VOV.VN - The Prime Ministers of Vietnam and Laos sketched out cooperation plans between the two countries in various fields for 2024, with two-way trade set to rise by 10-15% compared to 2023, at the 46th meeting of the Vietnam – Laos Inter-governmental Committee in Hanoi on January 7.

Vietnam and Laos hold the 46th meeting of the intergovernmental committee in Hanoi on January 7

The meeting co-chaired by Prime Minister Pham Minh Chinh of Vietnam and Prime Minister Sonexay Siphadone of Laos reviewed the results recorded in implementing the minutes of the 45th meeting and worked out measures to realize cooperation programmes in 2024.

The two sides agreed to continue to concretize and effectively implement the agreement between the two Politburos of Vietnam and Laos, and the results of the meeting of the heads of the three ruling parties of Cambodia, Laos and Vietnam.

They vowed to promote bilateral political-diplomatic relations, and improve the effectiveness of cooperation mechanisms in all fields by effectively organizing visits, meetings and contacts between senior leaders in many flexible forms, while consolidating defense and security cooperation in order to build a Vietnam-Laos border line of peace, stability, cooperation and comprehensive development.

The two sides agreed to increase information exchange to share experience in macroeconomic management and in building an independent and self-reliant economy in the context of deep, substantive and effective international integration; strengthen connectivity between the two economies; promote bilateral investment and trade cooperation.

They stressed the need to frequently organize dialogues between Vietnamese businesses and Lao authorities to completely resolve outstanding issues, difficulties and obstacles in relation to cooperation and investment projects, striving to raise their two-way trade turnover by 10-15% compared to 2023.

Vietnamese Prime Minister Pham Minh Chinh addresses the meeting

The two sides underscored the importance of solving difficulties and promoting the implementation of transport infrastructure connections, including the Vung Ang-Vientiane railway and Hanoi-Vientiane expressway projects, alongside considering agriculture and rural development one of the pillars of economic cooperation between the two countries.

They concurred that priority should be given to improving the effectiveness of education-training cooperation and human resource development. To this end, the Vietnamese government pledged to offer 1,120 scholarships to Lao officials and students to study in Vietnam, along with continuing to send teachers to teach Vietnamese in Laos.

The two sides agreed to promote tourism connections between the two countries as well as among Vietnam, Laos, and Cambodia under the ‘One Journey, Three Destinations’. They particularly stressed the need to disseminate information about the great friendship and special solidarity between Vietnam and Laos to people of all social strata, including the young generation.

According to the two PMs, the Governments, ministries and authorities of the two countries will further coordinate closely and support each other at multilateral and regional forums.

Prime Minister Pham Minh Chinh assured his guest that Vietnam will actively and effectively support Laos in fulfilling its international responsibilities in 2024 during its ASEAN Chairmanship.

Lao Prime Minister Sonexay Siphandone speaks at the meeting

The two PMs said they would direct relevant ministries, agencies, localities, and businesses to closely coordinate and effectively implement agreements and commitments. They vowed to create the best possible conditions for businesses of the two countries to cooperate in investment, production and business operations.

They said they believe that the success of the meeting would give fresh impetus to fostering Vietnam – Laos cooperation in a more substantive, trustworthy, and effective manner, contributing to strengthening the great friendship, special solidarity and comprehensive cooperation between Vietnam and Laos in the coming time.

Statistics show Vietnam currently has 241 investment projects in Laos with a total registered capital of US$5.47 billion, retaining its third position among foreign investors in the country.

In 2023 alone, Vietnamese businesses poured US$116.6 million into Lao projects, an increase of 65.3% compared to 2022. Accumulated realized capital hit about US$2.75 billion. Amid global economic uncertainties, two-way trade turnover fetched about US$1.6 billion, a slight decrease of 2.1% compared to 2022.

Since 2015, Vietnamese businesses have contributed about US$1.7 billion to the Lao coffers, and about US$150 million to social security.

Meanwhile, Laos currently has 18 investment projects in Vietnam with a total registered capital of more than US$110 million.

The two sides effectively supported each other at international and regional multilateral cooperation forums.