MOIT VIETNAM | Potential space for trade development between Vietnam and Laos
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Potential space for trade development between Vietnam and Laos
Vietnam's main export items to Laos in the first nine months of 2021 include iron and steel products, machinery, equipment, tools and spare parts, fertilizers of all kinds...
According to the Vietnam Trade Office in Laos, from January 1 to September 2021, the two-way trade turnover between Vietnam and Laos reached over US$ 947 million, up 28.2% over the same period last year, of which exports reached VND 947 million. more than 447 million USD, up 6% and imports reached more than 499 million USD, up 57.9%.
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Compared to the same period in 2019, when there was no COVID-19 pandemic, the two-way turnover increased by 14.4% and this increase was due to an increase in the import side of 54.8%, while the export side decreased slightly -11 .4%.
The main export items of Vietnam to Laos from January 1 to September 2021, including products from iron and steel, reached more than 57.6 million USD; machinery, equipment, tools and spare parts reached more than 39.6 million USD; means of transport and spare parts reached nearly 5 million USD; machinery, equipment, tools and spare parts reached more than 37.36 million USD; fertilizers of all kinds reached nearly 17.25 million USD...
The main products that Vietnam imported from Laos during this period were rubber, reaching more than 106.9 million USD; wood and wood products reaching nearly 71 million USD; ores and minerals reaching more than 58 million USD...
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Textile is one of the main export items of Vietnam to Laos
Particularly in September 2021, two-way trade turnover between Vietnam and Laos reached over US$99 million, up 10.8% over the same period last year. Most exports to Laos decreased, only gasoline increased sharply to more than 2.3 million USD. Imports of Laos all increased, in which the strongest increase was ore and minerals reaching $8.5 million.
According to the Vietnam Trade Office in Laos, September continued to record a trade deficit of 21.57 million USD (only a trade surplus of 10,826 million USD in May 2021). Thus, summarizing the past 9 months, Vietnam has a trade deficit from Laos at 52.4 million USD. This situation is not only for Vietnam but also for the Chinese market.
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It is expected that in October 2021, the trade turnover may increase and will increase in the import direction because the provinces and cities of Laos still implement blockades to prevent the COVID-19 pandemic.
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