Trucks pass the Lao Bao International Border Gate in central Quang Tri province, which borders Laos (Photo: VNA)Hanoi (VNA) – The Ministryof Industry and Trade continues implementing a master plan to develop theVietnam – Laos border market network by 2020, while developing a master planfor border trade between the two countries to 2025, with a vision through 2035as part of efforts to boost bilateral trade.
Besides, Vietnam and Laos will makeproposals to each other’s Government on establishing and upgrading border gatesand economic cooperation zones along the shared border.
By the end of this year, the twosides will implement the new trade agreement and the border trade agreementwhile making a plan for the Vietnam – Laos trade development from 2017 – 2026.
Measures will be sought to raisetwo-way trade value by 10 percent from 2016.
Delegation exchanges and businessconnections will be strengthened between the two nations to promote trade inborder provinces.
Publicity campaigns will also beconducted to lure domestic and international resources for projects on bordertrade development, contributing to poverty reduction, and improving border residents’living conditions.
According to experts, incentivesshould be devised to encourage different economic sectors to participate inborder trade.
Vietnam and Laos share eightinternational border gates, seven key border gates, and 18 small border gates.Nine border-gate economic zones have been established, facilitating trade andservice development between the two nations’ border localities.
According to the Ministry’s Asia –Pacific Market Development Department, Vietnam – Laos border trade has seen remarkableexpansion.
Investment in infrastructurefacilities has been increased in the border gates, while efforts have been madeby localities to fight smuggling, trade fraud and other crimes.
According to the Ministry’sImport-Export Department, in 2016, two-way trade value between Vietnam and Laosreached 801 million USD. Vietnam imported 342 million USD worth of goods fromLaos and shipped 459 million USD worth of goods to the neighbouring country.
Vietnam’s major exports are aquaticproducts, footwear, garment-textile and materials, steel and steel products,coal, oil and gas, fertilizer, equipment, electric wire cable and machines.
Meanwhile, Laos’ major exports toVietnam are timber and wood products, metals, ore, and tobacco sub-products.
According to the Vietnam Trade Officein Laos, Vietnam ranked third among investors in Laos, with investment hitting5.1 billion USD so far.-VNA
VNA
