Deputy PM Bui Thanh Son underscored energy, mining cooperation as a pilar of Vietnam-Laos economic ties. (Photo: VNA)

On October 21, during a reception in Hanoi for Lao Minister of Energy and Mines Phosay Sayasone, Deputy Prime Minister Son assured his guest that Vietnam always values and gives the highest priority to the Vietnam-Laos special relationship.

According to him, bilateral ties have been growing robustly and effectively, bolstered by political trust and regular visits by leaders. Two-way trade is estimated at 1.7 billion USD in the first 10 months of this year, on track to meet the target of a 10-15% year-on-year increase as outlined in the cooperation plan between the two Governments.

To realise the agreement between the two Politburos in September 2024 and prepare for the 47th Vietnam-Laos Inter-Governmental Committee meeting, which will be co-chaired by the two PMs in early 2025, he urged both sides to perform the assigned tasks in power and coal trading, and increase bilateral investment.

Regarding cooperation in power trading, both sides need to realise the Memorandum of Understanding (MoU) signed in 2006. As Vietnam's electricity import capacity from Laos can exceed 5,000 MW by 2030, Son suggested that the Vietnamese Ministry of Industry and Trade (MoIT) and the Lao Ministry of Energy and Mines provide timely reports for both Governments to consider necessary adjustments to the MoU.

He hailed the MoIT for swiftly establishing a task force for bilateral electricity trading led by a minister, which he said, demonstrates Vietnam's strong commitment to promoting this cooperation.

Affirming that coal from Laos will be one of the key input sources for electricity production in Vietnam in the coming time, he asked the MoIT and the Lao Ministry of Energy and Mines to step up the negotiation and signing of an agreement on coal trade cooperation during the upcoming inter-governmental committee meeting.

Praising the partnerships between Vietnamese and Lao enterprises in the construction of the conveyor belt between the two countries, Son believed that more business partnerships for key projects will emerge, contributing to the trade and industry cooperation and the overall economic growth of both nations.

Minister Sayasone thanked the Vietnamese Government for valuing collaboration with Laos, noting that many Vietnamese enterprises have been investing in energy and mining in Laos.

Notably, both sides have committed to a power trading capacity of 3,000 MW by 2025 and 5,000 MW by 2030. To date, Vietnam has approved the import of electricity from Laos with a total capacity of 2,939 MW, while the total capacity under signed electricity trading contracts is 2,239 MW, accounting for 74.3% of the capacity committed by 2025.

He proposed continuing with in-depth discussions at all levels so that energy and mining become key strengths in bilateral cooperation. He expressed confidence that activities in this field will become increasingly effective in the near future.