AEM-54: Vietnam affirms importance of economic ties with Laos
Minister of Industry and Trade Nguyen Hong Dien affirmed the importance of economic cooperation between Vietnam and Laos in the current world situation during his talks with his Lao counterpart Malaythong Kommasith on September 14.
Minister of Industry and Trade Nguyen Hong Dien (Photo: VNA)
Phnom Penh (VNA) – Minister of Industry and Trade Nguyen HongDien affirmed the importance of economic cooperation betweenVietnam and Laos in the current world situation during his talks with his Lao counterpart Malaythong Kommasithon September 14.
The meeting took place in Phnom Penh, Cambodia on thesidelines of the 54th ASEAN Economic Ministers’ Meeting (AEM-54).
Dien appreciated growth in bilateral trade ties, with two-waytrade surging by 27% year-on-year to nearly 1.1 billion USD in the first eightmonths of 2022.
However, the figure is not commensurate with the two sides’ specialfriendship and comprehensive solidarity as well as their potential, he noted.
To fully tap the potential, the Vietnamese minister proposedhis Lao counterpart encourage the two countries’ businesses to cooperate andinvest in the fields that can serve their production and export.
Vietnam will increase the import of electricity from Laos andsupport the country overcome economic difficulties, Dien affirmed, suggestingthe Lao ministry coordinate closely with the Vietnamese side to soon completenegotiations towards the signing of bilateral cooperation documents such as theamended trade agreement, and a memorandum of understanding on border tradeinfrastructure connectivity and development between the two nations.
Malaythong Kommasith thanked the Vietnamese ministry forsupporting Laos' imported petroleum transit through Vietnam. In this regard,the two ministers agreed that it is necessary to have more specific plans inthe medium and long terms to ensure a sustainable and stable supply of thisfuel, including the development of transport connectivity between the twocountries.
They also agreed to encourage and create favourable conditions for businesses’cooperation to maximise their potential and make better use of investmentopportunities./.
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Minister of Industry and Trade Nguyen Hong Dien (Photo: VNA) 
