Day: March 14, 2023

Vietnamese Deputy Minister of Industry and Trade Tran Quoc Khanh hosted a reception for his Lao counterpart Bunthong Duonsavan on March 13 in Hanoi, during which he affirmed that Vietnam welcomes delegations from Lao ministries and sectors to learn experience in developing trade and industry. At the meeting, the Lao official briefed on Laos’ economic difficulties in the first months of 2023, saying that his country’s inflation rate in February 2023 stood at 41.3%, up 1 % from the figure reported in the previous month. According to the guest, the Vietnamese Government has promptly applied effective policies and solutions to control inflation and stabilise the domestic petroleum market. He said that the Lao side is eager to learn experience related to management policies from Vietnamese ministries and sectors, especially regarding developing industrial parks and clean production centres, promoting renewable and green energy development, and stabilising the petroleum market. Deputy Minister Khanh said Vietnam will do utmost to fully support Laos in overcoming its difficult economic situation. He shared Vietnam’s experience in attracting investment in developing industrial parks, and in operating and managing the petroleum market. The officials affirmed that the two sides will closely coordinate in implementing measures to promote bilateral trade and industrial cooperation, contributing to realising the set goal of increasing two-way trade by at least 10% in 2023. According to the data of the General Department of Vietnam Customs, two-way trade between Vietnam and Laos reached 244.2 million USD in the first two months of 2023, up 0.4% year-on-year. The three-month figure is estimated at 408.2 million USD, up 1.1% over the same period in 2022.

Source: Lao News Agency

ASEAN Secretary General Kao Kim Hourn on March 13 said a common currency and monetary union for the region are not a priority right now, as there are many other agendas that need attention. Speaking at a public lecture at Universitas Pelita Harapan, Tangerang, Banten, he highlighted that post-pandemic recovery is the top priority in ASEAN today. He said the idea of monetary union has been discussed over the past 20 years. However, there’s still a long way to go because there are other priorities now. In addition to post-pandemic recovery, the other current priorities are ASEAN connectivity, the blue economy agenda, and increasing intra-ASEAN trade, he emphasised. Indonesia, which is serving as the ASEAN chair this year, has proposed the development of regional payment connectivity for supporting cross-border payments in the region. The central banks and financial authorities of five countries – Thailand, Indonesia, Malaysia, the Philippines, and Singapore – have signed a memorandum of understanding on boosting regional cross-border payments. The QR code systems of the five countries are expected to be linked to achieve this.

Source: Lao News Agency