MOIT VIETNAM | Foreign Investment in Vietnam Reaches $9.27 Billion in the First Four Months of 2024
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Foreign Investment in Vietnam Reaches $9.27 Billion in the First Four Months of 2024
According to the Vietnam Trade Office in Laos, the total trade volume between the two countries for the first three months of 2024 was $476.8 million, marking a 12% year-on-year increase. Vietnam's exports to Laos totaled over $145 million, up 13.5% from the same period in 2023. Key export items include various types of petroleum products, transportation vehicles and parts, and iron and steel products. On the other hand, imports from Laos to Vietnam amounted to $331.6 million, an increase of more than 11% compared to the first quarter of 2023. Major imports include rubber, wood and wood products, and ores and other minerals.
Since early 2021, close cooperation between ministries, sectors, and localities, particularly the collaboration between the Vietnamese Ministry of Industry and Trade and the Lao Ministry of Industry and Commerce, along with the concerted efforts of the business communities in both countries, has led to a robust enhancement in economic and trade relations between Vietnam and Laos. With significant growth potential, Vietnam-Laos trade is not only expected to continue growing at an annual rate of 10% to 15% but also aims for stable and sustainable development. In 2023, bilateral trade between Laos and Vietnam reached $1.6 billion.
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