HÀ NỘI — Economic diplomacy between Việt Nam and Laos was the topic of a workshop co-organised by the foreign ministries of the two countries in Hà Nội on Tuesday.

The workshop, the first of its kind, was held to coincide with an official visit being made by Lao Foreign Minister Saleumxay Kommasith.

Vietnamese Deputy Foreign Minister Nguyễn Quốc Dũng lauded the event, saying it was important given complex changes to the global and regional economies.

He commended economic ties, with two-way trade in 2019 estimated to reach US$1.1-1.2 billion, up 12.6 per cent from the previous year and surpassing the target set by the two governments. 

Việt Nam has maintained its position as the third-largest investor in Laos, with more than 400 projects valued at $4.22 billion, Dũng added. 

He pointed out opportunities and challenges facing economic diplomacy, including pressure to raise bilateral trade and improve investment quality.

Dũng suggested the foreign ministries step up co-operation in research, consultation and policy recommendations. 

For his part, Saleumxay Kommasith said one of the top priorities of the Lao Foreign Ministry was promoting economic diplomacy, and expressed his hope that Việt Nam would continue sharing its experience in this regard, especially in regional economic integration and human resources development. 

The ministry would tighten coordination with its Vietnamese counterpart to exchange information, and analyse regional and global economies, he said. 

At the same time, the ministry would consider establishing a regular consultation mechanism on economic diplomacy.

It would also intensify coordination between the two ministries and countries at multilateral economic forums, especially ASEAN and ASEAN-led mechanisms, he said.  — VNS