Vietnam-Laos promotes economic diplomacy in new situation

Tuesday, 2019-12-24 17:30:46
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At the forum held in Hanoi on December 24. (Photo: VNA)
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NDO - Deputy Minister of Foreign Affairs Nguyen Quoc Dung suggested that the two foreign ministries of Vietnam and Laos strengthen their cooperation in research and in providing advice and initiatives for enhanced economic cooperation between the two countries.

The diplomat made the remark at a forum held in Hanoi on December 24 which discussed the practice and experience in economic diplomacy of Vietnam and Laos in the new situation.

The event was organised within the framework of the official visit to Vietnam by Lao Minister of Foreign Affairs Saleumxay Kommasith.

Vietnamese Deputy Foreign Minister Nguyen Quoc Dung appreciated the first ever organisation of the forum, saying that the initiative is significant since the world is witnessing complicated developments and the two countries are actively implementing comprehensive international integration policies.

The diplomat said that economic cooperation between Vietnam and Laos has been promoted considerably and gained encouraging achievements.

The two-way trade revenue in 2019 was estimated to reach US$1.2 billion, up 12.6% compared to 2018. Vietnam continues to be the third largest investor in Laos with more than 400 projects worth a total US$4.22 billion.

Dung noted that the two countries' economic diplomacy is anticipated to see many new opportunities arise as well as challenges in the future, including pressure on increasing bilateral trade volume, improvements to the quality of bilateral investment, bilateral cooperation to negotiate and participate in new-generation trade agreements, among others.

Lao Minister of Foreign Affairs Saleumxay Kommasith said that economic diplomacy is one of the top priorities of the Lao Ministry of Foreign Affairs while expressing his hope that Vietnam will continue to share its experience in this area, particularly in regional economic integration and human resources development.