Vietnam and Laos will strive to grow their bilateral trade by 10-15 per cent this year as part of major orientations to bolster their partnership.

The orientations were reached by the two countries during the 46th meeting of the Vietnam-Laos Intergovernmental Committee for Bilateral Cooperation held in Hanoi on January 7.

Co-chairing the meeting were Prime Minister Pham Minh Chinh and his Lao counterpart Sonexay Siphandone.

The two sides agreed to boost links in transport infrastructure and to foster cooperation in agriculture and rural development.

The Lao Government will create favorable conditions and adopt preferential policies for major projects from Vietnam, and adjust regulations on implementation duration for hydropower and mining projects to suit the new circumstances.

Both sides agreed to roll out measures to foster tourism links with each other and between Vietnam, Laos, and Cambodia.

The two Prime Ministers said they will direct ministries, sectors, and localities as well as businesses to strengthen their cooperation in implementing bilateral agreements and will continue to provide optimal conditions for investment and business cooperation.

Vietnam currently has 245 projects with capital of nearly $5.5 billion in Laos. It invested $116.6 million in its neighbor last year, up 65.3 per cent year-on-year.

Meanwhile, Laos has 18 projects in Vietnam with capital totaling $110 million.

Two-way trade last year stood at about $1.6 billion, down 2.1 per cent year-on-year.