VCCI Chairman Pham Tan Cong (right) had a meeting with LNCCI Chairman, Co-Chair of ASEAN BAC 2024, Mr. Oudet Souvannavong

At the meeting, Mr. Pham Tan Cong affirmed that the Vietnam - Laos relationship always plays a particularly important role, being a top priority in Vietnam's foreign policy. The bilateral cooperation has developed increasingly deeply, practically and effectively in all fields, in which the political relationship plays a central role, always receiving attention from the leaders of the Party and State of both sides and being continuously strengthened.

On the VCCI side, Mr. Pham Tan Cong affirmed his commitment to support Laos in fulfilling its role as ASEAN BAC Chair in 2024, while continuing to maintain close cooperation with LNCCI as well as regularly exchanging information on trade and investment policies to support the business communities of the two countries. 

In addition, VCCI will coordinate with ASEAN BAC Laos to invite prestigious Vietnamese enterprises with outstanding achievements and contributions to the development of the region to participate in the ASENA Business Awards (ABA) - a prestigious international award organized annually by the ASEAN Business Advisory Council (ASEAN BAC) since 2007.

Leaders of LNCCI and VCCI also acknowledged that the trade turnover between Vietnam and Laos is still not commensurate with the potential. The potential for investment cooperation between enterprises of the two countries is still very large, especially in areas such as mining, pharmaceuticals, construction, tourism, application of technology in investment and development of agricultural projects, wind power cooperation, etc.

Therefore, the two sides agreed to organize more activities to connect and exchange information between the business communities of the two countries in the coming time, especially through bilateral cooperation mechanisms as well as ASEAN such as ASEAN BAC to realize and promote the economic potential of Laos as well as Vietnam.

Also, in the meeting with Mr. Oudet Souvannavong, Chairman of ASEAN BAC Vietnam, Vice Chairman of VCCI Nguyen Quang Vinh also pledged to support Laos in preparing for the 101st ASEAN Business Advisory Council (ASEAN BAC) meeting.

In addition, the Chairman of ASEAN BAC Vietnam and the Chairman of ASEAN BAC 2024 had an online meeting with the ASEAN BAC Secretariat and gave instructions on the preparation and detailed planning for the 101st ASEAN BAC and 24th JBC meeting taking place in Hanoi from September 13 to 14.

Next, ASEAN BAC Vietnam Chairman Nguyen Quang Vinh and ASEAN BAC 2024 Chairman had a meeting with the ASEAN BAC Secretariat via online form.

Trade and investment cooperation is also an important pillar in the relationship between Vietnam and Laos, with bilateral trade turnover growth reaching 10-15% per year (except for the Covid-19 period). In particular, in the past 3 years, Vietnam - Laos trade turnover has always remained stable.

In 2021, trade turnover between the two countries reached 1.373 billion USD, an increase of 33.3% compared to 2020. In 2022, this figure was 1.7 billion USD, an increase of 24% compared to 2021. In 2023, the total bilateral trade turnover is estimated to reach about 1.65 billion USD, a slight decrease of 2.1% compared to the same period in 2022, but the import value from Laos increased by 4.2%.

In addition, investment cooperation is also very impressive. In 2023, the investment capital of Vietnamese enterprises in Laos reached 116.6 million USD, an increase of 65.3% compared to 2022. Up to now, Laos continues to rank first among 80 countries and territories where Vietnam has invested abroad, with 245 projects, total registered capital of about 5.5 billion USD and Vietnam is always one of the three largest investors in Laos. Regarding Laos' FDI to Vietnam, up to the end of 2023, Laos currently has 18 investment projects being stably implemented in Vietnam with a total registered capital of over 110 million USD. 

The new Vietnam - Laos Trade Agreement was signed by the Ministers of Industry and Trade of the two countries on behalf of the two Governments on April 8, 2024. The agreement has created a legal corridor to help basically eliminate import and export tariffs between the two countries (up to over 90%); at the same time, it promotes market access for goods and services and creates a stable, sustainable and long-term development connection.