Economic diplomacy between Vietnam and Laos was the topic of a workshop co-organised by the foreign ministries of the two countries in Hanoi on December 24.

At the event (Photo: VNA) 

The workshop, the first of its kind, was held within the official visit to Vietnam by Lao Foreign Minister Saleumxay Kommasith.

In his remarks, Vietnamese Deputy Foreign Minister Nguyen Quoc Dung lauded the initiative to organise the event, saying it is of significance amidst profound and complex changes of the global and regional economy, and the two countries actively implementing the policies of intensive and extensive international integration. 

He commended economic ties between Vietnam and Laos, with two-way trade in 2019 estimated at 1.1-1.2 billion USD, up 12.6 percent from the previous year, and surpassing the target set by the two Governments. 

Vietnam has maintained its position as the third largest investor in Laos, with more than 400 projects valued at 4.22 billion USD, Dung added. 

He pointed out opportunities and challenges to economic diplomacy between the two countries, including pressure to raise the bilateral trade and improve investment quality. 

Dung suggested the foreign ministries step up cooperation in research, consultation and policy recommendation, and make more initiatives for economic cooperation, both bilateral and multilateral. 

For his part, Saleumxay Kommasith said one of the top priorities of the Lao Foreign Ministry is promoting economic diplomacy, and expressed his hope that Vietnam will continue sharing its experience in this regard, especially in regional economic integration and human resources development. 

The ministry will tighten coordination with its Vietnamese counterpart to exchange information, and analyse regional and global economy, he said. 

At the same time, the ministry will consider establishing a regular consultation mechanism on economic diplomacy, and pay more attention to adding issues regarding economic cooperation to meetings of senior leaders of the two countries. 

It will also intensify consultation and coordination between the two ministries and the two countries in general within the framework of multilateral economic forums, especially the Association of Southeast Asian Nations (ASEAN) and ASEAN-led mechanisms, he said, 

At the end of the workshop, the two sides concurred to concretise the action programme on cooperation between Vietnamese and Lao foreign ministries in promoting economic diplomacy in the new period.