In January 2023, the trade turnover between Vietnam and Laos saw a significant decrease compared to the same period in the previous year. According to the Trade Office of Vietnam in Laos, the total trade volume amounted to $99.2 million, marking a 27.3% decline from the $136.5 million recorded in January 2022.

According to the Vietnam Trade Office in Laos, the trade dynamics between the two countries were exceptionally low in January 2023. A number of joyous celebrations marked this time, the most prominent of which was the Lunar New Year, which was observed widely throughout the area. Traditionally, these celebrations mark the beginning of a period of reduced economic activity, when businesses and government operations temporarily halt to allow individuals to participate in cultural and familial celebrations.

A steep drop in the value of Vietnamese exports to Laos was observed in January 2023, according data from the General Department of Vietnam Customs. The figures show that exports were $27.8 million USD, which is a steep drop of 35% from the $42.8 million USD recorded in 2022 for the same period. Amidst a complex global economic landscape, Vietnam’s trade with Laos is facing challenges, as this substantial drop highlights.

The export of specific commodities from Vietnam to Laos experienced an unforeseen upsurge in the first half of 2023, despite the overall decline in trade. A staggering 242.2% surge has propelled the value of fresh produce to $1.94 million USD, marking an unprecedented surge. Fuel exports have also increased significantly, increasing by 24.9% to reach $3 million USD. This data stands out in a trade picture that is generally going down, showing that there are certain industries in Laos where Vietnamese goods are still in high demand.

With a total import value of $71.4 million USD, Vietnam's imports from Laos saw a significant decline in the first month of 2023. From January 2022's $93.7 million USD, this is a substantial decrease of 23.8%. A change in trade dynamics and economic difficulties are impacting the cross-border exchange between the two neighboring countries, as is the fall in import value.

The first month of 2023 saw a wide range of commodity prices in Vietnam's Laotian import portfolio. An increase of 15.3% has resulted in a value of $7 million USD for maize imports. The import of rubber, on the other hand, has dropped 45 percent, reaching one point thirteen million US dollars. The price of wood and products made from wood has dropped precipitously, falling 52% to a mere $6.9 million USD. The import value of fertilizers, however, has climbed slightly, reaching $4.8 million USD, an increase of 11.6%.

The 44th Vietnam-Laos Intergovernmental Committee meeting was a watershed moment for the two countries' trade relations, as their top officials set a lofty goal of reaching $1.6 billion USD. The overall value of trade between Vietnam and Laos soared by 24% in 2022 compared to the previous year, reaching $1.372 billion USD, far exceeding expectations. The two neighboring nations' trade relations and economic ties are becoming stronger, as evidenced by the actual trade value achieved of $1.703 billion USD.