PM Sonexay Siphandone (right) meets with his Vietnamese counterpart Pham Minh Chinh in Vientiane. - VT
VIENTIANE (Vientiane Times/Asia News Network): The prime ministers of Laos and Vietnam have agreed to push for further progress in cooperation projects agreed to by both sides at the 45th meeting of the Laos-Vietnam Inter-Governmental Committee on Bilateral Cooperation in January this year.
During talks between Prime Minister Sonexay Siphandone and his Vietnamese counterpart Pham Minh Chinh in Vientiane on Wednesday (April 5), the two leaders agreed to step up both political and economic cooperation.
Sonexay met with Chinh when he visited Laos to attend the 4th Mekong River Commission Summit, which took place in Vientiane from April 2-5.
The two premiers agreed to implement cooperation plans set out by the governments of Laos and Vietnam for 2023 and ensure that agreed cooperation and investment projects proceed as planned, according to the Lao Ministry of Foreign Affairs.
The two leaders also agreed to coordinate to maintain security, order and social safety while also bolstering defence and security cooperation, strengthening economic ties, and promoting key projects like the Nong Khang Airport in Huaphan province, according to a report in VnExpress.
They also agreed to deploy the Laos-Vietnam Strategic Cooperation Agreement for 2021-2030 and the 2021-2030 Laos-Vietnam Bilateral Cooperation Agreement.
Apart from strong political ties, Vietnam is a key trading partner of Laos, with the value of two-way trade reaching US$1.7 billion in 2022, an increase of 24 percent over the previous year.
Laos’ exports to Vietnam were valued at more than US$1 billion last year, with the main exports being wood and wood products, fertiliser, rubber and sweetcorn.
The governments of Laos and Vietnam are keen to increase the value of bilateral trade to US$2 billion in the near future by maximising the commercial potential offered by the two countries.
Vietnam is the third largest foreign investor in Laos after China and Thailand, with Vietnamese companies involved in 238 operational projects with total pledged capital of US$5.34 billion.
