Laos-Vietnam Trade Shoots Up by 24 Percent in 2022

0
585
Laos-Vietnam Trade Shoots Up by 24 Percent in 2022
The Lao Bao International Border Gate in Quang Tri province (photo:VNA)

The two-way trade income between the countries increased by 24 percent in 2022, crossing over USD 1.7 billion.

The report stated that the two countries’ industry and trade sectors worked together to organize several trade promotion activities during the year, which helped in increasing bilateral trade.

In 2022, Laos imported goods worth USD 656 million from Vietnam, an increase of more than 10 percent, mainly oil and gas, fertilizers, steel, machinery, accessories, and vehicles.

Export revenue, on the other hand, was over USD 1 billion, an increase of over 35 percent year-on-year, that was generated from wood and wood products, fertilizers, rubber, and corn.

Additionally, the two-way trade also reached USD 211 million in December alone, marking a 60 percent rise from 2021.

The Siam Commercial Bank’s Economic Intelligence Center recently predicted that the economic growth of Laos, Vietnam, and Cambodia will be higher in 2023 than the last couple of years, but will be less than its growth potential during pre Covid-19 times.

Last month, the Prime Minister of Vietnam Mr. Pham Minh Chinh also visited Laos in response to an invitation from the Lao Prime Minister Mr. Sonexay Siphandone and signed ten bilateral agreements to strengthen the partnership between the two countries.