Many experts believe that the economic and trade relations between the two countries Vietnam - Laos are facing a great opportunity to make a strong breakthrough.
At the program with the theme "Enhancing cooperation, promoting trade and investment activities of Vietnam - Laos enterprises" recently held, many experts said that economic and trade relations between the two countries are standing still. before a great opportunity to make a strong breakthrough.

First of all, Laos is having a strong shift in investment attraction policy with the goal of becoming "the battery of Southeast Asia". The fields that are prioritized for investment by Laos can be mentioned such as: Clean agricultural production, production of plant seeds and animal breeds, agricultural product processing industry, transportation service infrastructure. goods and connecting countries, modern supermarket centers. Laos has also divided the country into 3 regions based on the level of socio-economic infrastructure to attract investors with many attractive policies.

Vietnam - Laos: Promoting trade and investment cooperation

In particular, the Lao Government is promoting the completion of regulations and coordination mechanisms in doing business in this country according to the Government's Directive No. 02, 2018, in order to create more favorable conditions for businesses. domestic and foreign investment.

Vietnam is currently Laos' third trading partner (after Thailand and China). Trade turnover between the two countries always has a double-digit growth rate. Generally, in the first 7 months of the year, the two countries' goods turnover grew quite well, reaching more than US$ 948 million, up 54.14% over the same period last year. The trend of trade surplus between Laos and Vietnam has become clearer in recent years

Notably, the two countries have completed the negotiation and signed the Vietnam - Laos Trade Agreement and the Vietnam - Laos Border Trade Agreement. Regarding the implementation of bilateral agreements, Ms. Sonechan Phoutthavong - Lao Economic and Trade Counselor in Vietnam - assessed that the two Governments have created very good conditions for investment activities by means of investment activities. legal framework for businesses.

Previously, the goods exchanged between the two countries were mainly goods extracted from natural resources such as wood and minerals. At present, the commodity structure has added more production products such as consumer goods, agricultural products, iron and steel, machinery and equipment for construction and agriculture.

It is forecasted that the trade scale between the two countries will soon reach 2 billion USD in the near future.

Mr. Hoang Quang Phong - Vice Chairman of the Vietnam Confederation of Commerce and Industry (VCCI) - said that economic achievements in trade and investment between the two countries have been very positive over the past time. However, some of these still exist. Especially in terms of structure of export products, there are still many unsatisfactory points, border trade facilities are still limited.

In order to further promote bilateral trade and investment cooperation, according to experts, businesses of the two countries need to actively connect to bring about more substantive and effective cooperation. Vietnamese enterprises need to actively take advantage of opportunities from the market, develop propaganda and promotion strategies, gradually improve competitiveness to quickly penetrate and affirm their brands in the Lao market.

The Ministry of Industry and Trade recommends that Vietnamese enterprises should pay attention to and increase the export of iron and steel products, means of transport and spare parts, machinery, equipment and tools, commodities for agricultural production such as fertilizers and pesticides. fertilizers and animal feed to take advantage of the investment wave in the Lao market. In contrast, the strong imports from Laos to Vietnam wood and wood products, coal, minerals ... This is a strategic source of raw materials for industrial production - energy of Vietnam.

At the same time, businesses need to understand the provisions of trade agreements to avoid problems when carrying out customs clearance procedures. In particular, it is necessary to take full advantage of the incentives mentioned in the Vietnam-Laos Border Trade Agreement. Besides, it is necessary to take advantage of trade connection and trade promotion programs to find partners and customers.