Vietnamese and Lao Capital Cities Strengthen Trade Ties with New Agreements

Vientiane, Laos - A significant trade connection conference between Hanoi and Lao businesses in Vientiane on November 24 saw the signing of nine memoranda of understanding (MoUs) between Vietnamese and Lao enterprises. These agreements span a range of cooperation fields and mark a milestone in the economic relationship between the two capital cities.

According to Vietnam News Agency, Vice Chairman of the Hanoi municipal People's Committee, trade cooperation between Hanoi and Laos has yielded significant results, with two-way trade reaching 411 million USD in 2022. Quyen emphasized the importance of the conference in boosting trade promotion and introducing brands and products from Hanoi to Laos. He highlighted the event's role in facilitating connections between Vietnamese and Lao enterprises.

The conference, organized by the Hanoi Department of Industry and Trade in collaboration with the Vietnam Trade Office in Laos and the Vientiane Department of Industry and Trade, was aimed at showcasing the strengths, trade, and investment promotion opportunities between Hanoi and Vientiane. The MoUs encompass collaborations in seed transfer, technology, development of raw material areas, raw material purchase, and product consumption, thereby creating numerous business cooperation opportunities.

Participants from Hanoi's enterprises shared their experiences, demands, and potential for cooperation with Lao enterprises and introduced products from Hanoi's traditional craft villages. Discussions at the event focused on boosting product consumption and technology transfer between the two sides.

Additionally, the 'Hanoi - Vietnam' booth, featuring 16 enterprises from Hanoi, was set up at the That Luang Festival and Vientiane Trade Exhibition 2023, running from November 23-27. This booth, showcasing agricultural products, food, garments, textiles, handicrafts, cosmetics, and OCOP products, garnered significant attention from local enterprises and consumers.

During their visit, the delegation from Hanoi also toured various production facilities, supermarkets, and traditional markets in Vientiane. This allowed them to gain a deeper understanding of local needs and consumption habits, thereby exploring investment and business cooperation opportunities, introducing products, and identifying potential raw material sources in Laos.