Lao exports to Vietnam increase despite COVID-19 pandemic

Source: Xinhua| 2020-11-06 15:09:19|Editor: huaxia

VIENTIANE, Nov. 6 (Xinhua) -- The export value of Laos to Vietnam has increased in 2020, despite the COVID-19 pandemic.

In 2019, the export value from Laos to Vietnam in the first nine months was 757.4 million U.S. dollars, which increased to almost 758 million U.S. dollars, according to the Lao Ministry of Industry and Commerce.

While the import value decreased from 458 million U.S. dollars, compared to the nine months of 2019, to 410 million U.S. dollars in the nine months of 2020.

Meanwhile, both sides will increase efforts to promote bilateral trade in 2020 with the forecast of an increase of between 10 and 15 percent, local daily Vientiane Times reported on Friday.

The main items exported to Vietnam are drinking water, minerals, and wood products, and agricultural products such as rubber, coffee, maize, cassava, rice, and cattle.

In contrast, imports focused on key groups such as petroleum, fertilizer, steel, machinery, electrical equipment, construction materials, and spare parts.

Vietnam remained Laos' third-largest trading partner and third-largest foreign investor in Laos, trailing Thailand and China.

Vietnamese businesses have invested in 413 projects in Laos at a total value of 4.2 billion U.S. dollars, mostly in hydropower, mining, transport, industrial tree plantations, and services, which have played an important role in the development of both countries, according to the government report.

Ties between Laos and Vietnam are so strong, and the two countries enjoy a great friendship, according to the Vietnamese Embassy to Laos.

This special relationship and cooperation are reflected in all aspects of dealings between the two countries, and this confirms the close relationship is unique in the world.

Cooperation between Laos and Vietnam in all fields has its roots in the two countries' shared revolutionary movement.

The Lao government is hoping the country's combined imports and exports will achieve the target in the revised plan.

The Lao government had earlier set a combined trade target of 13,037 million U.S. dollars for 2020 and revised it to 11,951 million U.S. dollars due to the COVID-19 crisis. Enditem