Minister of Industry and Trade Nguyễn Hồng Diên and Lao Minister of Industry and Commerce Malaithong Kommasith signed new Việt Nam-Laos trade agreement on April 8. — VNA/VNS Photo Phạm Kiên

HÀ NỘI — Minister of Industry and Trade Nguyễn Hồng Diên and Lao Minister of Industry and Commerce Malaithong Kommasith signed a new Việt Nam-Laos trade agreement following their talks in Vientiane, Laos, on April 8.

At the talks, Minister Diên described industry and trade ties as a pillar of bilateral relationship. In the first three months of this year, two-way trade between Việt Nam and Laos hit US$417.8 million, down 1.8 per cent annually. Việt Nam mostly exported petroleum products, iron and steel, machinery and equipment to Laos while importing rubber, wood, ore and minerals from the neighbouring country.

Diên acknowledged Laos's growing production capacity, evidenced by its transition from a trade deficit to a surplus with Việt Nam in recent years. He also underscored Laos's increasing importance as one of the important suppliers of raw materials for Việt Nam's manufacturing within ASEAN.

According to him, Việt Nam has a significant demand for imported raw materials and electricity, including those from Laos.

Diên affirmed the Vietnamese Ministry of Industry and Trade’s readiness to help Laos secure a stable supply of petroleum products.

Both sides agreed to hold more trade promotion activities such as business forums, networking conferences, trade fairs and market information seminars; as well as develop border trade infrastructure.

They called for effectively implementing the Memorandum of Understanding on the development and connectivity of Việt Nam-Laos border trade infrastructure signed in January 2024 while reviewing to amend and supplement the 2007 Hà Nội Agreement and the Việt Nam-Laos Border Trade Agreement to align with the current realities.

Following the talks, the two ministers signed the new Việt Nam-Laos trade agreement, and witnessed the signing of a Memorandum of Understanding (MoU) between the General Department of Market Surveillance (GDMS) and the Department of Business Competition and Trade Inspection under the Lao Ministry of Industry and Commerce, and another MoU between the GP Holdings – the National Research Institute of Mechanical Engineering and Phonesack Group on building warehouses and conveyor belts for coal transportation.

Under the MoU between the GDMS and the Department of Business Competition and Trade Inspection, both sides will update each other about respective policies and laws, offer support in market management training for officials, share the best practices in enforcing administrative penalties on business and trade violations while combating cross-border smuggling, commercial fraud and illegal transportation of goods between the two countries.

Specific cooperation plans will be determined annually or periodically, taking into account each country's legal frameworks and strategic priorities. — VNS