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There should be special mechanisms for economic ties between the two countries. The governments of Vietnam and Laos are closely working on the construction of the Hanoi-Vientiane expressway project that will facilitate sea access to land-locked Laos. Chairman of Vietnam’s National Assembly Vuong Dinh Hue speaks with Vietnamese businesses in Laos on May 15. Photos: Quochoi The information was released by Chairman Vuong Dinh Hue of Vietnam’s National Assembly who is on his three-day visit to Lao starting on May 15. Hanoi-Vientiane expressway, which is being built with funding from Japan, will enable Laos to access the sea in Vung Ang Seaport, Vietnam’s central province of Ha Tinh. Launched in 2016, the 725-km project, with an estimated investment of US$4.5 billion, is expected to boost economic connectivity between the two countries and Thailand’s northeast. Hue said the two countries' economic ties need to be boosted to become commensurate to the strong … [Read more...] about Vietnam, Laos boost construction of road linking two capital cities

Iron and steel are among Vietnam's major export items to Laos. (Photo: VNA) Hanoi (VNA) – Since the establishment of their bilateral diplomatic ties in 1962, Vietnam and Laos have promoted cooperation across spheres, with their trade exchange posting substantial growth, benefiting both countries. During the 2016-2020 period, the two-way trade saw stable expansion and reached the target of over 1 billion USD, but then suffered from the impact of the COVID-19 pandemic and natural disasters. The Asia-Pacific Market Department at the Vietnamese Ministry of Industry and Trade (MoIT) said that the bilateral trade exceeded 1 billion USD in 2020, down 11.5 percent year-on-year, of which Vietnam’s exports were worth 571.7 million USD, down 18.5 percent. However, the bilateral trade bounced back since early 2021, surging 33.3 percent to 1.37 billion USD for the year, with Vietnam’s export revenue reaching 594.7 million USD, a rise of 4 percent from 2020, and its import hitting … [Read more...] about Vietnam-Laos trade ties growing sustainably

Vietnam continues to benefit from its broad re-opening strategy, which saw a huge crowd flocking to tourist hotspots in the country and household spending rebound. Vietnam’s economic recovery is gaining momentum despite heightened global uncertainty related to the protracted war in Ukraine, higher commodity prices, and tightening global financial conditions, according to the World Bank. Cargo handling at Dinh Vu port, Haiphong. Photo: Cong Hung In its latest report, the World Bank pointed out the robust growth of industrial production by 9.4% in April, comparable to pre-pandemic rates. Manufactures of apparel, footwear, electronics, electrical equipment, and metal products were the most dynamic sub-sectors, registering double-digit growth rates, it added. However, machinery manufacturing slowed from 26.6% year-on-year in March to only 5.1% in April. This deceleration was related to supply chain disruptions caused by lockdowns in China, which led to a … [Read more...] about Vietnam’s economic recovery gaining momentum

During the 2016-2020 period, the two-way trade saw stable expansion and reached the target of over 1 billion USD, but then suffered from the impact of the COVID-19 pandemic and natural disasters. The Asia-Pacific Market Department at the Vietnamese Ministry of Industry and Trade (MoIT) said that the bilateral trade exceeded 1 billion USD in 2020, down 11.5 percent year-on-year, of which Vietnam’s exports were worth 571.7 million USD, down 18.5 percent. However, the bilateral trade bounced back since early 2021, surging 33.3 percent to 1.37 billion USD for the year, with Vietnam’s export revenue reaching 594.7 million USD, a rise of 4 percent from 2020, and its import hitting 778.2 million USD, up 69.8 percent. The results are attributable to the political resolve by Vietnamese and Lao leaders and the drastic management of competent agencies to remove obstacles facing businesses of the two countries and create optimal conditions for them to quickly adapt to the new situation. In … [Read more...] about Vietnam – Laos trade ties growing sustainably

National Assembly Chairman Vuong Dinh Hue (L) and his Lao counterpart Saysomphone Phomvihane co-chair the event. (Photo: VNA) Vientiane (VNA) – National Assembly Chairman Vuong Dinh Hue and his Lao counterpart Saysomphone Phomvihane co-chaired a conference to share experience in designing mechanisms and policies supporting post-pandemic socio-economic recovery and development in Vientiane on May 16. The Lao NA leader said that the event is a good chance for both sides to learn from each other to promote post-pandemic socio-economic recovery and development. For his part, NA Chairman Hue underlined that COVID-19 pandemic has posed problems to most countries around the world, including Laos and Vietnam. He highlighted the Vietnamese NA’s close coordination with the Government and relevant agencies to collect ideas from voters, people, experts, scientists and the business community inside and outside the country on measures to respond to the pandemic. He noted that … [Read more...] about Vietnamese, Lao NAs share experience in designing post-pandemic socio-economic recovery policies

Prime Minister Phạm Minh Chính with United Nations Development Programme Administrator Achim Steiner in New York on May 16. — VNA/VNS Photo Dương Giang NEW YORK — Prime Minister Phạm Minh Chính has asked for the United Nations Development Programme (UNDP)’s help in achieving carbon emission neutrality by 2050. He was speaking during a meeting with Administrator Achim Steiner in New York on May 16 (local time) as part of his working trip to the US. PM Chính said he highly valued the important role, strategic direction and current leadership of UNDP in promoting the implementation of the 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals (SDG). He thanked the UNDP for the consistent support for Việt Nam in reconstruction, nation building and socio-economic development processes over the past 50 years. PM Chính welcomed and highly appreciated the UN-Energy Plan of Action which Achim Steiner personally served as Co-Chair, with the aim of supporting … [Read more...] about UNDP will assist Việt Nam in achieving carbon neutrality by 2050: Administrator