(MPI) - Deputy Minister of Planning and Investment Tran Quoc Phuong, Vice Chairman of the Vietnam-Laos Cooperation Committee, and Viengsavanh Vilayphone, Permanent Vice Chairman of the Laos-Vietnam Cooperation Committee hold a preparatory talks in Vientiane on January 8 to prepare for the 47th meeting of the two countries’ Intergovernmental Committee for bilateral cooperation.

At the meeting. Photo: MPI

The two sides focused on reviewing the implementation of the agreement of the 2024 cooperation plan, and agreed on the draft of the agreement on the 2025 cooperation plan, which will be submitted to the two Governments on the 47th meeting of the countries’ Intergovernmental Committee for bilateral cooperation, to be held on January 9.

They also agreed to continue implementing the memorandum of understanding on cooperative strategy in transport for the 2016-2025 period with visions towards 2030, and promoting resources for key projects such as the Vientiane - Hanoi expressway, the Vientiane - Thakhek - Tan Ap - Vung Ang rail route and other transport projects. They have also completed protocols on investment cooperation to develop Terminals 1, 2, and 3 of Vung Ang Port.

Speaking at the event, Deputy Minister Phuong suggested the sides should focus on executing the two Politburos' directions, joint statements, high-level agreements, the 10-year 2021 - 2030 Cooperation Strategy and the 5-year 2021 - 2025 Cooperation Agreement.

Regarding cooperation plan in the time ahead, Vietnam will continue to share experience with Laos in stabilising macroeconomic performance, sustainable development and improving the business climate. Deputy Minister Phuong called for further tightened of economic connectivity, creating a stable, transparent legal framework and a favorable environment, and having specific mechanisms for security-defense projects.

He said Vietnam will encourage their businesses to invest in Laos’ priority areas like high-tech agriculture, renewable energy (in border areas that connected with Vietnamese grid), mineral mining, and tourism. They will pilot new and special mechanisms to facilitate Vietnamese businesses' partnerships with foreign firms to carry out investment projects in Laos.

Phuong called on the sides organsing investment and trade promotion conferences to attract large enterprises and major partners like Japan, Sout Korea, and the EU to seek investment opportunities.

He suggested for more efforts to reach a bilateral trade growth rate of 10-15%, enhancing trade promotion, supporting brand building to increase sustainable presence and output, as well as promoting high-quality of education - training cooperation and human resource development.

The deputy minister urged for renewing mechanisms to improve the efficiency of aid projects and focus on key investments to help Laos promote socio-economic development.

For his part, Viengsavanh Vilayphone said that the implementation of the two countries’ high-level agreements have achieved positive results, under the leardership of the two Parties and States. Bilateral cooperation in 2024 recorded significant progress, contributing to each nation’s development, and consolidating the Vietnam-Laos great friendship, special solidarity, and comprehensive cooperation.

In 2024, bilateral trade reached over 2 billion USD, an annual increase of 32.8%, including 641.8 million USD in Laos’ imports from Vietnam, up 32% year-on-year, and 1.3 billion in exports, up 26.2% over the same period last year.

The two sides have also signed a new Laos-Vietnam Trade Agreement and the memorandum of understanding on cooperation in combating cross-border smuggling, commercial fraud on April 8, 2024, as well as built a priority legal framework for trade imports and exports.

At the meeting, the two officials agreed on the drafts of two key documents, namely the minutes of the 47th meeting of the two countries’ intergovernmental committee for bilateral cooperation and the agreeement on the 2025 cooperation plan, which will be held in Vientiane on January 9 under the co-chair of the two Prime Ministers/.

Bao Linh

Ministry of Planning and Investment