Vietnam offers Laos US$1M in president’s visit

Vietnam’s President Vo Van Thuong today [April 10] announced a gift worth US$1 million to Laos during his visit to the neighboring country, the first overseas trip since he inaugurated last month. 

Vietnam and Laos sign a cooperation agreement in the attendance of Vietnam’s President Vo Van Thuong (L) and Thongloun Sisoulith, General Secretary of the Lao People's Revolutionary Party and Lao President, in Vientiane on April 10. Photos: VNA

President Vo Van Thuong said, in the spirit of brothers, Vietnam will wholeheartedly support Laos to successfully assume the role of ASEAN chair in 2024 and is ready to support the Lao National Assembly to successfully run international agendas in the coming time.

He made the statement at the meeting with Thongloun Sisoulith, General Secretary of the Lao People's Revolutionary Party and Lao President, in Vientiane together with the meetings with Lao Prime Minister Sonexay Siphandone, and the Lao National Assembly’s President Saysomphone Phomvihane.

Vietnam’s willing to support Laos in its important foreign affairs in the coming time, including hosting the first Cambodia-Laos-Việt Nam Summit (CLV) Parliamentary Summit in 2023 and the hosting of the ASEAN Inter-Parliamentary Assembly (AIPA) in 2024.

The importance of routine delegation exchanges and high-level meetings was emphasized by the two leaders, who also praised the execution of the cooperation agreement between the two legislatures that was signed in May 2022.

Vietnamese President Vo Van Thuong (L) and Lao Prime Minister Sonexay Siphandone.

They recommended that the two NAs continue to improve professional experience sharing and exchange by holding conferences and working closely together and supporting one another at regional and worldwide legislative forums.

They also reaffirmed that the two sides continue to place a high value on and give top priority to deepening their deep friendship, unique solidarity, and comprehensive cooperation, viewing this as a priceless asset and a deciding factor for the revolutionary causes in each of their respective countries.

During the visit, Vietnam and Laos discussed measures to strengthen cooperation in the fields of defense and security. This also involves addressing concerns relating to social order and security, tightening border security, and combating transnational crimes including drug trafficking and human trafficking.

A meeting chaired by Vietnam's President Vo Van Thuong and Laos' National Assembly President Saysomphone Phomvihane.

In 2019, Vietnam and Laos upgraded their relationship from "traditional friendship" to "great friendship" after first establishing diplomatic ties in September 1962.

Vietnam is third after China and Thailand in terms of registered capital invested in Laos, with about US$4.3 billion spread across 219 projects.

Nearly $1.7 billion in trade was transacted between the two countries in 2022, an increase of more than 25% from the previous year.

Vietnam also began five new projects in Laos in 2022, with a total investment of $70 million, representing an increase of over 50% from 2021.