A ceremony held in HCM City on November 27 to mark the 39th anniversary of the National Day of Laos (Dec 2). — VNS photo Xuan Huong

HCM CITY (Biz Hub) — Bilateral trade between Viet Nam and Laos is expected to reach US$1.5 billion this year, according to the Lao Consul General in HCM City.

Speaking at a ceremony in HCM City yesterday to mark the 39th anniversary of the National Day of Laos (Dec 2), Southideth Phommalat said two-way trade was worth $995 million in the first nine months of the year compared to $733.5 million in the same period last year.

Viet Nam is now the second largest investor in Laos with 423 projects worth a total investment capital of $5 billion, he said.

Despite the economic difficulties in the past years, the Vietnamese Government has provided an increase of 10 per cent a year in official assistance development (ODA) to Laos, he said.

Meanwhile, the country has granted scholarships for Laos students to study at Vietnamese universities, he said.

Addressing the event, Phan Xuan Bien, chairman of the Viet Nam-Laos Friendship Association in HCM City, reviewed the outcomes of ties between the two Parties, States and peoples, as well as the cooperation between HCM City and Laos over the years.

He emphasised that cooperation had been successful in a wide range of fields from trade, industry and agriculture to healthcare, education and human resources training.

Over the past, the friendship, solidarity and comprehensive cooperation shared by both countries had developed in all areas, he said. — VNS