MOIT VIETNAM | Vietnam and Laos Strengthen Cooperation in Multiple Areas
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Vietnam and Laos Strengthen Cooperation in Multiple Areas
On March 7th, 2023, in Hanoi, Nguyen Hong Dien, the Minister of Industry and Trade of Vietnam, warmly welcomed and met with Bounleua Sinxayvoravong, the Governor of the Bank of Laos.
Minister Nguyen Hong Dien voiced his admiration for Laos's accomplishments over the last year during the amicable meeting. The COVID-19 pandemic and the Russia-Ukraine conflict have both had a major impact on Laos's economy, but the country still managed to grow its GDP by 4.4% and take in more money than expected.
Vietnamese Governor Bounleua Sinxayvoravong expressed his joy and admiration for the country's swift economic recovery in 2022 during the discussions. Even though the world economy is in a slump and there may be political unrest on a global and regional scale, he praised Vietnam for its remarkable economic development. The Governor of Laos expressed a strong desire to learn from Vietnam's successful reforms as the Lao government works to improve the economy and start the recovery process moving forward.
As a result of the shared knowledge and collaborative growth, the two sides deliberated and settled on a number of actions to strengthen their future economic and trade ties. Improving infrastructure and logistics systems to enhance the competitiveness of goods; exploring facilitation measures for trade payments between the two countries; and intensifying investment promotion and trade activities to achieve comprehensive cooperation between Vietnam and Laos are among these goals. Another important aspect is fostering close coordination between the various ministries and agencies of the two nations.
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