On August 10, three MoUs between businesses from Hanoi and Vientiane were signed, including one between Phan Phet Agricultural Development Company and Vilaconic; a second between Villa Paper Production and Trade and Vila Import-Export; and the third between Autoagri Software Tech and Sun Commercial Import-Export and Service.

Several MoUs have been recently signed involving import-export companies, training schools, and more

The moves, as part of an investment promotion conference themed on Hanoi-Vientiane cooperation, demonstrate the interest among businesses of the two countries in expanding operations in the agriculture sector to tap into their growth potential.

The event attracted the participation of leaders of the two cities, and about 100 Vietnamese and Laotian businesses, seeking to boost ties in potential fields of economics, agriculture, tourism, and retail.

Nguyen Manh Quyen, Deputy Chairman of Hanoi People’s Committee, said, “The relationship between Hanoi and Lao localities in general has continuously developed in a comprehensive manner with many successful projects in the fields of economics, healthcare, education, agriculture, military, and people-to-people exchanges.”

Truong Quoc Hung, chairman of the Hanoi UNESCO Travel Club, proposed tourism companies of the two sides should establish Hanoi-Vientiane travel alliance groups to promote bilateral tourism while facilitating immigration procedures for tourists at road border gates and aviation.

A Lao business delegation led by Vice Mayor of Vientiane Phouvong Vongkham visited some retail areas, including Vinmart Smart City, Vincom Mega Mall Smart City, and Savico Megamall in Long Bien district. Vongkham hopes that WinCommerce and Savico Megamall will create opportunities for farm produce of Vientiane to be available on their shelves.

Nguyen Anh Duong, director of Hanoi Centre for Investment, Trade, and Tourism Promotion Agency (HPA), said that the centre will organise programmes in Vientiane to create opportunities for businesses from the two countries to increase investment cooperation and tourism promotion.

HPA deputy director Nguyen Thi Mai Anh said that the agency will assist Lao businesses in approaching and connecting with local retailers. It will also hold online networking programmes between Lao manufacturers and distributors and retailers in Vietnam such as Big C, AEON MALL, Hapro, Co.op Mart, and others.

Statistics from Hanoi Department of Planning and Investment showed that in the first six months of 2022, the city’s export turnover to Laos reached $74.8 million and the import value hit $98.3 million.

Since 2004, Hanoi has provided funding for localities in Laos to build facilities, thus contributing to a boost in socioeconomic development. They include the Vientiane-Hanoi friendship vocational school, a clean water supply system in Xaysomboun town, and lighting systems in some areas of Vientiane.

Meanwhile, Lao businesses in the fields of commerce, real estate, banking and finance, automobiles, and others have so far invested about $8 million in Hanoi.

Deputy Chairman Quyen noted, “In the upcoming time, we will carry out many more activities to deepen cooperation between the two cities so as to increase its efficiency, continuously opening a new and dynamic development era for the interests of the people of each country, as well as peace, stability, and common prosperity in the region.”

Also on August 10, an exhibition highlighting the solidarity and cooperation between the capital cities of Vietnam and Laos took place in Hanoi as part of the activities to celebrate the Vietnam-Laos Solidarity and Friendship Year 2022.

The day previously, Hanoi and Vientiane signed four MoUs to further enhance ties in the future. They are the former’s financial support for the construction of the headquarters of Vientiane’s Justice Department and the city’s Procuracy in the 2022-2025 period; cooperation between Hanoi’s Youth Union and its Vientiane counterpart; work between Hoan Kiem Party Committee and Chanthabuly district in Vientiane; and an agreement between Le Hong Phong Staff Training School and Vientiane Politics-Administrative School.