Leverage to increase the scale of Vietnam - Laos trade turnover

VCN - From 2012 until now, trade turnover between the two countries has grown by 10-15%/year, but it has only reached US$1.65 billion which is not commensurate with the potential and special relationship between the two countries.
Quang Tri customs officers supervised import and export activities through Lao Bao International Border Gate. Photo: Thái Bình
Quang Tri customs officers supervised import and export activities through Lao Bao International Border Gate. Photo: Thái Bình

According to the Ministry of Industry and Trade, trade turnover between Vietnam and Laos has only reached US$1.65 billion, only equal to 10% of total foreign trade turnover of Laos and 0.2% of total foreign trade turnover of Vietnam. So it is not commensurate with the potential and special relationship between Vietnam and Laos.

To exploit the potential for trade cooperation, recently, Minister of Industry and Trade of Vietnam Nguyen Hong Dien and Minister of Industry and Trade of Laos Malaithong Kommasith signed a new Vietnam - Laos Trade Agreement (April 8), after the negotiation process lasted three years.

The Vietnam - Laos Trade Agreement was first signed in 2015. The Governments of Vietnam and Laos assigned the Ministries of Industry and Trade of the two countries to negotiate, amend and supplement to build a new Vietnam - Laos Trade Agreement under the current context.

The new Agreement aims to strengthen and further consolidate the special friendship and comprehensive cooperation between Vietnam and Laos, promote market access for goods and services and create stable, sustainable and long-lasting development connections. The provisions of the Agreement are built on the principle of compliance with each country's respective laws, regulations and policies; equality, mutual benefit; working towards creating maximum convenience in exporting and importing goods and providing services, giving each other special incentives on trade in goods and services.

The Agreement consists of 5 chapters, corresponding to 15 articles and 05 annexes, covering important issues in trade cooperation between the two countries, including regulations on market access for goods and services; trade facilitation; trade promotion and e-commerce applications; cooperation against smuggling, trade fraud, money laundering and illegal cross-border transportation.

The new Vietnam - Laos Trade Agreement, once signed and put into effect, will contribute to solving problems that arise after a period of implementation of the Vietnam - Laos Trade Agreement in 2015; and continue to improve the legal basis for trade activities between Vietnam and Laos; In particular, reviewing and offering preferential import tax rates towards tax reduction roadmap of Vietnam and Laos in ASEAN will create favorable conditions for import and export activities, contributing to promoting more Vietnam - Laos trade relations.

By Ngọc Linh/Thanh Thuy

Related News

Quang Tri Customs: Efforts to reduce cargo clearance time and costs

Quang Tri Customs: Efforts to reduce cargo clearance time and costs

VCN - Actively implementing solutions to reform administrative procedures, and supporting and accompanying businesses, Quang Tri Customs Department has brought signs of improvement in import-export activities through the area.
Many foreign enterprises find opportunities and expand investment in Vietnam

Many foreign enterprises find opportunities and expand investment in Vietnam

VCN - In the context of the world investment wave shifting, Vietnam has the opportunity to become the world's factory, many foreign enterprises have been looking for investment opportunities as well as expanding investment in Vietnam.
Vietnam is ready to welcome a new wave of investment in the semiconductor industry

Vietnam is ready to welcome a new wave of investment in the semiconductor industry

VCN - Deputy Minister of Planning and Investment Tran Duy Dong (Photo) gave an interview to Customs Magazine about Vietnam's preparations to attract FDI into the semiconductor industry.
Opportunities for Vietnam to participate in the global semiconductor industry value chain

Opportunities for Vietnam to participate in the global semiconductor industry value chain

VCN - The global chip race is heating up, and Vietnam has a unique opportunity to assert itself as one of the participants in the semiconductor industry value chain.

Latest News

Five trends in exporting through e-commerce

Five trends in exporting through e-commerce

VCN - On May 22, 2024, Amazon Global Selling announced the prominent cross-border e-commerce (CBEC) trends shaping Vietnam's online export economy. Concurrently, it launched phase two of the program "CBEC: The breakthrough era" in collaboration with the Vietnam e-Commerce and Digital Economy Agency (iDEA) under the Ministry of Industry and Trade.
Vietnamese firms urged to watch global trade policies

Vietnamese firms urged to watch global trade policies

Experts say Vietnamese firms should keep an eye on global trade moves by major economies to figure out how best to promote the consumption and export of products made in Việt Nam, in the context of a glut of cheap Chinese goods flooding the world market.
Vietnam’s tra fish export tipped to bounce back

Vietnam’s tra fish export tipped to bounce back

Vietnamese tra fish export has roared back to growth after a significant drop recorded earlier this year as countries have scaled up their imports, according to insiders.
FDI attraction in five months tops 11 billion USD

FDI attraction in five months tops 11 billion USD

More than 11.07 billion USD in foreign direct investment (FDI) was funneled into Vietnam during January-May, up 2% against the same time last year, according to the Ministry of Industry and Trade (MoIT)’s Foreign Investment Agency.

