April 22, 2024

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Laos and Vietnam sign agreements and strengthen relations and cooperation

Laos and Vietnam sign agreements and strengthen relations and cooperation

Among the areas covered by the agreements are the establishment of an advisory mechanism for economic diplomacy, research and training for Laotian diplomats and foreign ministry officials, digital partnership, financial innovation, communications, water and transportation.

The documents were signed in the course of the two-day official visit that started here today by Minh Chin, who congratulated his counterpart on his appointment as head of government by the National Assembly on December 30.

Before signing the agreements, the prime ministers held official talks in which, according to the KPL news agency, they expressed great appreciation for the comprehensive cooperation between the two neighbors, especially in the political field, which continued to be strengthened.

They emphasized that the two countries have exchanged visits at all levels on a regular basis, which has increased mutual trust, and noted that cooperation in national defense and public security, as well as in foreign affairs, is being increasingly strengthened.

They pointed to strengthening cooperation in economy, trade, investment, education, health, media, culture, sports, tourism and between mass organizations, providing tangible benefits to the peoples of the two countries.

Minh Chin and Sifandon agreed to continue working to enhance comprehensive cooperation in all fields, and to strengthen the long-term special solidarity between the two countries.

Vietnam and Laos officially established diplomatic relations on September 5, 1962, thus opening a new stage in the history of bilateral relations. Three decades later, in 1992, the Intergovernmental Cooperation Committee was established.

During 2022, trade exchange between the two countries was estimated at $1.63 billion, which represents an annual increase of 20 percent.

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Vietnam is now the third largest investor in Laos, with 238 active projects valued at an estimated $5.34 billion, and some 14,000 young Laotian students are currently studying in 160 Vietnamese education centres.

Tourism traffic between the two countries is still limited, as in the first nine months of 2022, Laos received about 197,000 Vietnamese visitors, while nearly 26,000 Laotian tourists arrived in Vietnam.