Vietnam and Laos plan to raise bilateral trade to $2 billion in the near future based on optimizing trade cooperation on both sides, Ambassador of Vietnam to Laos, H.E. Nguyen Ba Hung, told the Voice of Vietnam (VOV).

Economic cooperation, he said, has been a long-term foundation for relations between the two countries and is increasingly effective.

“In the current era of international integration, the relationship in industry and trade is of extreme significance and needs to be promoted,” he added.

Vietnam is currently the third-largest investor in Laos, after China and Thailand. Vietnamese companies are involved in nearly 260 active projects in Laos with total capital of some $5.4 billion.

Recognizing the major potential for bilateral trade, the two ministries of industry and trade have put forward directions for development cooperation, focusing on reviewing, studying, and proposing breakthrough preferential policies and mechanisms; studying and revising certain signed documents; proposing solutions to address difficulties and shortcomings facing the implementation of the Border Trade Agreement between Vietnam and Laos; facilitating the circulation of goods from both sides; developing human resources; and coordinating to fight smuggling and trade fraud; among others.

“The two industry and trade ministries target boosting trade growth by 10-15 per cent annually,” said Lao Minister of Industry and Commerce Malaythong Kommasith. “To that end, both sides have worked together to carry out a variety of trade promotion activities to encourage investors, businesses, and producers from Vietnam and Laos to meet each other, share their experience, and seek new business opportunities, ideas, and initiatives.”