Opening of Vietnam - Laos Exposition 2023 (VIETLAO EXPO 2023)

Friday - 28/07/2023 03:26
Opening of Vietnam - Laos Exposition 2023 (VIETLAO EXPO 2023)

On July 27, in Vientiane, Laos, the opening ceremony of the Vietnam - Laos Exposition 2023 (VIETLAO EXPO 2023) took place. This is the largest and annual trade promotion co-chaired by the Ministry of Industry and Trade of Vietnam and the Ministry of Industry and Trade of Laos, assigning the Trade Promotion Bureau of the two countries to coordinate with relevant agencies to organize.
VIETLAO EXPO 2023 has the presence of hundreds of enterprises of the two countries exhibiting and introducing products on a scale of about 250 booths, of which the Vietnamese pavilion has 120 standard booths in industries such as: Pharmaceuticals and medical devices; agriculture - forestry - seafood and processed food; garment - fashion, etc.
Speaking at the opening ceremony of the Exposition, Mr. Nguyen Ba Hung - Ambassador Extraordinary and Plenipotentiary of Vietnam in Laos, representative of the Vietnam Organizing Committee, said: “I am very pleased to see that this year's  exposition is held on a large scale, the goods on display are quite diverse and abundant with beautiful designs and high quality, satisfying the consumers of the two countries' markets. This proves the interest and confidence of the business community of the two countries in the development of the Vietnam-Laos trade relationship.
This year, the Vietnamese business delegation participated in VIETLAO EXPO 2023 towards the following goals: Promoting the image of the country and Vietnamese enterprises; Promoting exports, expanding the consumption network of Vietnam's goods into the market of Laos and the Northeast region of Thailand; Creating an environment to introduce the potentials and strengths of enterprises in Vietnam's economic sectors. The exposition will become an effective bridge for Vietnamese and Laotian trade organizations, manufacturers and investors to meet and exchange experience, technology transfer, investment, joint venture.
In recent years, Laos is always considered as an important gateway for Vietnamese enterprises to develop markets into ASEAN countries. Vietnam and Laos are geographically close, have the advantage of convenient transportation, as well as close in culture and consumption. The two countries share a borderline of more than 2,300km, passing through the administrative boundaries of 10 provinces and cities of each side, an area with potential for development, a strategic location on the East-West Economic Corridor. The whole Vietnam-Laos borderline has 09 international border gates, 06 main border gates, 18 auxiliary border gates and 27 open ways and establishing 09 border-gate economic zones, etc.
According to Mr. Vu Ba Phu - Director of  Trade Promotion Bureau  (Ministry of Industry and Trade), over the past time, taking advantage of incentives from the ASEAN Commodity Trade Agreement, the Vietnam - Laos Bilateral Trade Agreement, the Vietnam - Laos Border Trade Agreement has contributed to promoting trade in goods and services. In 2022, Vietnam - Laos trade turnover reached 1.63 billion USD, up 18.9% compared to 2021; of which, Vietnam's exports to Laos reached 600.4 million USD, up 1% over the same period in 2021; Vietnam's imports from Laos reached 1.03 billion USD, up 32.6% compared to 2021.
In the first 6 months of 2023, two-way trade turnover between Vietnam and Laos reached 835 million USD, up 1.3% over the same period in 2022, of which, Laos exported to Vietnam reached 567 million USD, more than 2 times the figure of 268 million USD in turnover that Vietnam exported to Laos.
The governments of Vietnam and Laos wish to increase the value of bilateral trade to 2 billion USD in the near future by maximizing the potential of trade cooperation that the two countries can bring.
In terms of investment, Vietnam is the third largest foreign investor in Laos after China and Thailand. Vietnamese companies participate in nearly 260 active projects in Laos with a total committed capital of nearly 5.4 billion USD.
It can be seen that, in the current period of international integration, the relationship in the field of industry and trade is very important and needs to be promoted. In order to promote development cooperation, the two governments assigned the Ministry of Industry and Trade of Vietnam and the Ministry of Industry and Trade of Laos to promote the implementation of signed commitments and trade agreements, develop transport infrastructure, trade infrastructure, etc to create maximum advantages for import-export enterprises of the two countries.
The Vietnam - Laos Exposition has become a prestigious event, that Vietnamese and Lao enterprises attend to promote and introduce products, and it is the destination for business star-tups and investments between the two markets.
Within the framework of the Vietnam - Laos Exposition 2023, on July 27, in Vientiane, the Trade Promotion Bureau, Ministry of Industry and Trade of Vietnam and the Trade Promotion Bureau, Ministry of Industry and Trade of Laos signed a Memorandum of Understanding (MOU).
According to the Memorandum of Understanding, the two sides continue to coordinate in organizing the annual Vietnam - Laos Exposition (VIETLAO EXPO) in Vientiane, Laos. Jointly research and innovate the content and preparations for the organization of the Exposition to meet the needs of enterprises of the two countries, especially to further strengthen the promotion of the Exposition.
Besides, the Trade Promotion Bureau will support Laos' large export enterprises to participate in international fairs and exhibitions in Vietnam: Vietnam International Food Industry Exposition (VIETNAM FOOD EXPO), Vietnam International Exposition (VIETNAM EXPO), etc.
The Trade Promotion Bureau supports the promotion of typical Lao enterprises and export products on some official media of the Ministry of Industry and Trade and the Trade Promotion Bureau.
The two sides continue to exchange experience, strengthen cooperation in trade promotion activities: such as expositions, product design, building national brands and exchanging information system for trade promotion, etc.
After the MOU signing ceremony between the two countries' Trade Promotion Bureau, representatives of Vietnamese and Lao enterprises also signed an agency contract MOU./.

Author: #TTXT-TCHC

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