Hanoi, Vientiane share experience in State management in industry, trade: At the event. (Photo: VNA)

The event was meant to realise their cooperation agreement for the 2022 – 2025 period signed in Vientiane on November 4, 2022.

Both sides focused their discussions on improving the management in the sector and the capacity of personnel, stabilising the market, promoting trade and developing the One District One Product (ODOP) and the One Commune One Product (OCOP) distribution systems, and raw material zones for production, bringing goods to supermarkets and shopping malls in the two cities, and promoting the consumption of traditional craft products.

They also mulled over the development of handicraft products from traditional craft villages, focusing on product designs that are environmentally friendly and suitable for export, as well as solutions to vocational training in craft villages in Vientiane and Hanoi.

Last year, Hanoi's exports to Laos was estimated at 200 million USD, or 1.2% of Hanoi's total exports, up 20% annually. Its major exports include minerals, machinery and equipment, and electronic components-computers, accounting for 14.8%, 14.4% and 5.3% of the total, respectively.

Hanoi, Vientiane share experience in State management in industry, trade: Acting Director of the Hanoi Department of Industry and Trade Tran Thi Phuong Lan speaks at the event (Photo: VNA)

Meanwhile, its imports from Laos reached 211 million USD, equivalent to 0.5% of its total imports, up 12.6% year-on-year, mostly farm produce, fertiliser, and food.

In a recent visit to Laos by member of the standing board of the municipal Party Committee and permanent Vice Chairwoman of the municipal People’s Council Phung Thi Hong Ha, as many as 13 memoranda of understanding between Hanoi and Lao enterprises were signed, opening up opportunities to develop material zones and bring more goods from Vientiane and Luang Prabang province to Hanoi and vice versa.

Director of the Vientiane Department of Industry and Trade Vanmany Phimmasan expressed his hope that the Hanoi side will consider holding effective trade promotion activities and encourage Lao investment in agriculture, farm produce processing and technology transfer, thus helping Laos goods penetrate into the distribution channels of Hanoi and reach the global market.