MOIT VIETNAM | Vietnam - Laos two-way trade: striving for 10% growth rate
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Vietnam - Laos two-way trade: striving for 10% growth rate
According to the Agreement on cooperation between the two governments of Vietnam and Laos at the 41st meeting of the Vietnam – Laos intergovernmental committee, two nations are striving to increase the bilateral trade to at least 10%.
Ms. Le Thi Phuong Hoa, Commercial Counselor, Vietnam Trade Office in Laos market, said that the potential of Vietnamese products in Laos is still great.
The Ministry of Industry and Trade of the two countries have agreed and implemented many important contents on trade cooperation, such as jointly build a project on Vietnam-Laos trade development in 2017-2026, with a vision to 2035; and signed a memorandum of understanding on establishing a website on Vietnam-Laos economic and trade cooperation; approved the project "Development planning of the system of warehouses at border gates of Vietnam - Laos to 2025, with a vision to 2035".
However, according to Ms. Le Thi Phuong Hoa, Vietnamese products are also facing many obstacles in Laos market, typically the competition with other countries' products in the region.
In addition, there are not many Vietnamese enterprises setting up their official distribution channels in Laos, mostly through the agency. That leads to the situation that Vietnamese products become lower attractive than competitors such as Thailand and Chinese products due to high price. Infrastructure at border gate, transportation and payment system... between Vietnam and Laos is still limited. In 2019, according to the Agreement on cooperation between the two governments of Vietnam and Laos at the 41st meeting of the Vietnam – Laos intergovernmental committee, two nations are striving to increase the bilateral trade to at least 10%.
In 2018, the bilateral trade revenue between Vietnam and Laos reached more than US $ 1 billion, up 14% compared to 2017. More than 400 projects invested by Vietnamese enterprises with a total registered capital of about US $ 4.1 billion continuously contribute to the socio-economic development of Laos.
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