(KPL/VNA) The Vietnamese Ministry of Industry and Trade (MoIT) and the Lao Embassy in Vietnam will continue to coordinate closely to promote economic - trade and industry - energy cooperation between the two countries.

Minister of Industry and Trade Nguyen Hong Dien and Lao Ambassador to Vietnam Khamphao Ernthavanh made the affirmation at their working session in Hanoi on January 3.

Dien highlighted the outstanding results in Vietnam-Laos trade relations in 2024, particularly bilateral trade turnover was estimated to reach 2.2 billion USD, an increase of nearly 34% compared to 2023.

This is the first time the bilateral trade turnover has exceeded the 2 billion USD mark, far surpassing the target set by the two governments, Dien said, noting that this achievement is a clear testament to the efforts of the governments, authorities, and businesses of both nations, including those made by the ministry and the embassy.

Regarding the Vietnam-Laos trade agreement, Dien emphasised that the Ministries of Industry and Trade of Vietnam and Laos have completed necessary procedures for the two governments to approve the new agreement that was signed on April 8, 2024 and are ready for implementation.

The Minister called on the Ambassador to assist in expediting necessary internal procedures with Lao authorities, and promptly inform Vietnam of the official date of effect so that the agreement can be implemented soon and the benefits it brings can be utilised as soon as possible.

Regarding cooperation in the energy and mineral sectors, Dien noted the key role of these two pillars in Vietnam-Laos economic relations. Cooperation in the purchase and sale of coal and electricity between Vietnam and Laos in 2024 has achieved very positive results.

The import of electricity and coal from Laos not only aims to meet Vietnam’s needs in socio-economic development but also helps to exploit Laos's potential, thereby contributing to its socio-economic development.

For her part, Khamphao shared the view with the minister regarding the impressive achievements that the two countries have attained in recent times. She expressed her impression of the growth of Vietnam's import-export turnover and industrial sector.

On this occasion, she thanked Vietnam for its important support in supplying gasoline and oil to the Lao market in recent times. In 2024, Vietnamese enterprises supplied 36 million litres of gasoline and oil, helping Laos to stabilise its domestic fuel market.

Both host and guest expressed confidence that the 47th meeting of the Vietnam - Laos Intergovernmental Committee, scheduled to be held in January 2025 in Laos, will be a success.

KPL