VN, Laos sign cooperation agreements

VGP – Viet Nam and Laos have signed a number of agreements, including the bilateral cooperation agreement for the period 2016-2020, agreement on bilateral cooperation plan for 2016, and plan for education and training cooperation for 2016.

December 27, 2015 5:16 PM GMT+7

Deputy PM Nguyen Xuan Phuc and Lao Deputy PM Somsavad Lengsavath sign the bilateral cooperation agreement for the period 2016-2020. Photo:VGP

These agreements were reached on the occasion of the 38^th meeting of the Viet Nam-Laos Intergovernmental Committee in Vientiane, Laos on December 27.

Earlier this year, the two countries also inked an improved free trade agreement, a border trade agreement, and a Memorandum of Understanding on transport cooperation strategy for the 2016-2020.

At the meeting co-chaired by Deputy PM Nguyen Xuan Phuc and Lao Deputy PM Somsavad Lengsavath, both sides agreed on major orientations and tasks for bilateral cooperation in the next five years, including effective realization of the signed agreements, enhancement of high-level delegation exchanges and contacts, improvement of the existing cooperation mechanisms, and acceleration of cooperation at international forums.

Viet Nam vowed to support and assist Laos to successfully host the ASEAN Chairmanship Year in 2016.

The two-way trade value is estimated to reach US$1.3 billion this year. Laos have granted licenses to 413 projects funded by Vietnamese investors with total registered capital of more than US$4.9 billion./.

By Hai Minh