Delegates at a specialist-level meeting held in Vientiane on January 8 ahead of the 47th meeting of the Việt Nam- Laos' Intergovernmental Committee for bilateral cooperation VNA/VNS Photo

HÀ NỘI - Việt Nam and Laos will formalise a bilateral cooperation plan for 2025 during the 47th meeting of the countries' Intergovernmental Committee for bilateral cooperation, to be held in Vientiane under the co-chair of their respective Prime Ministers.

During preparatory talks organised in the Lao capital on Wednesday, officials agreed on the drafts of two key documents - the minutes of the 47th meeting and the agreement on the 2025 cooperation plan.

Permanent Vice Chairman of the Laos - Việt Nam Cooperation Committee, Viengsavanh Vilayphone, highlighted significant progress in bilateral ties in 2024, which considerably contributed to each country's development, as well as the great friendship, special solidarity, and comprehensive cooperation between the two countries.

In 2024, bilateral trade grew 32.8 per cent year-on-year to over US$2 billion, including $641.8 million in Laos' imports from Việt Nam and $1.3 billion in exports, rising 32 per cent and 26.2 per cent, respectively.

For 2025, Deputy Minister of Planning and Investment Trần Quốc Phương said cooperation should focus on executing the two Politburos' directions, joint statements, high-level agreements, the 2021 - 2025 Cooperation Agreement and the 2021 - 2030 Cooperation Strategy.

Key areas of focus include strengthening political and diplomatic ties, enhancing defence and security collaboration, building a shared border for peace, stability, cooperation and comprehensive development, fighting activities of hostile forces and combating transnational crimes.

Economic connectivity should also be closer, with Việt Nam further sharing experience in macroeconomic stabilisation, sustainable development and business climate improvement with Laos.

They will work to encourage Vietnamese firms to invest in priority sectors of Laos, especially high-tech agriculture, renewable energy, mineral mining and tourism. Both sides will explore special mechanisms to facilitate Vietnamese businesses' partnerships with foreign companies to carry out investment projects in Laos.

More investment and trade promotion conferences should also be held with the participation of large businesses and important partners like Japan, the Republic of Korea and the EU to attract investment.

Phương recommended joint efforts be made to secure annual growth of about 10 - 15 per cent in bilateral trade turnover.

Aside from electricity trading and wind power projects in border areas, education and worker development remain a priority, he said, noting that the Vietnamese Ministry of Planning and Investment will also enhance the efficiency of aid projects to help Laos boost socio-economic development.

The official emphasised the need for the countries' Cooperation Committees to work together to oversee aid-funded projects to ensure progress and effective resource allocation. VNS