From July 25 to July 29, 2024, the Vietnam-Laos Trade Fair (VIETLAO EXPO 2024) was held at the Lao International Trade Exhibition and Convention Center (ITECC) in Vientiane, Laos. The Ministries of Industry and Trade of both Vietnam and Laos organize this highly anticipated annual event, which serves as the most significant platform for trade promotion between the two countries, with the aim of reinforcing the growing economic ties and fostering deeper cooperation between these Southeast Asian neighbors.

Notable officials attended the opening ceremony on July 25, including Mr. Nguyen Ba Hung, the Vietnamese Ambassador to Laos, senior representatives from both countries' Ministries of Industry and Trade, and a large contingent of business leaders. In his remarks, Ambassador Nguyen Ba Hung highlighted the increasingly pivotal role that economic cooperation plays in the strong bilateral relationship between Vietnam and Laos. He noted that this partnership has continued to thrive over the years, with Vietnam consistently ranking among Laos' top three trading partners. As of June 2024, total bilateral trade between the two nations reached $928 million, reflecting a remarkable 11% increase compared to the previous year. Vietnam's exports to Laos stood at $289 million, marking a 7.4% rise, while imports from Laos amounted to $639 million, showing a significant 12.8% growth. These figures underscore the strong trade synergy and mutual benefits of the economic relationship between the two countries.

Ambassador Hung expressed optimism that trade turnover would continue to grow, with expectations of surpassing a 10% increase by the end of 2024. This aligns with the goals set during the 46th Vietnam-Laos Intergovernmental Committee meeting, where both nations committed to further strengthening economic cooperation and expanding trade volumes.

The VIETLAO EXPO 2024 attracted a large number of businesses from both countries, with over 250 booths showcasing an array of products and services. The Vietnam pavilion, which featured 120 booths, represented nearly 80 high-quality companies from various industries, including pharmaceuticals, medical equipment, agriculture, aquaculture, textiles, fashion, handicrafts, interior and exterior design, plastics, and consumer goods. The diversity of products highlighted Vietnam’s robust industrial capabilities and showcased the potential for even greater trade and market expansion in Laos.

Ambassador Nguyen Ba Hung also pointed out that Vietnamese businesses operating in Laos have contributed significantly to the country's socio-economic development. Their investments have created numerous jobs, raised incomes for thousands of Lao workers, and contributed to the Lao government’s tax revenue. These enterprises have become integral to Laos’ economic landscape, fostering closer ties between the two nations not only through trade but also through direct investment and development projects. In the coming years, the governments of Vietnam and Laos have set a shared goal of increasing bilateral trade to $2 billion. To achieve this, both countries are committed to unlocking untapped opportunities for collaboration, particularly in sectors like agriculture, energy, infrastructure, and manufacturing. By leveraging their complementary strengths, Vietnam and Laos are poised to build a stronger, more integrated economic partnership.

The trade fair provided an important platform for businesses, trade organizations, and investors from both countries to engage in dialogue, share experiences, and explore opportunities for joint ventures. It also created a space for technology transfer and collaboration, enabling Vietnamese and Lao enterprises to improve their competitiveness through innovation and knowledge-sharing. Many participants saw the VIETLAO EXPO 2024 as a key venue for establishing new partnerships and building long-term commercial relationships, which will be crucial to achieving future growth targets.

The expo also played a vital role in facilitating greater cooperation in marketing and promotion, allowing businesses to introduce their products to new markets and expand their consumer base. Furthermore, it served to raise awareness of the unique and diverse products that Vietnam and Laos offer, enhancing the visibility of national brands and increasing their appeal both regionally and globally. We expect their economic relationship to deepen, paving the way for sustained growth and prosperity, as both countries continue to collaborate on trade and investment initiatives.

The Vietnam-Laos Trade Fair not only reinforced the economic bond between the two nations but also laid the groundwork for future collaboration in trade, investment, and technological innovation. Both countries are well-positioned to capitalize on their growing partnership, with the shared objective of fostering greater economic integration and mutual success. With a focus on strengthening their trade ties and exploring new avenues for cooperation, Vietnam and Laos are set to achieve significant progress in the years to come, creating a lasting impact on their economies and their people.