Ha Noi, Vientiane businesses sign deals to boost cooperation

November 25, 2023 2:49 PM GMT+7

VGP - Companies from Ha Noi and Vientiane on November 24 inked nine memoranda of understanding (MoU) to enhance cooperation between the two business communities.

Ha Noi, Vientiane businesses sign deals to boost cooperation- Ảnh 1.

Vice Chairman of the Ha Noi People's Committee Nguyen Manh Quyen at the signing ceremony, Ha Noi, November 28, 2023

The agreements were signed as part of a conference held in Vientiane, the capital of Laos, to further promote trade relations between the two capitals.

Under the MoUs, local enterprises in the two capitals will exchange information, help each other expand market coverage, and support each other in goods consumption and transportation.

Of the nine agreements, one will allow businesses in Ha Noi and Vientiane to study and expand markets, develop material sources, and transfer technology.

Another agreement will facilitate enterprises of the two nations to strengthen their road logistics.

Seven others will enhance their ability to sell and consume their products in local markets.

The conference was hosted by the Ha Noi Department of Industry and Trade and its Vientiane counterpart.

It aims to enhance the implementation of the MoU ratified by the Party Committees and Governments of Ha Noi and Vientiane to foster their decentralized relations in 2022-2025.

The event was also an opportunity for enterprises from the two capitals to discuss their cooperation and seek opportunities to expand their market coverage and investments in the two localities.

Nguyen Manh Quyen, Vice Chairman of the Ha Noi People's Committee, said that Ha Noi owns abundant opportunities in producing farm produce, food, consumer goods, garments, handicrafts, and OCOP products.

Businesses in the two capitals have forged new ties, he said, citing the results of the conference on the development of material resources and consumption of goods held in the Lao city in April 2023.

Thirteen MoUs were signed at the April conference in the areas of transferring techniques, technologies, and breeds, developing and collecting materials, and providing support for end-use.

"Today's conference will open a new door for businesses in Ha Noi and Vientiane to boost relations between the two capitals and their growth, thus facilitating their higher socio-economic performance," the Ha Noi Vice Chairman said.

Official data at the conference showed that Ha Noi and Vientiane have achieved better results in their bilateral relations, based on the long-standing traditional friendship and comprehensive cooperation between the two neighboring countries.

Laos is one of the largest recipients of Vietnamese investment. In 2022, Vietnamese enterprises invested US$180 million in Laos, up 52.5 percent year-on-year. To date, they have undertaken 214 projects in Laos with a total registered capital of US$5.3 billion.

Viet Nam is now the third largest foreign investor in Laos with many effective projects in hydropower, infrastructure development, aviation, finance and banking, telecommunications, and agriculture.

On the other hand, Lao companies have executed five new projects in Ha Noi with a cumulative registered capital of US$4.3 million, bringing the total Lao investment in Ha Noi to US$10.5 million. Lao investors also bought shares in Ha Noi companies for US$6.2 million.

In 2022, Ha Noi recorded a total trade value of $411 million with Lao partners. In January-October 2023, Ha Noi exported about US$95 million worth of goods to Laos. Major exports include minerals, electronic parts, chemicals, petroleum, food, fishery products, and garments.

Ha Noi companies imported some US$200 million worth of Lao products in January-October 2023, focusing on agricultural products, fertilizers, food, and wood articles.

On the night of November 23, the Ha Noi delegation led by Vice President Quyen attended the opening ceremony of Laos National Tourism 2024 to explore potential opportunities in tourism. Laos aims to welcome 2.7 million foreign tourists and earn about US$400 million in 2024./.

Kim Loan