Laos, Vietnam eye trade, cooperation initiatives

The Ministry of Industry and Commerce has called on the Vietnamese government to boost trade cooperation by assisting in the construction of an oil refinery in Laos to enhance the country’s fuel supply.

The Minister of Industry and Commerce, Mr Malaythong Kommasith (right), welcomes Vietnam’s Ambassador to Laos, Mr Nguyen Minh Tam, during a courtesy visit on December 25.

This appeal was made by the Minister of Industry and Commerce, Mr Malaythong Kommasith, during a meeting with Vietnam’s newly appointed Ambassador to Laos, Mr Nguyen Minh Tam, in Vientiane on December 25.
Mr Malaythong warmly welcomed Ambassador Nguyen Minh Tam, and expressed confidence in the continued growth of comprehensive cooperation between Laos and Vietnam under the ambassador’s leadership.
He informed Ambassador Nguyen Minh Tam that Laos has completed its domestic procedures and sent a confirmation letter to the Vietnamese government on July 25, 2024, requesting support for the proposed oil refinery.
The construction of the oil refinery is expected to reduce Laos’ reliance on imported fuel and expand market opportunities for the private sector.
Mr Malaythong expressed optimism that this initiative will further strengthen economic ties and provide mutual benefits to both countries.
The Minister praised Vietnam’s support for several bilateral initiatives, including annual joint border inspections and the improved cross-border trade agreement signed in April 2024. He highlighted these as key milestones in fostering stronger ties and enhancing economic collaboration.
During the meeting, Mr Malaythong reviewed the cooperation plans for 2025, particularly in the field of industry, commerce and the construction of the oil refinery. He stressed the importance of implementing existing agreements to ensure productive outcomes and achieve goals set by both governments.
Mr Malaythong also proposed that the amended trade agreements should be translated to facilitate their effective implementation.
Ambassador Nguyen Minh Tam, who formally presented his credentials to the Secretary General of the Lao People’s Revolutionary Party and the Lao President, Mr Thongloun Sisoulith, on September 30, reaffirmed his dedication to enhancing cooperation between the two sides.
He pledged to act as a bridge and coordinator to improve the effectiveness of partnerships between ministries, agencies and localities in both countries. His focus will include ensuring the successful implementation of high-level cooperation agreements, joint statements, and the Vietnam-Laos cooperation agreement.
The meeting underscored the enduring friendship and strategic partnership between Laos and Vietnam. Both sides reaffirmed their commitment to strengthening bilateral cooperation and pursuing initiatives that will contribute to economic development and mutual prosperity.

By Times Reporters
 (Latest Update December 30, 2024)