Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Lao Minister of Energy and Mines Phoxay Sayasone sign the Memorandum of Understanding (MoU) on cooperation in coal sector, Ha Noi, July 20, 2023 - Photo: VNA
Under the MoU, both nations will further strengthen cooperation and investment activities in coal mining, processing and exporting and enhance experience sharing and capacity building in coal mining and processing.
Besides, the MoU will make it easier for coal trade activities between the two sides' enterprises.
The signing of the agreement not only consolidates solidarity and special friendship between the two Parties, States and peoples, but also contributes to ensuring national energy security and fostering energy transition process in Viet Nam in line with international commitments.
Furthermore, the MoU also paves the way for Laos to uphold its potential and advantages to promote socio-economic development and guarantee national defense and security.
At the signing event, the two ministers vowed to increase the efficiency of the inter-Governmental Committee and soon establish new bilateral cooperation frameworks to bolster economic and trade ties.
Economic ties between the two nations have witnessed positive achievements across all sectors of trade, industry and energy.
Viet Nam-Laos trade value hit US$1.7 billion in 2022, up 24 percent against the same period last year.
In the first half of this year, the bilateral trade reached US$833 million, a year-on-year increase of 1 percent.
Last year, Viet Nam spent US$78.2 million to import 1.8 million tons of ores and minerals from Laos./.
by VGP
