Measures sought to promote Vietnam – Lao border trade
Thursday, April 20,2017AsemconnectVietnam - The Ministry of Industry and Trade continues implementing a master plan to develop the Vietnam – Laos border market network by 2020, while developing a master plan for border trade between the two countries to 2025.
By the end of this year, the two sides will implement the new trade agreement and the border trade agreement while making a plan for the Vietnam – Laos trade development from 2017 – 2026.
Measures will be sought to raise two-way trade value by 10 percent from 2016.
Delegation exchanges and business connections will be strengthened between the two nations to promote trade in border provinces.
Publicity campaigns will also be conducted to lure domestic and international resources for projects on border trade development, contributing to poverty reduction, and improving border residents’ living conditions.
According to experts, incentives should be devised to encourage different economic sectors to participate in border trade.
Vietnam and Laos share eight international border gates, seven key border gates, and 18 small border gates. Nine border-gate economic zones have been established, facilitating trade and service development between the two nations’ border localities.
According to the Ministry’s Asia – Pacific Market Development Department, Vietnam – Laos border trade has seen remarkable expansion.
Investment in infrastructure facilities has been increased in the border gates, while efforts have been made by localities to fight smuggling, trade fraud and other crimes.
According to the Ministry’s Import-Export Department, in 2016, two-way trade value between Vietnam and Laos reached 801 million USD. Vietnam imported 342 million USD worth of goods from Laos and shipped 459 million USD worth of goods to the neighbouring country.
Vietnam’s major exports are aquatic products, footwear, garment-textile and materials, steel and steel products, coal, oil and gas, fertilizer, equipment, electric wire cable and machines.
Meanwhile, Laos’ major exports to Vietnam are timber and wood products, metals, ore, and tobacco sub-products.
According to the Vietnam Trade Office in Laos, Vietnam ranked third among investors in Laos, with investment hitting 5.1 billion USD so far.
Source: vov.vn
Vietnamese businesses updated on India’s new foreign trade policy
Vietnam-Russia business forum attracts 200 firms
Vietnam, Singapore talk cooperation in logistics
Vietnam commits to building prosperous, fair, healthy Mekong River basin: PM
Vietnam, the Netherlands promote exports through digital environment
Vietnam learns from RoK’s experience in agricultural development
China, Singapore conclude upgraded FTA negotiations
Japanese investors highly appreciate Vietnamese property market
Germany ready to assist Vietnam in energy transition: official
Vietnam, China’s Guangxi promote economic cooperation in new era
Joint statement on conclusion of negotiations on UK’s CPTPP accession issued
Vietnamese banks remain attractive to foreign investors
Cross-border activities run smoothly at Huu Nghi border since China's reopening
HCM City to host international paper, coatings, rubber, and plastic expos
Plan on implementing Decision No. 327/QD-TTG dated March ...
Concretize viewpoints, objectives, tasks and solutions of the plan in accordance with practical conditions of the locality, associating ...Plan on implementing national environmental protection ...
Implementation plan of marine aquaculture development ...
Program on conservation and development of Vietnamese ...
Plan on improving quality of human resources to 2025 and ...
Efforts taken to turn culinary culture into national ...
The Vietnam Cuisine Culture Association (VCCA) is taking steps to implement a project to build and develop Vietnamese culinary culture ...Vietnamese cuisine making a name for itself with ...
Vietnam advance to next round of AFC U20 Women’s Asian Cup
Cultural tourism and traditional values promoted through ...