Trade and investment links between Vietnam and Laos have been enhanced over the last three years thanks to the bilateral cross-border trade agreement, heard a meeting in the central province of Quang Tri on July 26.
Lorries pass the Lao Bao International Border Gate in Quang Tri province, which borders Laos (Photo: VNA)
Quang Tri (VNA) – Trade and investment links betweenVietnam and Laos have been enhanced over the last three years thanks to thebilateral cross-border trade agreement, heard a meeting in the central provinceof Quang Tri on July 26.
The event, held by the Ministry of Industry andTrade, aimed to review three years of the implementation of the deal, inkedbetween the Vietnamese and Lao governments in 2015.
According to the Ministry of Planning andInvestment (MPI) of Vietnam, Vietnamese investors have poured 5.1 billion USDinto 292 projects in Laos, including 110 worth 2.7 billion USD in the 10 Laoprovinces bordering Vietnam.
Those projects have greatly contributed to localgrowth and generated socio-economic benefits, thereby assisting the LaoGovernment’s efforts to ensure social security and reduce poverty.
Meanwhile, trade between the two countries roseby about 13 percent annually between 2015 and 2018 to over 1.03 billion USD in2018, up 11.9 percent year on year. The figure is estimated at 594 million USDin the first half of 2019, up 14 percent, data of the General Department ofVietnam Customs show.
Thirty-six markets have been built along theshared border, which currently houses eight international border gates, sevenmain border gates, 18 auxiliary ones, and eight border gate economic zones.
These ports of entry and economic zones havebeen developing stably, thus creating a driving force for economic activities,including trade, services and investment, and improving the living standards ofboth countries’ border residents, the MPI noted.
At the meeting, representatives of borderprovinces and businesses also pointed out several problems in the agreementimplementation, and proposed solutions.
Vietnam and Laos share a border of 2,337km thatruns across 10 Vietnamese provinces and 10 Lao provinces. -VNA
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Lorries pass the Lao Bao International Border Gate in Quang Tri province, which borders Laos (Photo: VNA) 
