Vietnam, Laos agree to increase economic partnership

During a talk at the Lao Prime Minister’s Office in Vientiane, Chinh and Siphandone affirmed that the two countries have always attached the highest priority to consolidating and cultivating friendship and comprehensive cooperation between the two nations.

In addition to strengthening political trust, the two countries agreed to elevate economic cooperation, support each other in post-pandemic recovery and build a socialist-oriented, independent and self-reliant market economy with deep, broad and effective international integration.

The two countries will strengthen economic connectivity, from infrastructure in transport, telecommunications, and energy, to soft infrastructure such as institutions, policies, e-commerce, digital economy, banking and finance.

The two sides reached an agreement on continuing to maintain a trade growth of 10-15% per year.Long-term relationshipEconomic, trade and investment cooperation between Vietnam and Laos continued to progress positively last year, according to statistics.

Vietnam launched five new projects in Laos and increased investment in four others with a total value of $70 million, up nearly 50% from 2021.

Trade was a bright spot in 2022 Vietnam-Laos relations as total bilateral turnover reached nearly $1.7 billion, up 21% from 2021, exceeding the growth target of 10-15%.

Chinh and Siphandone also agreed on the importance of implementing the Vietnam – Laos Strategic Cooperation Agreement for the 2021-2030 period. The two leaders also signed several agreements in different fields.

The two great nations will continue to closely coordinate and enhance information exchange while supporting each other in regional and international multilateral forums, including the United Nations and ASEAN.

After the talks, the two Prime Ministers witnessed the signing ceremony of 10 cooperation documents in areas such as digital partnership, civil legal assistance, transportation, and healthcare.

On Wednesday afternoon, PM Chinh met with General Secretary and President of Laos Thongloun Sisoulith. He also met with President of the Lao National Assembly Saysomphone Phomvihane.

Vietnamese Prime Minister Pham Minh Chinh and Lao General Secretary and President Thongloun Sisoulith shake hands in Vientiane, Laos on January 11, 2023. Photo by Nhat Bac

Vietnam and Laos established relations in September 1962. In February 2019, the two sides agreed to raise the level of “traditional friendship” to “great friendship”.

“The great friendship, special solidarity and comprehensive cooperation between the two countries have been consolidated and deepened,” PM Chinh said at the closing ceremony of the Year of Vietnam-Laos and Laos-Vietnam Friendship Ties at the Laos National Convention Center Wednesday morning.

On Wednesday and Thursday PM Chinh’s official visit will include attending the 45th meeting of the Vietnam – Laos Intergovernmental Committee.This is his first official visit to Laos as head of the Vietnamese government. He is also the newly-inaugurated PM Siphandone’s first official foreign guest.