[NEWS] - Vietnam - Laos trade turnover increased in the first half of 2022

In the first six months of 2022, two-way trade turnover between Vietnam and Laos reached more than US$824 million, up 20.6% over the same period last year.

According to the Vietnam News Agency correspondent in Laos, in the first half of 2022, two-way trade turnover between Vietnam and Laos reached more than 824 million USD, up 20.6% over the same period last year, of which exports reached more than 309.4 USD, down 6%; imports reached nearly 514.6 million USD, up 45.4%.

According to the Vietnam Trade Office in Laos, Vietnam’s main exports to Laos are petroleum, up 254.7 percent to nearly 30.2 million USD; vegetables and fruits increased by 78.1% to nearly 22.4 million USD; fertilizer reached nearly 20.3 million USD; electric wire and cable increased to more than 5 million USD; clinker and cement increased by 29.1% to reach more than 1.9 million USD; paper and paper products increased by 12.2% to more than 8.1 million USD; textiles and garments increased by 8.4% to over USD 5.43 million; products from ceramics increased by 7.1% to reach more than 6 million USD.

Vietnam’s main imports from Laos are ores and other minerals, up 41.5%, reaching nearly 53 million USD; fertilizer reached nearly 46 million USD; wood and wood products reached nearly 76 million USD; rubber reached nearly 109.4 million USD.

Particularly in June, two-way trade between Vietnam and Laos reached nearly 134 million USD, up 29.9 % compared to the same period last year, of which, export turnover of Vietnam to Laos reached nearly 54 million USD. $6 million, up 11.1% over the same period last year.

Following the previous momentum, a number of items continued to increase sharply: vegetables and fruits increased by 102.8 % to reach more than 4 million USD (increased by 116.9 % in May 2022); gasoline increased sharply by 611.1% to nearly 10.5 million USD (in May 2022, it increased by 266%, this is the 15th consecutive month of increase after 27 consecutive months of decline since the beginning of 2019); paper and paper products increased to more than 1.2 million USD; clinker and cement reached more than 250,000 USD; electric wire and cable reached nearly 2 million USD; coffee increased 63.3% to more than 174,000 USD.

Import turnover of Vietnam from Laos reached more than 79.2 million USD, up 47.1% over the same period. The items continued to increase: fertilizers of all kinds reached more than 3.65 million USD; rubber reached more than 22.7 million USD; wood and wood products reached nearly 11.4 million USD; other goods reached more than 35.2 million USD

Thus, in June, export turnover from Vietnam to Laos increased by 11.1%, mainly due to a sharp increase in petroleum exports.

The increase in export turnover in May and June caused the total turnover of 6 months since the beginning of this year from a decrease of -9% to -6%.

Import turnover from Laos continues to increase because the demand for these items is still increasing in the world market.

It is expected that in July, export turnover may continue to increase because the Lao economy has temporarily stabilized after the government approved a credit package of 200 million liters of petrol, foreign currency trading is tighter, many Vietnamese enterprises have come to Laos to connect trade.

On the import side, the turnover still increased because the demand for goods from Laos continued to increase because the conflict in Ukraine has not shown any sign of ending.

Taking advantage of the increasing turnover of the two countries, Indochina Holdings offers trade promotion services. With many years of experience in working and consulting Vietnamese businesses, as well as being a partner of the Consulate General of Laos in Ho Chi Minh City. In Ho Chi Minh City, we guarantee to bring accurate information and sustainable value.

In addition, Indoco Travel - a subsidiary of Indochina Holdings also organizes "Connecting Journey" - an investment tour program that helps businesses have the opportunity to open potential business and investment opportunities in Laos.

Cao Duy