Home » Trade » Vietnam-Lao 2013 trade turnover totals US$504 million

Vietnam-Lao 2013 trade turnover totals US$504 millionBilateral trade between the two countries reached US$504 million in the first half of this year, up 8.3 percent on last year’s same period.

Vietnamese Deputy Minister of Industry and Trade Nguyen Cam Tu and his Laos counterpart Khemmany Phonxena agree Vietnam’s and Laos’ two-way trade turnover has yet to properly reflect both countries’ potential.

This assessment was shared by the two Deputy Ministers at their talks in Vientiane on August 22.

They acknowledged the significant increases in Vietnamese-Lao trade turnover, including 2012’s US$866 million total (up 17 percent year on year)

The two sides pledged to remove obstacles hindering business operation and create the best possible conditions for trading goods across border areas.

They also committed to keeping each other up to date on their respective incentive policies and promulgate the necessary legislation facilitating bilateral trade and investment.

The two leaders discussed tailoring trade agreements to both countries’ World Trade Organisation membership.

They vowed to extend preferential tariff rates for select goods in 2014, another measure designed to cultivate trade links and encourage development, peace, and stability in both countries.

(VOV)

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