|Delegates at the conference.
The target was mentioned at a recent border trade promotion conference held in Xiengkhuang province in Laos. The event aimed at enhancing border trade cooperation between the four Vietnamese frontier provinces of Dien Bien, Son La, Thanh Hoa, and Nghe An and the four northern localities of Laos, including Luang Prabang, Phongsaly, Houaphanh, and Xiengkhuang.
The trade growth could be achieved through greater attempts by both sides to speed up the construction of border markets as planned as well as adopt policies that aid businesses in increase their production, business networks, and trade promotion.
Last year, bilateral trade turnover between the two countries peaked at US$1 billion, an annual rise of 13 per cent.
This figure was attributed to a large number of positive changes in trade activities among border provinces of both sides, especially those in the northern region. In recent years both countries have been working together to implement bilateral and border trade agreements along with other cooperation deals.
Frontier provinces of both sides have increased investment in upgrading roads and opened additional border markets, while fostering trade promotion via a range of trade fairs and exhibitions.
Vietnamese localities sharing the border line with Laos have joined a number of meetings to share experience on making administrative reforms and improving the local business climates, thus smoothing the path for investment and trade cooperation.
Indeed, there is a huge room to boost border trade between the two countries, said conference attendees, suggesting many measures to improve legal frameworks for border trade, increase investment in upgrading roads and warehouses that are connected with border gates, especially those in Laotian territory.