Strengthening Ties: Trade Conversations between Việt Nam and Laos
On a significant day in Hà Nội, Minister of Industry and Trade Nguyễn Hồng Diên engaged in fruitful discussions with his Lao counterpart, Malaithong Kommasith. The meeting, held on a Monday, seeks to further solidify the growing trade relationship between Việt Nam and Laos, which has seen notable advancements in recent years.
An Impressive Trade Landscape
The recent statistics presented by Minister Diên underscore the impressive progress made in bilateral trade. In 2022, trade reached an impressive $2.25 billion, marking a remarkable annual increase of 38.2%. This achievement is particularly noteworthy as it surpassed the $2 billion mark for the first time. The momentum has continued into 2025, with the first half of the year reporting a turnover of $1.78 billion—a staggering 92.2% increase compared to the same period last year. Notably, Laos has maintained a trade surplus with Việt Nam, demonstrating its growing export capabilities.
Enhancing Trade Promotions
During their discussions, both ministers celebrated the recent Việt Nam – Laos trade fair held in Vientiane in July. This event featured 250 booths and drew substantial participation from enterprises from both nations. Such initiatives play a crucial role in strengthening business connectivity and trade promotion, fostering an environment conducive to bilateral collaboration.
Importance of Information Sharing
Minister Diên emphasized the importance of sharing market demand information, key import and export lists, and connecting with significant enterprises. By improving information exchange, both countries can better align their trading practices with the market needs of each other. This exchange is particularly vital for enhancing business linkages and creating a smoother trade experience.
A Master Plan for Energy
On the energy front, Diên urged the Lao government to develop a comprehensive master plan for power projects intended for export to Việt Nam. Rather than proposing separate, smaller projects, this strategic approach would facilitate Việt Nam’s overarching planning for electricity imports consistent with its national energy development strategy. This strategic alignment is expected to enhance energy security and support sustainable development in both nations.
Commitment to Agreements
Both sides are committed to expediting the implementation of key agreements related to electricity and coal trading, signed earlier this year. Plans are in place to convene the 13th border trade development cooperation conference in Thanh Hoá province later this year. This meeting aims to review achievements and tackle any existing challenges hindering cross-border trade.
Learning from Each Other
Furthermore, Laos expressed interest in learning from Việt Nam’s experiences, particularly in state-owned enterprise reform, public-private partnerships, and the equitization process. This exchange of knowledge can help Laos refine its economic strategies and bolster its market competitiveness.
Addressing Export Challenges
Laos also raised concerns over the difficulties faced by its sugar exporters under the terms of the Việt Nam – Laos trade agreement for 2021-2022. This issue underlines the importance of open dialogue and the need to address trade barriers effectively.
Collaborative Future
In response to Laos’s interests, Minister Diên expressed Việt Nam’s commitment to cooperation and assured that future collaboration would align with legal regulations and mutual benefits. This spirit of collaboration lays the groundwork for a closer economic partnership, enhancing bilateral relations in various sectors.
Both ministers agreed on the necessity of mutual visits and enhancing inter-agency coordination. These steps are crucial for establishing a robust framework that elevates the economic, trade, and energy relations between Việt Nam and Laos, promising a prosperous future for both countries.
Through these discussions, the foundation is being set for a thriving partnership, characterized by mutual respect, shared interests, and collaborative growth. The continued engagement between the two nations indicates a bright horizon for trade and economic cooperation.