The value of import-export turnover between Vietnam and Laos has increased again after more than half a year of slowdown due to the impact of the COVID-19 pandemic, with two-way trade turnover reaching nearly US$740 million by late September, according to the Vietnam Trade Office in Laos.

A clean banana preliminary processing facility in Laos

Despite suffering a decline compared to the same period last year, the speed slowed down, while showing a gradual increase until the end of the year. Indeed, the opening seven months of the year saw the import-export turnover between the two countries endure a fall of 14% over the corresponding period last year, and the current period witnessed a drop of 10.8%. In which, the export turnover from Vietnam to Laos stood at nearly US$423 million, and its imports from the neighbouring country was over US$316 million.

Import and export activities between the two nations are tending to see a rebound thanks to improved clearance procedures at some international and local border gates as both have brought the pandemic under control.

The two sides are making greater efforts to elevate this year's bilateral trade to US$1 billion as planned, up between 10% and 15% over last year's figure.

Laos' major export items to Vietnam are minerals, wood products and agricultural products such as rubber, coffee, maize, cassava, rice, livestock, while its import staples include petroleum, fertilizers, iron and steel, and machinery, electrical equipment, construction materials and spare parts.

Vietnam remains the third largest trading partner and third biggest foreign investor of Laos, after Thailand and China.