Laos-Vietnam trade unlikely to reach target due to COVID-19
Laos-Vietnam trade growth in 2020 is unlikely to meet the target of 10-15 percent due to COVID-19 (Illustrative photo: VNA)
Vientiane (VNA) – Laos-Vietnam trade growth in 2020 is unlikely to meet the target of 10-15 percent due to COVID-19 according to an article published by the Vientiane Times on September 4.
The article noted that social distancing measures the Vietnamese Government adopted in early 2020 to prevent the spread of the pandemic interrupted the export of certain products to Laos.
It cited figures from the Lao Ministry of Industry of Trade that showed two-way trade slipped to 134 million USD in July from 153 million USD in June.
The figure reached 168 billion USD (or 1.1 billion USD according to Vietnam’s figures) last year, it noted, adding that it will be hard to reach the same level this year because of COVID-19.
Laos mostly export beverages, ore, rubber, maize, cassava, and livestock to Vietnam while importing petroleum, fertiliser, iron and steel, machinery, electronic equipment, construction materials, and spare parts.
The article noted that Vietnam is not only Laos’ third-largest trade partner after Thailand and China but also its third-largest investor among 50 countries and territories.
It also highlighted that Vietnamese investors mostly focus on hydropower, mining, transportation, industrial crops, and services, contributing to socio-economic development in both countries.
The Lao Government has predicted that revenue from exports may be down 483.3 million USD, or 8.4 percent, this year compared to 2019. The country had targeted export turnover of 6.4 billion USD this year, but the figure in the first seven months was just 2.3 billion USD./.
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