State utility Vietnam Electricity (EVN) entered into 19 power purchase agreements for the acquisition of 2,689MW of electricity from 26 hydropower plants in Laos during the 46th meeting of the Vietnam-Laos Intergovernmental Committee for Bilateral Cooperation in Hanoi on Sunday.

The meeting was co-chaired by Vietnamese Prime Minister Pham Minh Chinh and his Lao counterpart Sonexay Siphandone.

The signing of the agreements demonstrated deeper cooperation in electricity between Vietnam and Laos.

Besides, the two nations have completed their negotiations on electricity purchase prices at the Xekaman 3 hydropower plant in Laos.

Speaking at the event, the Lao leader underlined that Laos will adjust some regulations on the duration of hydropower investments to facilitate Vietnam’s electricity purchase.

The meeting centered on addressing unsolved issues, discussing cooperation plans for 2024, and boosting bilateral partnership.

Vietnam has got involved in 245 operational projects in Laos with a total pledged capital of some US$5.5 billion.

In 2023, Vietnam channeled $116.6 million into Laos, up 65.3 percent year on year, while Vietnamese enterprises have contributed nearly $1.7 billion in taxes to the Lao budget since 2015.

Meanwhile, Laos has been executing 18 projects in Vietnam, with a total registered capital of over $110 million.

Two-way trade between the two nations in 2023 reached some $1.6 billion, inching down 2.1 percent year on year. Vietnam’s imports from Laos last year increased 4.2 percent in value against 2022.

Vietnam and Laos inaugurated Nong Khang Airport in the latter in May last year, which was one of the two nations’ key cooperative projects.

The two sides reached a consensus on effectively implementing cooperative deals in 2024, while fostering partnership in the diplomatic, political, defense, security, and traffic fields.

They will focus on sharing experience and information about macroeconomic management and the founding of an independent and self-reliant economy. 

Moreover, a link between Vietnamese enterprises and Lao authorities will be strengthened to help remove obstacles facing Vietnamese investors.

The two nations look to hike their bilateral trade in 2024 by 10-15 percent against 2023, seeing agriculture and rural development as one of the key pillars of their cooperation.

With regard to educational cooperation, the Vietnamese government will continue to award 1,120 scholarships to Laotian students and public officials, allowing them to study in Vietnam, while sending Vietnamese teachers to Laos to teach the Vietnamese language in 2024.

In addition, the two countries will boost tourism connectivity between Vietnam, Laos, and Cambodia.

Vietnam and Laos set up diplomatic ties in 1962 and their relationship has fruitfully developed in all spheres ever since. 

Lao Prime Minister Siphandone and his spouse and entourage left Hanoi to return to his country on Sunday afternoon, ending his successful two-day visit to Vietnam.

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