Laos and Vietnam agree to increase the two-way trade to around 1 billion U.S. dollars by next year, local newspaper Vientiane Times reported on Monday.
Laos and Vietnam decided in 2006 to raise bilateral trade to 1 billion U.S. dollar level by 2010, but have been so far unable to meet the goal. At present, trade between Laos and Vietnam is at around 750 million dollars.
Laos, one of Southeast Asia's most underdeveloped nations, has decided to focus on increasing trade as one of its Millennium Development Goals (MDGs) for 2015. The MDGs were produced in consultation with the United Nations Development Program.
At a meeting last month, Lao Deputy Prime Minister Somsavat Lengsavad urged the Lao National Chamber of Commerce and Industry (LNCCI) to consider how this target can be met as well as what should do to meet the target for 2015, the paper said. The 2015 target agreed on by the two countries is to reach 2 billion U.S. dollars./.
At present, Laos' major exports to Vietnam are electricity, minerals, wood products and agricultural products such as sticky rice. Laos imports garments, agricultural machinery, construction equipment, food, office equipment, fuel, vehicles, electrical equipment, medicines and hospital equipment./.