Hanoi (VNA) – Since Vietnam and Laos set up diplomaticrelations in 1962, the relationship between the two countries has flourished thanksto efforts from both sides to make ties deeper and more effective, especiallyin economy, trade and investment.

According to Deputy Minister of Industry and Trade Tran Quoc Khanh,since a bilateral trade agreement was signed in March 3, 2015 and a bordertrade agreement was inked on June 26, 2015, trade ties between the twocountries have developed.

Launching the Vietnam-Lao trade website at www.vietlaotrade.com has also fosteredconnections and trade exchange between business communities of both sides.

Deputy Minister Khanh said the website aims to provide the businesscommunity timely and comprehensive information on economic, trade, industryregulations, mechanisms and policies as well as trade promotion activities, aimingto better serve enterprises of both countries and make information cheaper to access.

Statistics of the Ministry of Industry and Trade (MoIT) showed that asof March 2017, trade between the two countries reached 236 million USD, up 4.3percent year on year, with Vietnam’s exports at 135 million USD, a rise of 22.6percent.

Meanwhile, Vietnam imported 101 million USD worth of goods from Laos, down13.1 percent over the same period last year, resulting in a trade surplus of 34million USD for Vietnam.

Vietnam mostly exported fuel, steel, iron, transportation vehicles and spareparts to Laos, while importing rubber, fertiliser, ore and minerals.

To celebrate the 55th anniversary of Vietnam-Laos diplomaticrelations and 40 years of the Vietnam-Laos Treaty of Amity and Cooperation, atrade fair was held from June 29-July 3 in Vientiane to encourage strongereconomic, trade and investment cooperation between the two countries.

Meanwhile, two-way trade between Vietnam and Laos dropped about 20percent in 2016, mostly because the Government of Laos stopped exporting woodsand minimised imports of some products the country can supply itself such as cement,iron and steel. Trade competition in Laos has also become fiercer.

Recently, Minister of Industry and Trade Tran Tuan Anh had a meetingwith Lao Minister of Industry and Commerce Khemmany Phonexena to discuss the fallin trade and seek measures to promote bilateral trade.

The two sides have agreed to work closely in building a bilateral tradedevelopment plan for the next 10 years, and to strengthen communications on thebilateral trade and border trade agreements.

To fulfil the target of 4 billion USD in two-way trade in 2020, the twosides will launch new cooperation projects in Laos and assist existing projects,while carrying out the agreement on border and border gate management and theprotocol on borderline and national border markers.

The MoIT will also review Vietnamese projects in Laos to seek measuresto support investors.-VNA