Nhan Dan – Permanent Deputy Prime Minister Nguyen Sinh Hung and his Lao counterpart Somsavat Lengxavat have signed an agreement on economic, cultural and scientific and technical co-operation in 2009 between the two countries, with a focus placed on the human resource training and the economic development co-operation.

The agreement was signed within the framework of the 31st meeting of the Vietnam-Laos Inter-governmental Committee for economic, cultural and scientific-technical cooperation, which took place in Ho Chi Minh City from January 4-8.

Two-way trade turnover between Vietnam and Laos in 2008 reached US$450 million, a year-on-year increase of 44%. Vietnam occupied the top position among countries investing in Laos. Co-operation among localities of two countries, especially the border localities, has experienced effective and intensive developments.

Under the agreement, Vietnam will grant 650 graduate, post-graduate and short-term training scholarships to Lao cadres and students. In return, Laos will offer 30 full time study university scholarships to Vietnamese cadres and students.

In terms of economics, Vietnam continues to co-ordinate with Laos to deploy the project on the trading development between two countries in the 2008 – 2015 period with two-trade value increasing to US$1 billion in 2010, US$2 billion in 2015.

Laos encourages the Vietnamese businesses to invest in the agricultural products processing and production, building infrastructure of the Densavan trade zone in Savannakhet province and in other border gate areas, building Vietnamese trade centres in Laos and Lao trade centres in Vietnam.

Vietnam and Laos continue to encourage trading along the joint border and promote the construction of hydropower plants.