Vietnamese, Lao capital cities ink deals to boost trade

Vietnamese and Lao enterprises signed nine memoranda of understanding (MoUs) spanning a wide range of cooperation fields at a trade connection conference between Hanoi and Lao businesses held in Vientiane on November 24.

The event was held 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, aiming to introduce strengths, trade, investment promotion opportunities between the two capital cities.

Accordingly, the agreements cover cooperation in seed transfer, technology and development of raw material areas, raw material purchase, and product consumption in an attempt open up many business cooperation opportunities.

Speaking at the event, Vice Chairman of the Hanoi municipal People’s Committee Nguyen Manh Quyen said that over the past time, trade cooperation between Hanoi and Laos have gained fruitful results. Two-way trade between Hanoi and Laos reached 411 million USD in 2022.

Quyen affirmed that the confe
rence was of significance to Hanoi’s enterprises to bolster trade promotion, introduce brands and products, connect trade between Vietnamese and Lao enterprises in the host country.

Hanoi’s enterprises participating in the event shared their experience, demand and cooperation potential to Lao enterprises, introduced Hanoi’s traditional craft villages and their products. The two sides exchanged information and discussed to boost product consumption, and technology transfer.

Besides, the ‘Hanoi – Vietnam’ booth was arranged with the participation of 16 enterprises from Hanoi, introducing agricultural products, food, garments and textiles, handicraft products, cosmetics, and OCOP (one commune one product) products in That Luang Festival and Vientiane Trade Exhibition 2023 from November 23-27. It has attracted attention of local enterprises and consumers.

On this occasion, Hanois’ delegation visited a number of production facilities, supermarkets, and traditional markets in Vientiane to understand more about l
ocal people’s needs and consumption habits, thereby seeking investment and business cooperation opportunities, introduce products, study and find raw material growing areas in Laos./.

Source: Vietnam News Agency

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