Vietnam-Laos trade enjoys prosperity in 7 months

Tuesday, 16/08/2022 10:56
Vietnam-Laos trade turnover reached nearly 949 million USD in Jan-July 2022, an increase of 24.2% compared to the same period last year, reported the Vietnam Trade Office in Laos.
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 Photo for illustration. (Source: congthuong.vn)

The growth came from an increase in Vietnam’s goods exports to Laos, valued at nearly 586 million USD, up 48.2%. Meanwhile, import of goods from Laos to Vietnam only reached nearly 363 million USD, down 1.6%.

The main export items of Vietnam to Laos include gasoline and oil; vegetables; fertilizers of all kinds; clinker and cement; electric wires and cables; paper and paper products; ceramics; and textiles.

Meanwhile, Vietnam mostly imported from Laos fertilizers, rubber, wood and furniture, ore and other minerals.

In July alone, two-way trade hit 125 million USD, an increase of 54.1% year on year, including Vietnam’s export revenue of nearly 53.2 million USD, up 33.9%. This was the third consecutive month that Vietnam enjoyed an increase in exports to Laos, helping reduce the drop in the turnover to minus 1.6% from minus 6% in the first half of this year.

In August, Vietnam expects continuous rise in exports to Laos thanks to the stable conditions of the Lao economy, the reduction in petrol prices in the world and the rising number of Vietnamese investors in Laos.

Trade relations between Vietnam and Laos have always prospered in recent years. In the 2016-2020 period, trade turnover between Vietnam and Laos has grown steadily and has reached the target of over 1 billion USD a year./.

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