Econ
Vietnam to bolster trade ties and financial partnership with Laos
On August 4, Deputy Prime Minister Vuong Dinh Hue received Laos’ Deputy Prime Minister and Minister of Finance Somdy Douangdy in Hanoi. He suggested Vietnamese and Lao Ministries of Finance to enhance collaboration.
The Deputy PM proposed that the two sides increase high-level delegation exchanges, to share experience on the macroeconomic situation and fiscal policy in their respective countries, especially handling budget expenditure and collection, building their legal systems and economic institutions, and training financial officials.
He hailed the two ministries for signing a cooperation agreement for 2016-2020, which maps out important orientations in bilateral affiliation. He said he believes that the guest’s ongoing visit to Vietnam will help propel the economic ties and comprehensive cooperation between the two nations, especially in the field of finance.
Somdy Douangdy said his visit aims to discuss cooperation contents that the two ministries signed in April 2016. He highlighted the economic, financal, and budget situation in Laos and thanked the Vietnamese Ministry of Finance for its assistance over the past years. He also expressed his wish to receive more support from his Vietnamese counterpart to improve capacity for Lao financial staff.
** The same day, Minister of Industry and Trade Tran Tuan Anh had a bilateral meeting with his Lao counterpart Khemmany Pholsena in Vientiane on the sidelines of the ongoing 48th ASEAN Economic Ministers’ Meeting and related meetings.
The two ministers expressed pleasure at the growing trade ties between the two countries over the recent years, with an average rise of 25.8 percent per annum in the 2010-2014 period. Last year, two-way trade saw new progress with the conclusion of negotiations and signing of a bilateral trade agreement and the Vietnam-Laos Border Trade Agreement.
However, the ministers also pointed out that bilateral trade has seen a downturn recently, reaching 1.12 trillion USD in 2015, a drop of 12.6 percent compared to 1.25 trillion USD in 2014. In the first half of this year, two-way trade was only 433.3 million USD, a decrease of 34.7 percent over the same period last year.
They attributed the situation to a lack of diversity in trading goods, together with poor border trade infrastructure, especially market and technology systems, as well as weak engagement of businesses of both sides in each other’s distribution networks.
The two ministers also agreed on a number of measures to boost bilateral trade, including close coordination in building a project to develop the Vietnam-Laos trade ties in the next ten years, and the popularisation of important trade deals between the two countries.
Deputy Prime Minister Vuong Dinh Hue received Laos’ Deputy Prime Minister and Minister of Finance Somdy Douangdy
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Somdy Douangdy said his visit aims to discuss cooperation contents that the two ministries signed in April 2016. He highlighted the economic, financal, and budget situation in Laos and thanked the Vietnamese Ministry of Finance for its assistance over the past years. He also expressed his wish to receive more support from his Vietnamese counterpart to improve capacity for Lao financial staff.
** The same day, Minister of Industry and Trade Tran Tuan Anh had a bilateral meeting with his Lao counterpart Khemmany Pholsena in Vientiane on the sidelines of the ongoing 48th ASEAN Economic Ministers’ Meeting and related meetings.
The two ministers expressed pleasure at the growing trade ties between the two countries over the recent years, with an average rise of 25.8 percent per annum in the 2010-2014 period. Last year, two-way trade saw new progress with the conclusion of negotiations and signing of a bilateral trade agreement and the Vietnam-Laos Border Trade Agreement.
However, the ministers also pointed out that bilateral trade has seen a downturn recently, reaching 1.12 trillion USD in 2015, a drop of 12.6 percent compared to 1.25 trillion USD in 2014. In the first half of this year, two-way trade was only 433.3 million USD, a decrease of 34.7 percent over the same period last year.
They attributed the situation to a lack of diversity in trading goods, together with poor border trade infrastructure, especially market and technology systems, as well as weak engagement of businesses of both sides in each other’s distribution networks.
The two ministers also agreed on a number of measures to boost bilateral trade, including close coordination in building a project to develop the Vietnam-Laos trade ties in the next ten years, and the popularisation of important trade deals between the two countries.
