Laos-Vietnam trade growth in 2020 is unlikely to meet the target of 10-15 percent due to COVID-19 (Illustrative photo: VNA) Vientiane (VNA) - Laos-Vietnam tradegrowth in 2020 is unlikely to meet the target of 10-15 percent due to COVID-19,according to an article published by the Vientiane Times on September 4.
The article noted that social distancing measures theVietnamese Government adopted in early 2020 to prevent the spread of thepandemic interrupted the export of certain products to Laos.
It cited figures from the Lao Ministry of Industry ofTrade that showed two-way trade slipped to 134 million USD in July from 153million USD in June.
The figure reached 1.68 billion USD (or 1.1 billionUSD according to Vietnam’s figures) last year, it noted, adding that it will behard to reach the same level this year because of COVID-19.
Laos mostly export beverages, ore, rubber, maize,cassava, and livestock to Vietnam while importing petroleum, fertiliser, ironand steel, machinery, electronic equipment, construction materials, and spareparts.
The article noted that Vietnam is not only Laos’ third-largesttrade partner after Thailand and China but also its third-largest investoramong 50 countries and territories.
It also highlighted that Vietnamese investors mostlyfocus on hydropower, mining, transportation, industrial crops, and services,contributing to socio-economic development in both countries.
The Lao Government has predicted that revenue fromexports may be down 483.3 million USD, or 8.4 percent, this year compared to2019. The country had targeted export turnover of 6.4 billion USD this year,but the figure in the first seven months was just 2.3 billion USD./.
The article noted that social distancing measures theVietnamese Government adopted in early 2020 to prevent the spread of thepandemic interrupted the export of certain products to Laos.
It cited figures from the Lao Ministry of Industry ofTrade that showed two-way trade slipped to 134 million USD in July from 153million USD in June.
The figure reached 1.68 billion USD (or 1.1 billionUSD according to Vietnam’s figures) last year, it noted, adding that it will behard to reach the same level this year because of COVID-19.
Laos mostly export beverages, ore, rubber, maize,cassava, and livestock to Vietnam while importing petroleum, fertiliser, ironand steel, machinery, electronic equipment, construction materials, and spareparts.
The article noted that Vietnam is not only Laos’ third-largesttrade partner after Thailand and China but also its third-largest investoramong 50 countries and territories.
It also highlighted that Vietnamese investors mostlyfocus on hydropower, mining, transportation, industrial crops, and services,contributing to socio-economic development in both countries.
The Lao Government has predicted that revenue fromexports may be down 483.3 million USD, or 8.4 percent, this year compared to2019. The country had targeted export turnover of 6.4 billion USD this year,but the figure in the first seven months was just 2.3 billion USD./.
VNA
