rise over the previous year. To far, Vietnam has invested 5.34 billion USD over 214 projects in Laos, putting it third in the rankings after only China and Thailand. The ranking of the 79 nations and territories that have received investments from Vietnamese businesses consistently ranks Laos at the top.

The capital of Hanoi, Vietnam, got 10.5 million USD in foreign direct investment (FDI) from Laos, according to data. Laotian companies put their money into several different industries, including banking, insurance, real estate, vehicle maintenance (motorcycles and cars included), and more.

The acting director of the Hanoi Department of Industry and Trade, Comrade Tran Thi Phuong Lan, met with a delegation from the Vientiane Department of Industry and Trade during the conference's working session to share her insights and advice on how to carry out state management duties in the sector of industry and trade in Hanoi Capital. Additionally, Comrade Tran Thi Phuong Lan hoped that the two Trade and Industry Departments would aggressively implement the contents of the signed minutes.

The 2023 trade and craft village promotion mission in Laos was arranged with great success by the Hanoi and Vientiane Departments of Industry and Trade. The trip took place in April of that year.

With the signing of thirteen Memorandums of Understanding between enterprises in Hanoi and Laos, the initiative proved to be quite successful. Businesses and artisan villages in Hanoi, Vientiane Capital, and Luang Prabang province may benefit greatly from the program's potential to improve raw material areas, promote exchanges, share experiences, and enhance product trade.

The Director of the Vientiane Department of Industry and Trade, Comrade Vanmany Phimmasan, expressed his optimism that the two parties would ensure the active coordination and implementation of the Memorandum of Cooperation in the near future. Similarly, the head of Vietnam's commerce and industry department in Vientiane has asked his Vietnamese counterpart to increase investment and trade promotion initiatives in Laos so that both countries' economies can benefit from increased commerce and the growth of local crafts and businesses. Businesses from Hanoi are encouraged to invest in Laos, particularly in high-tech agriculture. They can share experiences and support the transfer of farming and production technology and techniques. The goal is to improve the quality of Laotian products, get them into Hanoi's distribution channels, and break into the international market.

Throughout their time together, the two capitals' Departments of Industry and Trade worked on issues of mutual interest, such as enhancing human resource qualifications, stabilizing the market, encouraging investment, promoting trade, developing agricultural raw material areas to support production, bringing Lao goods into Hanoi's distribution channels, and stabilizing the market.

Also, delegates thoroughly debated and reached an agreement on the matter of creating export-ready handicrafts and providing training for artisans in craft villages near the capitals of Hanoi and Vientiane.

The meeting will conclude on July 5, 2023, and the Working Group of the Vientiane Department of Industry and Trade will conduct a field survey till then. Highlights of the itinerary include: touring Hanoi's malls, supermarkets, and craft villages; participating in the opening ceremony of the exhibition; showcasing, introducing, and selling OCOP products from Hanoi's handicraft industry; and traveling to Thanh Hoa to observe various commercial establishments, manufacturing sites, and other industrial structures.