Laos, Vietnam sign new bilateral trade pact

A memorandum of understanding (MoU) was also signed between Vietnam’s general department of market surveillance (GDMS) and the department of business competition and trade inspection under the Lao ministry of industry and commerce.

Under the MoU, both sides will update each other about respective policies and laws, offer support in market management training for officials, share best practices in enforcing administrative penalties on business and trade violations while combating cross-border smuggling, commercial fraud and illegal transportation of goods, according to a Vietnamese news agency.

In the first quarter this year, two-way trade between the two nations hit $417.8 million, down by 1.8 per cent year on year.

Dien acknowledged Laos's growing production capacity, evidenced by its transition from a trade deficit to a surplus with Vietnam in recent years. He also underscored Laos' rising importance as a key raw material supplier for Vietnam’s manufacturing sector.

Both sides agreed to hold more trade promotion activities and develop border trade infrastructure.

Fibre2Fashion News Desk (DS)