Vietnam ranks 3rd among Laos’ import and export markets

Friday, 10/03/2023 16:30
Vietnam ranks 3rd among Laos’ export markets with a total value of about 65 million USD, and also ranks 3rd among countries that Laos imported from with a total value of about 21 million USD.
Processing shrimp for export at Duyen Hai Economic Development Company (COFIDEC), Binh Chanh district, Ho Chi Minh City. (Photo: VNA)

According to the Vietnam News Agency correspondent in Laos, the country’s total import and export turnover in January 2023 reached about 935 million USD, excluding electricity import and export value.

Of which, exports reached about 461 million USD and imports were valued at 474 million USD. The trade deficit balance was about 13 million USD.

The largest export market of Laos is China with a total value of about 156 million USD, followed by Thailand, about 128 million USD.

Meanwhile, Thailand is the biggest import market of the country with a total value of about 255 million USD, followed by China with about 121 million USD.

German journal highlights Vietnam’s economic achievements

A view of Ho Chi Minh City (Photo:

No other country of the same size in the world has achieved such great achievements on the Index of Economic Freedom as Vietnam since 1995, highlighted German economic and financial news website in a recent article.

According to Vietnam News Agency, the Index of Economic Freedom is an annual index and ranking created in 1995 by the US-based The Heritage Foundation and The Wall Street Journal to measure the degree of economic freedom in the world's nations.

According to the article, in the Index of Economic Freedom rankings for 2023, Vietnam is in the 72nd position among the 176 countries and territories with 61.8 points, 1.2 points higher than that recorded last year.

Vietnam ranks 14th out of the 39 the Asia-Pacific region countries and territories. Especially Vietnam's total results are above the world and regional average, it said.

Assemble electrical wiring systems for automobiles for export to the US market. (Photo: VNA)

However, the article underlined that Vietnam’s ranking is not as important as the change of the country's economy. Compared to other countries with similar size, none in the world has enjoyed a good degree of economic freedom like Vietnam since 1995, it said. The country’s economic freedom record rose 20 points from 41.7 points in 1995, it noted.

The Heritage Foundation commented that Vietnam's economy is becoming more and more market-oriented as it is gradually integrating into the global trade and investment system. Vietnam ranks high in "Fiscal Health" and "Government Spending", while posting average results in the field of "Business Freedom and Monetary Freedom", the article said.

According to the article, if Vietnam continues the "Doi Moi" (Renewal) initiated in 1986, the country will have a good chance to become one of the strong economies in the world.

Vietnam is currently one of the most dynamic countries in the world, with a vibrant economy offering great opportunities for hard workers and entrepreneurs. From a country that could not produce enough rice to supply its people before market reforms began, Vietnam has now become one of the world's largest rice exporters, as well as an exporter of important electronic products, the article underlined.

Quang Ninh ready to welcome int’l tourists via land border gates

The Mong Cai International Border Gate in Quang Ninh province. (Photo: VNA)

To prepare for welcoming international visitors, including those from China, authorities and tourism and service businesses of the northern province of Quang Ninh have sketched out detailed plans in order to improve the quality of tourism services, reported Vietnam News Agency.

According to the International Cooperation Department under the Ministry of Culture, Sports and Tourism, the Chinese Government has decided to add Vietnam to its list of countries which will play host to a pilot programme for reopening to group tours as part of the northern neighbour’s second phase.

General Director of Thang Loi Tourism JSC Nguyen Van Son said that this is a positive sign for travel businesses of both nations.

The firm and its Chinese partners have coordinated to share information on requirements, conditions and policies of the two governments related to visa, COVID-19 prevention and control, exit and entry through land border gates, and permission of direct flights, thus building sightseeing programmes and tour schedules for visitors.

Bai Tu Long Bay in Quang Ninh (Photo: VNA)

Thang Loi has worked with Chinese partners on developing new products at affordable prices to meet the demand of international tourists from different segments.

Director of the provincial Department of Tourism Pham Ngoc Thuy said the province has actively built plans for welcoming international holiday-makers via land border gates, while meeting with relevant departments and sectors, and travel agencies to prepare plans to welcome visitors.

The locality will create favourable conditions for international tourists to conduct SARS-CoV-2 tests to meet the requirements of China's COVID-19 prevention and control work.

Previously, Vice Chairwoman of the provincial People’s Committee Nguyen Thi Hanh ordered the People’s Committee of Mong Cai city, the Mong Cai International Border Gate’s management board, the provincial Border Guard Command, and relevant departments and sectors to finalise the process of welcoming Chinese tourists, focusing on preparing scenarios and measures to ensure safety for visitors.

To fulfil its target of welcoming 14-15 million tourists and earning 27 trillion VND (over 1.1 billion USD) this year, the northern coastal province of Quang Ninh, home to Ha Long Bay World Natural Heritage, plans to introduce 24 new products in 2023 in five localities.

Thuy said State management agencies in charge of domestic tourism will coordinate with Chinese authorities and the two countries’ tourism associations to improve the quality of local services, contributing to promoting Quang Ninh's tourism image to international holiday-makers.

In the first two months of this year, Quang Ninh welcomed 3.35 million tourists, doubling that in the same period last year, earning over 6.5 trillion VND./.