Measures sought to promote Vietnam – Lao border trade
Trucks pass the Lao Bao International Border Gate in central Quang Tri province, which borders Laos (Photo: VNA)
of Industry and Trade continues implementing a master plan to develop the
Vietnam – Laos border market network by 2020, while developing a master plan
for border trade between the two countries to 2025, with a vision through 2035
as part of efforts to boost bilateral trade.
Besides, Vietnam and Laos will make
proposals to each other’s Government on establishing and upgrading border gates
and economic cooperation zones along the shared border.
By the end of this year, the two
sides will implement the new trade agreement and the border trade agreement
while making a plan for the Vietnam – Laos trade development from 2017 – 2026.
Measures will be sought to raise
two-way trade value by 10 percent from 2016.
Delegation exchanges and business
connections will be strengthened between the two nations to promote trade in
Publicity campaigns will also be
conducted to lure domestic and international resources for projects on border
trade development, contributing to poverty reduction, and improving border residents’
According to experts, incentives
should be devised to encourage different economic sectors to participate in
Vietnam and Laos share eight
international border gates, seven key border gates, and 18 small border gates.
Nine border-gate economic zones have been established, facilitating trade and
service development between the two nations’ border localities.
According to the Ministry’s Asia –
Pacific Market Development Department, Vietnam – Laos border trade has seen remarkable
Investment in infrastructure
facilities has been increased in the border gates, while efforts have been made
by localities to fight smuggling, trade fraud and other crimes.
According to the Ministry’s
Import-Export Department, in 2016, two-way trade value between Vietnam and Laos
reached 801 million USD. Vietnam imported 342 million USD worth of goods from
Laos and shipped 459 million USD worth of goods to the neighbouring country.
Vietnam’s major exports are aquatic
products, footwear, garment-textile and materials, steel and steel products,
coal, oil and gas, fertilizer, equipment, electric wire cable and machines.
Meanwhile, Laos’ major exports to
Vietnam are timber and wood products, metals, ore, and tobacco sub-products.
According to the Vietnam Trade Office
in Laos, Vietnam ranked third among investors in Laos, with investment hitting
5.1 billion USD so far.-VNA