Vietnam Minister to Visit Laos to Expand Industry, Trade in Mid-March

Vietnamese Minister of Industry and Trade Vu Huy Hoang will head a delegation to visit Laos in mid-March to beef up bilateral trade and industry, the MOIT said on its website.

 

Vietnamese and Laotian officials will discuss bilateral situation of industry and trade and will work on a scheme on trade expansion for 2008 and 2015, the ministry said.

 

The two sides will discuss tax incentives and sign a deal on goods transshipments, border markets and trade fairs.

 

The MOIT has just issued a decision to cut tax on imports of rice and paddy, tobacco and tobacco stems and automobile spare parts to zero percent, which will be effective until end-2009.

 

Vietnam will provide a US$43 million soft loan to Laos for upgrading a road 2E's Meuangkhua-Tay Trang section linking northern provinces of Laos to provinces in northern Vietnam, Vietnam News Agency said.

 

Vietnam plans to increase assistance projects to the neighbor between 2006 and 2010. Laos and Vietnam have signed deals worth US$48 million to upgrade a highway 18B linking Laos's Atapu province to Vietnam's Kon Tum province.

 

In 2008, the trade value between Vietnam and Laos was estimated to reach US$450 million, up 44 per cent on year.

 

By the end of last year, Vietnamese firms had invested into 146 projects with a total registered capital of US$1.52 billion mainly in the industrial field with 77 projects valued at US$1.05 billion, 47 projects worth US$427 million in agro-forestry area and 22 service projects capitalized at US$44.9 million. (Trade & Industry, VNA)