The new Vietnam-Laos trade agreement, signed recently in Vientiane, Laos, marks a significant milestone in the bilateral trade relations between the two countries. With five chapters, 15 articles, and five appendices, the agreement aims to create more favorable conditions for import-export activities and strengthen trade cooperation.

The agreement covers crucial aspects of trade cooperation, providing a comprehensive framework to address issues that arose during the implementation of the previous trade deal signed in 2015. By reviewing tariff rates and import duty reduction schedules, both countries aim to facilitate import and export activities and promote bilateral trade relations.

During the signing ceremony, leaders from both sides emphasized the importance of the agreement in resolving trade-related challenges and improving the legal framework for trade. Vietnamese Minister of Industry and Trade Nguyen Hong Dien highlighted the need to tap into the trade potential between Vietnam and Laos, especially in commodities like Vietnamese oil.

Following the signing of the new agreement, the two ministries witnessed the signing of memorandums of cooperation between relevant departments and companies from both countries. These agreements pave the way for further collaboration, including the construction of coal storage facilities and conveyor belts, demonstrating the commitment to fostering long-term trade ties.