Laos, Vietnam need to make breakthroughs in economic links
VOV.VN - Thongsavanh Phomvihane, head of the Commission for External Relations of the Lao People's Revolutionary Party (LPRP) Central Committee, has underlined the need for both nations to make all-out efforts in an effort to maintain a bilateral annual trade growth rate of 10% to 15% by carrying out all possible measures.
In a recent media interview given to discuss the outcomes of the state visit to Vietnam by General Secretary of the LPRP Central Committee and State President Thongloun Sisoulith from September 10 to September 13, Thongsavanh affirmed that they include a commitment from both countries to continue prioritizing and remaining "shoulder to shoulder" with each other. This is along with consistently offering mutual support to the other in efforts of national construction, development, safeguarding, and innovation, both in the current period and ahead in the future.
As a means of achieving the set target for the bilateral trade growth rate, he suggested that both sides work hand in hand in a bid to accelerate the implementation of agreements and co-operation memoranda between the two governments, as well as among ministries, sectors, localities, and businesses of the two countries.
This is in addition to continuing negotiations towards the signing of new ones in line with the current situation and build a legal framework aimed at further facilitating bilateral collaboration.
It can therefore be viewed as essential to take specific measures aimed at enhancing connectivity and support between the two economies, and also among the three economies of Laos, Vietnam, and Cambodia. This is along with improving the overall quality and efficiency of investment co-operation, with a specific focus on important projects.
The official also underscored the importance of intensifying exchanges and co-ordination in macroeconomic management; whilst prioritizing policies that incentivize firms to invest in areas where they each have strengths, particularly in energy, digital transformation, technology, agriculture, minerals, and tourism. This will be done whilst promoting the implementation of the Border Economic Zone model along the East-West Economic Corridor.
The two countries should strive to boost trade promotion activities, build brand recognition, and set up distribution channels for Vietnamese and Laotian goods. Other efforts include encouraging the use of local currencies in business, trade, and investment activities between both nations.
Thongsavanh expressed his hope that the Vietnamese side will provide all optimal conditions in a bid to facilitate Laos’s foreign trade through Vietnamese seaports.
