(VOVworld) - Lao Deputy Prime Minister Bunpon Buttanavong held a working session on Tuesday with the Bank for Investment and Development of Vietnam (BIDV) and the Association of Vietnamese Investors in Laos (AVIL), during an official visit to Vietnam.

According to Tran Bac Ha, Chairman of the BIDV Board of Directors and AVIL Chairman, trade between Vietnam and Laos totaled 885 million USD in the first nine months of this year, a 48 percent increase and a record high. Cooperation programs between Vietnam, Laos, and other countries in the East-West Economic Corridor (EWEC) have brought significant achievements for Vietnam-Laos tourism cooperation.  Chairman Ha said the deadline for establishing the ASEAN Economic Community is approaching, so businesses of Vietnam and Laos have to be ready to fully exploit the advantages created by this Community. Of the 10 ASEAN members, Vietnam, Laos, and Cambodia have the lowest starting point, so building a master plan linking the three economies is to their mutual benefit. Ha said: “We propose to link the three economies for mutual support in order to catch up with more developed countries within the bloc. Many signed cooperation agreements on trade and investment between the two countries are old and out of date, so we need to review and adjust these agreements to match the real current situation, especially now that Vietnam is a full member of the World Trade Organization (WTO).”

 Addressing the working session, on behalf of the Party and Government of Laos, Deputy Prime Minister Bunpon Buttanavong spoke highly of contributions by the Association of Vietnamese Investors in Laos (AVIL) over the last 15 years, and acknowledged the comments and suggestions of this Association and vowed to continue creating favorable conditions for Vietnamese enterprises investing in Laos.