Laos, Cambodia promote trade ties with Vietnam

Laos and Cambodia will further boost bilateral trade ties with Vietnam in 2011 according to documents signed in Hanoi on October 29 on the sidelines of the 17th ASEAN Summit.

An agreement signed between Vietnamese Minister of Industry and Trade, Vu Huy Hoang and his Lao counterpart, Nam Viyaketh, regulated that products will be divided into three groups: one enjoy from 0-50 percent taxes while others will not receive special tax rates.

Meanwhile the agreement signed between Mr Hoang and his Cambodian counterpart, Cham Prashidh, pointed out that Vietnam will offer import taxes from 0-60 percent for Cambodian products while Cambodia will impose a zero percent tax on 13 Vietnamese products.

Mr Viyaketh said that Laos will work to create the best conditions to increase two-way trade turnover between the two countries to US$1 billion in late 2010 and US$2 billion in 2015. He also called on Vietnamese businesses to invest in Laos.

In 2009, due to impact of the global financial crisis, the bilateral trade value between Laos and Vietnam was reduced by 1.2 percent compared to 2008. In the first nine months of this year, it reached more than US$327 million, a year-on-year increase of 7 percent.

Two-way trade turnover between Vietnam and Cambodia in 2009 also decreased by 18.7 percent to more than US$1.3 billion. In the first nine months of this year, it hit US$1.29 billion, up 36 percent compared to the same period last year. – VOV