During preparatory talks organized in the Lao capital on January 8, officials agreed on the drafts of two key documents, namely the minutes of the 47th meeting and the agreement on the 2025 cooperation plan.
Viengsavanh Vilayphone, Permanent Vice Chairman of the Laos - Vietnam Cooperation Committee, highlighted significant progress in bilateral ties in 2024, which considerably contributed to each country's development as well as the great friendship, special solidarity, and comprehensive cooperation between the two countries.
In 2024, bilateral trade grew 32.8 percent year-on-year to over US$2 billion, including US$641.8 million in Laos' imports from Vietnam and US$1.3 billion in exports, respectively rising 32 percent and 26.2 percent.
For 2025, Deputy Minister of Planning and Investment Tran Quoc Phuong said cooperation should focus on executing the two Politburos' directions, joint statements, high-level agreements, the 2021 - 2025 Cooperation Agreement, and the 2021 - 2030 Cooperation Strategy. Key areas of focus include strengthening political and diplomatic ties, enhancing defense and security collaboration, building a shared borderline of peace, stability, cooperation, and comprehensive development, fighting activities of hostile forces, and combating transnational crimes.
Economic connectivity should also be tightened, with Vietnam further sharing experience in macroeconomic stabilisation, sustainable development, and business climate improvement with Laos.
They will work to encourage Vietnamese firms to invest in priority sectors of Laos, especially high-tech agriculture, renewable energy, mineral mining, and tourism. Both sides will explore special mechanisms to facilitate Vietnamese businesses' partnerships with foreign companies to carry out investment projects in Laos. More investment and trade promotion conferences should also be held with the participation of large businesses and important partners like Japan, the Republic of Korea, and the EU to attract investment.
Deputy Minister Tran Quoc Phuong recommended joint efforts be made to secure annual growth of about 10 - 15 percent in bilateral trade turnover.
Aside from electricity trading and wind power projects in border areas, education and human resources development remain a priority, he said, noting that the Vietnamese Ministry of Planning and Investment will also enhance the efficiency of aid projects to help Laos boost socio-economic development.
The official emphasized the need for the countries' Cooperation Committees to work together to oversee aid-funded projects to ensure progress and effective resource allocation.
