The Vietnamese Ministry of Industry and Trade has offered assistance to the Lao side in managing the petroleum market and ensuring its supply, following a significant growth of this sector. Petroleum has become a major export from Vietnam to Laos in recent years, contributing about 20% of the total turnover in January alone, which was the highest since January 2023.
During talks on April 8, Malaithong Kommasith, Lao Minister of Industry and Trade, requested continued support and shared experiences from Vietnam to stabilize petroleum supply. In response, Nguyen Hong Dien, Vietnam’s Minister of Industry and Trade, affirmed that his country is prepared to provide assistance in ensuring petroleum supply to Laos. He also encouraged Vietnamese wholesale traders to collaborate with businesses in Laos to increase supply and stabilize the market.
The two countries have agreed on solutions to boost trade by promoting it through forums and fairs and increasing cooperation in developing border trade infrastructure, industrial parks, and border gate economic zones. E-commerce is also expected to play a significant role in increasing revenue. The Minister of Industry and Trade urged Laos to develop policies that would facilitate the growth of this industry.
Furthermore, Vietnam has enacted a plan for building national petroleum and gas storage and supply infrastructure for the period 2021-2030. This initiative aims to facilitate cooperation between businesses from both countries in constructing petroleum depots. In the long term, Nguyen Hong Dien suggested that Laos maintain a stable exchange rate and ensure adequate foreign currency supplies to guarantee domestic oil supply.
Overall, these measures are expected to further strengthen the economic ties between Vietnam and Laos while creating new opportunities for businesses from both countries in the oil sector.
