From July 25 to 29, 2024, the Vietnam-Laos Trade Fair 2024 is taking place at the Lao International Convention and Exhibition Center in Vientiane, the capital of Laos.

The fair

The fair is the largest trade promotion event jointly organized annually by the Ministries of Industry and Trade of both Vietnam and Laos in Vientiane since 2007.

The fair aims to promote the national image, businesses, and Vietnamese brands; boost exports of Vietnamese products with competitive advantages and market development potential in Laos and Northeast Thailand; establish distribution networks in these markets; and develop investment projects in Laos.

This year, the fair hosts 250 booths showcasing and introducing products and services, including agricultural and aquatic products, processed foods, apparel and fashion, electronics and household appliances, industrial machinery and equipment, construction and building materials, furniture and handicrafts, consumer goods, pharmaceuticals and medical equipment, commercial services, and investments.

According to the Ministry of Industry and Trade, Vietnam's Ambassador to Laos, Nguyễn Bá Hùng, commented that this year's fair is extensive, with diverse, high-quality products on display, featuring attractive designs that meet the needs of consumers in both countries. This demonstrates the interest and confidence of businesses in both countries in the development of Vietnam-Laos trade relations.

"With the presence of hundreds of businesses from both countries displaying products across approximately 250 booths, I strongly believe in the success of the Vietnam-Laos Trade Fair 2024, contributing to strengthening the solidarity and cooperation between businesses and people of both nations," said Ambassador Nguyen Bá Hùng.

Vietnam and Laos share a long border, crossing the administrative boundaries of ten provinces and cities in both countries, with nine international border gates, six main border gates, 18 auxiliary border gates, 27 open passages, and nine border economic zones. Economic exchange, import-export activities, and labor movements between Vietnam and Laos have received significant attention and favorable conditions for development over the years.

Vietnamese Ambassador to Laos Nguyen Ba Hung (3rd from right) visits a stall at the VIETLAO EXPO 2024.

Economic cooperation has become a longstanding foundation in bilateral relations and is advancing effectively. Vietnam has consistently ranked among Laos' top three trading partners for many years.

As of June 2024, bilateral trade between Vietnam and Laos reached USD 928 million, an 11% increase year-on-year. Vietnam’s exports to Laos amounted to USD 289 million (up 7.4%), while imports from Laos reached USD 639 million (up 12.8%).

Looking ahead, the governments of Laos and Vietnam aim to raise bilateral trade to USD 2 billion by maximizing the trade cooperation potential between the two countries.

In terms of investment cooperation, Vietnam is the third-largest foreign investor in Laos (after China and Thailand). Vietnamese businesses have over 245 active projects in Laos, with a total committed capital exceeding USD 5.47 billion.

According to the Ministry of Industry and Trade, many Vietnamese investment projects in Laos operate effectively, contributing positively to economic and social development, creating jobs, raising income levels for thousands of workers, and supplementing Laos' national revenue.

To further promote development cooperation, the governments of both countries have tasked Vietnam's Ministry of Industry and Trade and Laos' Ministry of Industry and Trade with advancing and upgrading signed trade agreements, developing transport infrastructure, and improving commercial infrastructure to maximize convenience for businesses engaging in bilateral trade.