(VOVworld) - Vietnam and Laos have signed their free trade agreement in Vientiane. Minister of Industry and Trade Vu Huy Hoang says it will facilitate bilateral trade relations: “Both sides offer major privileges in quantity and categories of goods subject to maximum favorable tariffs so that imports and exports could enter each other’s borders fast and easily. Besides trade, we encourage businesses from both countries to promote investment in industrial and service sectors to boost sales and exports to third countries.”

The Minister said the free trade deal will bring about positive impact given the formation of the ASEAN Economic Community. He said: “The agreement will improve national trade competency, improve product quality and competitiveness. This will accelerate international integration and narrow the development gap with ASEAN veteran members and serve objectives of a robust ASEAN Economic Community.”