Vietnam and Laos vow to create breakthroughs in economic cooperation

They will continue working closely to effectively implement high-level agreements in the fourth quarter of 2024 and 2025, and prepare well for the 47th meeting of the Vietnam-Laos Intergovernmental Committee.

The agreements were reached during the 11th Vietnam-Laos Foreign Ministerial Political Consultation co-chaired by Lao Foreign Minister Thongsavanh Phomvihane and visiting Vietnamese Deputy Prime Minister and Foreign Minister Bui Thanh Son, in Vientiane on December 16.

They expressed their pleasure that the Vietnam-Laos relationship continues to develop strongly in many areas. Political cooperation remains close, trustworthy, and increasingly substantive. Both sides have maintained regular high-level exchanges, and bilateral cooperation mechanisms have been actively promoted. Defense and security cooperation continues to be strengthened and remains a key pillar of bilateral relations.

Economic, trade, and investment cooperation has been enhanced, with two-way trade reaching more than US$1.7 billion in the first 10 months of 2024, an increase of 28.26% compared to the same period in 2023. Notably, both sides have resolved several difficulties and obstacles in some key projects.

Cooperation in cultural, educational, scientific, and technical fields, as well as human resource development, has also yielded significant results. Numerous people-to-people exchanges have taken place, contributing positively to fostering the understanding of the younger generations in both countries about the great, special solidarity and comprehensive cooperation between Vietnam and Laos.

Both sides held that cooperation between the two Ministries of Foreign Affairs has become increasingly close. Based on the Cooperation Agreement between the two ministries for the 2021-2025 period, they have maintained regular annual cooperation mechanisms at the ministerial and deputy ministerial levels and exchanges between relevant departments, as well as maintaining multilateral cooperation, including cooperation in the Mekong region.

Under the Action Program on economic diplomacy cooperation for 2020-2025, both sides have held several direct and online exchanges on economic diplomacy. On this occasion, they agreed to instruct their relevant departments to exchange views in detail and soon draft the Cooperation Agreement between the two ministries for the 2026-2031 period and the Economic Diplomacy Action Program for 2026-2030.

Phonsavanh thanked Vietnam for its active coordination and support for Laos in successfully taking on the role of ASEAN/AIPA Chair in 2024. He affirmed that Laos would continue to actively cooperate and support Vietnam in hosting the second ASEAN Future Forum (AFF 2), scheduled for early 2025.

Exchanging views on regional and international issues of mutual concern, the two sides vowed to regularly coordinate and support each other at multilateral forums, especially in United Nations agencies and on the East Sea issue, as well as within the Mekong cooperation framework. At the end of the Political Consultation, both sides agreed to hold the 12th Political Consultation in Vietnam.

Immediately following the meeting, Son awarded the noble distinctions of Vietnam to the collectives and individuals from the Ministry of Foreign Affairs of Laos who made significant contributions to the Vietnam-Laos Solidarity and Friendship Year 2022.