Lao Minister of Industry and Commerce Nam Viyaketh held talks with his Vietnamese counterpart Vu Huy Hoang in Hanoi on May 3 to promote trade cooperation between the two countries.
The two ministers agreed to speed up the 2008-2015 Vietnam-Laos trade development plan, aiming to bring bilateral trade turnover to US$1 billion by 2015.
Accordingly, both will create favourable conditions for Vietnamese and Lao businesses to meet, exchange and sign contracts, organize trade promotion activities within the framework of the East-West Economic Corridor, design showrooms of Vietnamese and Lao products, and build border markets by 2020.
In 2011, two-way trade turnover between Vietnam and Laos hit over US$730 million, up 50 percent compared to 2010.
In the first quarter this year, bilateral trade reached more than US$230 million, up 57 percent against the same period last year.
The Lao Minister began a four-day visit to Vietnam on May 3.