Hanoi, Vientiane facilitate business cooperation

The authorities of Hanoi and Vientiane have been working closely to enhance business cooperation between the two cities. Most recently, a trade conference was organized in the capital of Laos during the visit of Hanoi Party Chief Dinh Tien Dung to Vientiane in mid-March.

The signing of cooperation agreements between agencies of Vientiane and Hanoi in March 2024. Source: VNA

As part of Dung's agenda, the Department of Information, Culture, and Tourism of Vientiane and the Hanoi Promotion Agency (HPA) signed a memorandum of understanding to cooperate in researching and developing programs to promote tourism activities and provide regular support to businesses in both capitals to network and understand the cooperation and business environment.

Artisans and skilled craftsmen associations of Hanoi have also signed numerous memoranda of understanding and action plans with various associations and guilds of Vientiane, such as the Woodworking Association, Sculpture Association, Bamboo Weaving Association, and Jewellery Association.

With these memoranda of understanding, both sides will strengthen cooperation by researching and developing connectivity programs, guidance, craftsmanship training, and skills enhancement for artisans in the woodworking, bamboo weaving, jewelry, and sculpture fields of Vientiane.

The associations of Vientiane will select and introduce artisans and craftsmen from various fields to participate in exchanges and skill training. Annually, both parties will jointly study and agree on specific cooperation programs and plans to effectively implement practical actions.

Director of the HPA Nguyen Anh Duong noted that each foreign investment promotion event is meticulously organized and challenging, so Hanoi always focuses on the effectiveness and substance of the signed programs.

“Recent investment promotion events have resulted in many agreements, creating important conditions for enterprises and associations to cooperate and enhance production. In addition to training and improving skills, the exchanges between both sides will help businesses access markets, develop tourism, and consume products characteristic of both capitals."

According to the Hanoi People's Committee, in 2023, Hanoi's exports to the Lao market reached US$119.6 million. The main export items include machinery, equipment, tools, and spare parts, accounting for 17.2% of Hanoi's total export turnover to Laos; various types of iron and steel accounted for 6.5%; petroleum products accounted for 9.1%; animal feed and raw materials accounted for 2.5%.

Recently, Hanoi and Vientiane organized the "Hanoi-Vientiane 2023 Raw Material Development and Consumption Connectivity Conference" and an exhibition area showcasing handicraft products, craft villages, and agricultural products in Vientiane. Field surveys have been conducted in commodity production areas and some handicraft production facilities (woodworking, weaving, bamboo weaving) in Vientiane, Luang Prabang Province, and nearby areas.

The conference resulted in the signing 13 memoranda of understanding (MOUs) between Hanoi-based enterprises and their Lao counterparts on seed transfer, technical cooperation, raw material development, sourcing, and product marketing, opening up opportunities for business cooperation between both sides.

Delegates visit traditional products at a trade fair.

At the end of 2023, Hanoi organized a booth representing the city at the That Luang Fair 2023, attracting 16 enterprises and units to exhibit and connect for trade, introducing Hanoi's products with distinctive characteristics, especially OCOP products and high-value items.

Nguyen Manh Quyen, Vice Chairman of the Hanoi People's Committee, stated that in 2024, Hanoi had various directions and measures to promote cooperation between Hanoi and the provinces of Laos.

Quyen added that the city will continue to implement the contents of the Memorandum of Understanding on cooperation between the Vientiane Department of Industry and Trade and the Hanoi Department of Industry and Trade for the period 2022 - 2025, supporting businesses from both capitals to strengthen cooperation and development.

Hanoi will also continue to organize effective trade transactions and promotions in Laos, thereby supporting the mutual development of products and businesses; encouraging Hanoi enterprises to invest and do business in Laos, especially in agriculture, processing of agricultural products, and facilitating technology transfer to help handicrafts, agricultural products... of both sides penetrate the markets of both countries conveniently and sustainably, he said.

In addition, the city enhances cooperation by providing market information to each party to support businesses promptly, disseminating export mechanisms and policies for businesses exporting to the Lao market.

At the same time, it strengthens foreign communication activities to enhance the image of Hanoi's enterprises, goods, and industrial and commercial development capabilities so that Lao businesses know and seek partners, and investment cooperation through publications and websites.

Tran Thi Phuong Lan, Acting Director of the Hanoi Department of Industry and Trade, said that based on very specific, realistic action plans of the Hanoi Party Committee and People's Committee, this year's trade activities, economic exchanges, and tourism between Hanoi and Vientiane will be highly focused and more effective and practical.