MOIT VIETNAM | Viet Nam and Laos Set Ambitious Target of USD 5 Billion in Bilateral Trade

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Viet Nam and Laos Set Ambitious Target of USD 5 Billion in Bilateral Trade

30th May 2025 post by MOIT Vietnam

During a meeting in Hanoi on April 16, Prime Minister Phạm Minh Chính of Viet Nam and Prime Minister Sonexay Siphandone of Laos reaffirmed their commitment to strengthening the special friendship and comprehensive cooperation between the two nations. Both leaders agreed to direct relevant ministries and agencies to effectively implement high-level agreements, foster economic and investment cooperation, and create breakthroughs aimed at raising bilateral trade turnover to USD 5 billion.

The meeting took place on the occasion of Prime Minister Sonexay Siphandone’s attendance at the 4th P4G Summit — Partnering for Green Growth and the Global Goals — hosted by Viet Nam under the theme “Global Partnership for Inclusive, Sustainable, Innovative, People-Centred Green Transition.”

Prime Minister Phạm Minh Chính and Lao Prime Minister Sonexay Siphandone

Prime Minister Sonexay expressed his appreciation for Viet Nam’s warm invitation and emphasized that this year’s summit is a meaningful event, reflecting Viet Nam’s proactive and practical contribution to global efforts for green growth, sustainable development, and climate change response.

Prime Minister Phạm Minh Chính warmly congratulated his Lao counterpart on the occasion of the Lao traditional New Year, Bun Pi May, and welcomed Laos’ active participation in the P4G Summit. As one of P4G’s seven founding partners, Viet Nam believes the event will continue to serve as an important platform for member states, guest countries, and international organizations to exchange ideas and advance cooperation mechanisms for green growth, sustainable development, digital transformation, and innovation.

The Vietnamese Prime Minister congratulated the Lao Government on recent achievements in national security, socio-economic development, culture, and education, which have elevated Laos’ role and reputation regionally and globally. He expressed confidence that under the leadership of the Lao Party and Government, Laos will continue to make great strides for the prosperity of its people.

Prime Minister Phạm Minh Chính held a meeting with Lao Prime Minister Sonexay Siphandone.

Prime Minister Sonexay congratulated Viet Nam on its impressive accomplishments and noted that the success of Viet Nam is a great source of encouragement for Laos. He expressed heartfelt gratitude for Viet Nam’s deep sentiments, particularly for holding a national day of mourning and sending high-level delegations to both Vientiane and Hanoi to pay tribute to former Lao President, Prime Minister, and Party General Secretary Khamtay Siphandone.

In their discussions on bilateral relations, both sides agreed that Viet Nam–Laos ties remain strong, stable, and productive across all fields, with political trust reinforced through regular high-level visits and exchanges. They pledged to:

Effectively implement the outcomes of the recent meeting between the two Politburos and the 47th session of the Viet Nam–Laos Intergovernmental Committee;

Continue strengthening political trust and special solidarity;

Enhance security and defense cooperation to safeguard stability and social order;

Promote economic, trade, and investment collaboration, targeting USD 5 billion in two-way trade;

Expedite major projects by Vietnamese enterprises in Laos and deepen economic connectivity, particularly in infrastructure, transport, tourism, and investment;

Expand cooperation in education, culture, science-technology, tourism, and people-to-people exchanges.

Prime Minister Phạm Minh Chính speaks at the working session.

On regional and international issues, Prime Minister Sonexay highly valued Viet Nam’s timely engagement with the United States on reciprocal tariff matters. Both leaders stressed the importance of maintaining peace, security, and stability in the region, and agreed to coordinate closely and support each other in forums such as ASEAN, the United Nations, and Mekong sub-regional mechanisms — with particular attention to enhancing Viet Nam–Laos–Cambodia cooperation.

The meeting reaffirmed that the Viet Nam–Laos relationship, nurtured by generations of leaders and peoples of both nations, will continue to thrive, contributing to peace, stability, and development in the region and beyond.