At the opening ceremony. (Source: VNA)

This is the biggest trade promotion event held annually by the two countries' Ministries of Industry and Trade in the Lao capital city, with the aim of promoting exports and expanding the sale network for Vietnam's goods to Laos and the northeast region of Thailand.

It also provides a venue for producers and investors of Vietnam and Laos to share experience, set up partnerships and ventures, and foster technology transfer.

In his opening remarks, Vietnamese Deputy Minister of Industry and Trade Do Thang Hai emphasised that this is one of the large-scale trade promotion activities to practically celebrate the Vietnam – Laos, Laos - Vietnam Friendship and Solidarity Year in 2022.

There are 250 pavilions at the five-day event, including 120 run by nearly 80 Vietnamese companies which are exhibiting their pharmaceuticals; medical equipment; agro-forestry-aquaculture products and processed foods; textiles; handicrafts and interior - exterior decorations; plastics and consumer products.

A number of business matching meetings, and art performance and cultural exchange programmes will be held in the framework of the expo.

The Lao market is considered as an important gateway for Vietnamese enterprises to reach further to other ASEAN countries.

In recent times, the Bilateral Trade Agreement and the Vietnam-Laos Border Trade Agreement have contributed to promoting trade in goods and services between the two countries. Their two-way trade turnover hit 4.5 billion USD in the 2018-2021 period with an average annual growth of more than 10%.

Last year, the trade reached 1.37 billion USD, up 33.3% year-on-year.

In the first seven month of 2022, the two-ways trade reached nearly 949 million USD up 24.2% compared to the same period of 2021. Notably, exports from Vietnam to Laos have increased for the last four consecutive months, and strongly surged by 33.9% in July.