December 2022 alone saw Vietnamese petroleum export to Laos skyrocket 721% to generate US$60.1 million in value.

The sharp increase was attributed to Laos’ large import demand, while import sources from other countries were limited.

Meanwhile, Vietnam last year spent US$1 billion on importing commodities from Laos, up 34.6% year on year. The main imported items included wood and wood products, fertilizers of all kinds and rubber.

Bilateral trade has benefitted from the reduction of tax rates to 0% on most goods under the ASEAN Trade in Goods Agreement (ATIGA), the Vietnam-Laos Bilateral Trade Agreement, and the Vietnam – Laos Border Trade Agreement, said the Vietnamese Trade Office.  

Over the past three years, many Vietnamese businesses have chosen Laos to grow and produce high-quality agricultural products. Many agricultural products of Vietnamese enterprises in Laos have been exported to China and elsewhere in Asia with a large turnover.

Source: VOV