Vietnam and Laos Strengthen Bilateral Ties, Focus on Key Projects and Economic Cooperation

Strategic Insights -

Deputy Prime Minister of Vietnam Nguyen Chi Dung recently visited Laos, where he met with the country's top leaders to discuss and review the progress of bilateral cooperation in the first half of 2023. The meetings focused on strengthening the special solidarity between the two countries, particularly in areas such as economic, trade, and investment ties, as well as defense and security cooperation. The two sides emphasized the importance of supporting each other at regional and international forums and building on existing achievements to enhance economic connectivity.

Key Takeaways:

  • Vietnam and Laos have agreed to focus on eight key tasks for the remainder of 2023, including the completion and handover of five major projects to Laos.
  • The projects involve infrastructure development, energy, mining, telecommunications, tourism, and high-tech agriculture, with a goal of increasing bilateral trade to $5 billion in the near future.
  • Lao leaders have expressed their commitment to nurturing the special solidarity with Vietnam and urged both sides to build on existing achievements and strengthen economic connectivity, particularly through strategic projects such as the Vientiane-Hanoi expressway.
  • Vietnamese businesses are encouraged to expand investment in Laos, particularly in energy, mining, telecommunications, tourism, and high-tech agriculture.
  • The two countries have agreed to prepare for the next Vietnam-Laos cooperation agreement (2026-2030) and coordinate diplomatic events and joint celebrations.
  • The deputy PMs committed to accelerating the completion of key joint projects by 2023 and pledged to regularly consult on strategic regional issues and coordinate their stances within ASEAN and sub-regional frameworks.

Statistics:

  • $5 billion: The target for bilateral trade between Vietnam and Laos in the near future.
  • 5 major projects: The number of major projects to be completed and handed over to Laos by the end of 2023.
  • 2026-2030: The term of the next Vietnam-Laos cooperation agreement, which is currently being prepared.

Sources:

  • Vietnam News Agency, "Vietnam-Laos Relations: A Special Solidarity"