MOIT VIETNAM | In Spite Of Economic Difficulties, Trade And Industrial Cooperation Between Vietnam And Laos Have Been Strengthening.
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In Spite Of Economic Difficulties, Trade And Industrial Cooperation Between Vietnam And Laos Have Been Strengthening.
The Deputy Ministers of Industry and Trade of Vietnam and Laos met at the Vietnamese Ministry of Industry and Trade headquarters on March 13, 2023, in a major step toward strengthening bilateral relations. Mr. Tran Quoc Khanh of Vietnam welcomed Mr. Bunthong Duonsavan of Laos.
The visit, which Deputy Minister Tran Quoc Khanh praised, consisted of meetings with Vietnamese government agencies and departments to learn about their approaches to industrial development and field inspections of waste treatment facilities and industrial zones around the country.
Deputy Minister Douangsavanh lauded the Vietnamese government's prompt policies for resolving economic issues, controlling inflation, and stabilizing the economy, despite regional economic recovery challenges.
Significant economic challenges have beset Laos thus far in 2023, with inflation rates reaching all-time highs of 40.3% in January and 41.3 percent in February, relative to the prior year. As a result, Laos is prepared to absorb knowledge about administration and policy management from Vietnam.
The Laotian Ministry of Industry and Trade has been sending delegations to Vietnam for thematic studies since the latter half of 2022. The deputy minister, Douangsavanh, is eager to learn and share his experiences in the following areas: the development of industrial zones; the advancement of renewable and green energy; the stabilization of the fuel market; and the evaluation of industrial hubs and clean production centers.
Highlighting the unique friendship and solidarity between the two countries, Deputy Minister Khanh stated that Vietnam is prepared to assist Laos during these difficult times. He vowed to fully support and share experiences with Laotian delegations visiting Vietnam, especially in the areas of trade and industrial development strategies.
The Deputy Minister of Industry and Trade, Khanh, briefed Deputy Minister Douangsavanh on the ministry's initiatives, which include regulating fuel prices, creating industrial zones, attracting foreign investment, securing skilled workers, and facilitating the free flow of goods. The task of continuing the precise and detailed work that the Ministry's functional units had begun fell to the Laotian delegation.
At the end of the meeting, both leaders committed to working together more closely and taking action to boost bilateral trade and industry. They hope this will help them reach their goal of increasing trade turnover by 10% between their countries in 2023.
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