Hanoi, Vietnam – In a significant move to strengthen economic ties, nine memorandums of understanding (MoUs) were signed between enterprises from Hanoi, Vietnam, and their counterparts in Vientiane, Laos, during the Hanoi-Laos Business Connection Conference held on November 24.

The conference, organized by the Hanoi Department of Industry and Trade in collaboration with the Vietnam Trade Office in Laos and the Vientiane Department of Industry and Trade, took place in the Laotian capital of Vientiane. It was designed to showcase the potential strengths and investment and trade promotion needs between the two cities.

Distinguished attendees included Mr. Nguyen Ba Hung, the Vietnamese Ambassador to Laos; Mr. Nguyen Manh Quyen, Vice Chairman of the Hanoi People’s Committee; Mr. Phoukhong Bannavong, Deputy Mayor of Vientiane; representatives from the Vietnam Trade Office in Laos; leaders from various departments and sectors of Vientiane, along with a multitude of businesses from both Hanoi and Vientiane.

In his address at the conference, Mr. Nguyen Manh Quyen noted the flourishing trade cooperation between Hanoi and Laos. In 2022, the bilateral trade turnover between Hanoi and Laos reached $411 million. Hanoi’s exports to Laos mainly included minerals, mechanical products, electronic components, chemicals, fuel, food, seafood, and textiles.

Conversely, Hanoi’s imports from Laos in the first ten months of 2023 amounted to $200 million. The primary imports were minerals, various agricultural products, fertilizers, food, wood, and wood materials.

The Vice Chairman of the Hanoi People’s Committee affirmed the significance of the conference for Hanoi enterprises in promoting trade, branding, product promotion, and facilitating business connections between Vietnamese and Laotian companies in the region.

During the conference, Hanoi’s business delegation shared experiences and discussed potential cooperation opportunities with Laotian enterprises. They introduced the Hanoi Vocational Education & Training and Women Development Support Center and the Hanoi Women Entrepreneurs Club.

The Hanoi Handicraft and Craft Villages Association was also introduced, along with the products of several Hanoi-based enterprises. Both sides engaged in information exchange, promoting product consumption, connecting businesses, and transferring technology.

Notably, at the conference, enterprises from the two capitals signed nine MoUs related to cooperation in the transfer of breeds, techniques, and the development of raw material regions, procurement of raw materials, and product output guarantees, opening up numerous business cooperation opportunities.

Prior to the conference, the Hanoi trade promotion delegation also organized the “Hanoi – Vietnam” pavilion at the ThatLuang Festival and the 2023 Vientiane Capital Trade Exhibition from November 23-27. The event featured the participation of 16 Hanoi enterprises, showcasing and introducing products such as agricultural produce, food, consumer goods, textiles, handicrafts, cosmetics, OCOP program products, distribution systems, and other business sectors.

This series of events and agreements underscore the deepening economic relationship between Vietnam and Laos, paving the way for increased trade and investment that promises mutual growth and prosperity for both nations.