The two sides convened to conduct a mid-term review and evaluation of the Vietnam-Laos cooperation agreement for 2024, identifying key areas to promote collaboration in the remaining months of the year, and discussing other important matters.
Speaking at the conference, Comrade Phet Phomphiphak, Minister of Planning and Investment of Laos and Chairman of the Laos-Vietnam Cooperation Committee, expressed his delight and excitement to represent the Government of the Lao People’s Democratic Republic and the Ministry of Planning and Investment as the Chairman of the Laos-Vietnam Cooperation Committee, leading the Lao delegation to the conference.
Minister Phet Phomphiphak discussed some global and domestic situations in Laos that both sides are concerned about, as well as the implementation of the 2024 cooperation plan agreement and the bilateral cooperation agreement for the 2021-2025 period. Specifically, in the economic field, from 2021 to the present, the Lao PDR has granted new investment licenses to Vietnamese enterprises to implement several projects in Laos with a total investment of 869.9 million USD. In the first six months of 2024 alone, Laos licensed six projects for Vietnamese enterprises with a total capital of 339 million USD, including one project in the mining sector, one in the power sector, and four in the healthcare sector.
Trade cooperation between the two countries continued to grow, reaching 927.8 million USD in the first six months of 2024, an increase of 11.1% compared to the same period in 2023. Laos imported 289.2 million USD worth of goods from Vietnam, while Laos’s exports to Vietnam reached 638.6 million USD. During the 2021-2023 period, the average trade growth rate between the two countries was 17.7%.
Regarding transportation, infrastructure, and construction cooperation, the two sides signed a memorandum of understanding for a feasibility study, and several projects are in the process of surveying the actual field area, such as the Vientiane-Hanoi expressway and the Vientiane-Tha Khek-Tan Ap-Vung Ang railway. The two sides also continue to promote the implementation of agreements and protocols for the development of Vung Ang Ports 1, 2, and 3.
Minister Phet Phomphiphak stated that in the future, the two ministries need to continue to strengthen comprehensive cooperation and closely coordinate in promoting collaboration between the two countries. They should facilitate and manage investment activities of enterprises in each country and act as a focal point to coordinate and promote businesses with existing contracts or joint venture agreements. This will ensure the implementation of plans and resolve issues related to licensed investment projects.
Speaking at the conference, Deputy Minister Tran Quoc Phuong stated that despite the rapid, complex, and unpredictable changes in the world and regional situations, which have negatively affected countries, including Vietnam and Laos, with the resolute leadership and direction of the central committees of the two Parties and Governments, the ministries, sectors, and localities of the two sides have proactively and closely coordinated, achieving practical effectiveness. The agreement on the cooperation plan between the two countries for the first six months of 2024 has basically achieved its set goals, making important contributions to maintaining political stability, developing the economy and society, and ensuring national defense and security in each country. It also continues to consolidate and strengthen the great friendship, special solidarity, and comprehensive cooperation between Vietnam and Laos.
Deputy Minister Tran Quoc Phuong emphasized that Vietnam’s consistent policy is to always attach great importance to and give top priority to maintaining and developing the special Vietnam-Laos relationship, considering it a priceless asset and of vital importance to the revolutionary cause of each country.
In the future, the two sides need to continue to implement the agreements reached by the high-level leaders, the annual meetings between the two Political Bureaus, and the annual cooperation plan agreements between the two governments. They should coordinate and promote the efforts of ministries, sectors, localities, and relevant agencies to strive to complete the Vietnam-Laos Cooperation Plan for 2024 successfully.
This includes strengthening political and diplomatic cooperation, deepening the Vietnam-Laos political relationship, and focusing on effectively implementing the Joint Statements and high-level agreements between the two countries. Additionally, they should enhance cooperation in national defense and security, closely coordinate to maintain political stability, security, social order, and safety in each country, and ensure security along the border.
Particularly, they should promote economic connectivity and improve the efficiency of cooperation in various fields. This involves encouraging public-private partnerships to develop infrastructure and connect the two economies, especially the Hanoi-Vientiane expressway and the Vung Ang-Vientiane railway to provide Laos with access to the sea. Other areas of focus include aviation, infrastructure connectivity at border gates, human resource development, and cooperation in priority areas such as high-tech industries, innovation, energy, mining, high-tech agriculture, and e-commerce.
The two sides will continue to promote trade growth between the two countries in accordance with the commitments signed at the 46th meeting of the Vietnam-Laos Inter-Governmental Committee. Vietnam will continue to purchase electricity from Laos according to the signed Memorandum of Understanding and develop a plan for electricity grid connectivity between the two countries, including Cambodia, Laos, and Vietnam.
“Removing US trade sanctions on Vietnam is the right move, at the right time.”
30 years ago, on February 3, 1994, President Bill Clinton announced the complete lifting of the 19-year-old trade embargo against Vietnam, marking the beginning of the normalization of relations between the two countries.