More News

What to do to develop Vietnam

What to do to develop Vietnam's automobile industry when implementing FTAs?

VCN - On May 24, Customs Magazine organized a discussion on the topic "Vietnam's automobile industry implements the Free Trade Agreement: In which direction to develop?"
The processing and manufacturing industry increased by 6.3% in four months

The processing and manufacturing industry increased by 6.3% in four months

VCN - Continuing the recovery momentum from the end of 2023, industrial production in April and the first four months of 2024 continues to show a positive trend. Of which, the processing and manufacturing industry increased by 6.3%.
Capital city to become an agriculture hub

Capital city to become an agriculture hub

The city’s cash crops were said to not require a large cultivating area but a high standard of production and processing, which have been identified as a solid foundation to penetrate foreign markets.
Renewables – key to green development in Mekong Delta

Renewables – key to green development in Mekong Delta

Renewable energy is seen as a sustainable choice for the Mekong Delta region to respond to environmental challenges, given that the country’s rice and fisheries granary has lost up to 300 million USD to prolonged drought and extreme salt intrusion.
Promoting sustainable growth with a creative economy

Promoting sustainable growth with a creative economy

VCN - Although the creative economy is a fairly new concept, in reality in Vietnam, each year the export of creative goods is helping Vietnam earn billions of dollars.
Businesses have a "headache" because exported goods are smuggled into the market

Businesses have a "headache" because exported goods are smuggled into the market

VCN - The situation of some businesses and factories in Ho Chi Minh City losing exported goods, counterfeiting and imitating brands is causing many consequences for businesses.
Fruits and seafoods of Vietnam have a huge advantage in the UK market

Fruits and seafoods of Vietnam have a huge advantage in the UK market

VCN - Thanks to UKVFTA (Vietnam - UK Free Trade Agreement), Vietnam's seafood become more competitive in the UK market compared to products from China, Thailand, Malaysia, Indonesia, Philippines, and India. Meanwhile, seafood benefits from less complicated import procedural requirements compared to many other countries.
Businesses call for stricter management of durian industry

Businesses call for stricter management of durian industry

Amid a boom in durian exports, businesses are calling for strict management mechanisms in the industry to help growers develop sustainably.
Furniture fair seeks to help firms link up with new international buyers

Furniture fair seeks to help firms link up with new international buyers

The second Vietnam ASEAN International Furniture & Home Accessories Fair to be held in HCM City from August 27 to 30 will provide a platform for Southeast Asian manufacturers to display their best products and connect with global buyers.
Read More

Your care

Latest Most read
Five trends in exporting through e-commerce

Five trends in exporting through e-commerce

VCN - "The export potential of Vietnam is enormous. We aim to strengthen cooperation with government agencies to help local businesses seize this global opportunity," said Mr. Gijae Seong, Managing Director of Amazon Global Selling Vietnam.
Vietnamese firms urged to watch global trade policies

Vietnamese firms urged to watch global trade policies

Experts say Vietnamese firms should keep an eye on global trade moves by major economies to figure out how best to promote the consumption and export of products made in Việt Nam, in the context of a glut of cheap Chinese goods flooding the world market.
Vietnam’s tra fish export tipped to bounce back

Vietnam’s tra fish export tipped to bounce back

Vietnamese tra fish export has roared back to growth after a significant drop recorded earlier this year as countries have scaled up their imports, according to insiders.
FDI attraction in five months tops 11 billion USD

FDI attraction in five months tops 11 billion USD

More than 11.07 billion USD in foreign direct investment (FDI) was funneled into Vietnam during January-May, up 2% against the same time last year, according to the Ministry of Industry and Trade (MoIT)’s Foreign Investment Agency.
What to do to develop Vietnam

What to do to develop Vietnam's automobile industry when implementing FTAs?

VCN - On May 24, Customs Magazine organized a discussion on the topic "Vietnam's automobile industry implements the Free Trade Agreement: In which direction to develop?"
Mobile Version