Vietnamese & Lao leaders agree to boost economic ties

Prime Minister Pham Minh Chinh and his Lao counterpart Sonexay Siphandone agreed to continue promoting economic cooperation during talks in Vientiane on January 11 as part of the Vietnamese Government leader’s official visit to Laos.

They also agreed to support each other in post-Covid-19 recovery and in building a socialist-oriented market.

The two Prime Ministers shared their delight at the progress and stability of bilateral cooperation in all areas over the years, with deepening political trust, numerous delegation exchanges at all levels and through all channels, optimized bilateral cooperation mechanisms, and hundreds of successful joint activities within the Vietnam-Laos, Laos-Vietnam Solidarity and Friendship Year 2022 in both countries.

In particular, bilateral economic, trade, and investment ties have been strengthened in the right direction, they said. Vietnamese businesses invested in five new projects in Laos last year and injected more capital into four existing projects with combined investment of $70 million, up nearly 50 per cent from 2021. Two-way trade rose over 21 per cent against 2021 to nearly $1.7 billion, exceeding the target.