Deputy Prime Minister and Foreign Minister Bui Thanh Son emphasized the importance of energy and mining cooperation as a key pillar of the Vietnam-Laos relationship during a reception for Lao Minister of Energy and Mines Phosay Sayasone on October 21, the Government News reported.

The Deputy PM reaffirmed Vietnam's commitment to the special relationship with Laos, highlighting the robust growth in bilateral ties and the estimated $1.7 billion in two-way trade during the first ten months of 2024.

To realize the agreement between the two Politburos and prepare for the upcoming Vietnam-Laos Inter-Governmental Committee meeting, Mr. Son urged both sides to accelerate tasks related to power and coal trading and increase bilateral investment.

Regarding power trading, he suggested that the Vietnamese Ministry of Industry and Trade (MoIT) and the Lao Ministry of Energy and Mines provide timely reports to consider necessary adjustments to the 2006 MoU, given Vietnam's potential electricity import capacity from Laos exceeding 5,000 MW by 2030.

He praised the MoIT for establishing a task force for bilateral electricity trading, demonstrating Vietnam's strong commitment to this cooperation.

Affirming that Lao coal will be a key input for electricity production in Vietnam, Mr. Son called for the MoIT and the Lao Ministry of Energy and Mines to expedite negotiations and sign a coal trade cooperation agreement.

Mr. Son commended the partnerships between Vietnamese and Lao enterprises in the construction of the conveyor belt between the two countries and expressed confidence in the emergence of more business partnerships for key projects.

Lao Minister Sayasone thanked the Vietnamese Government for valuing collaboration with Laos and noted the growing number of Vietnamese enterprises investing in energy and mining in Laos.

Both sides reaffirmed their commitment to a power trading capacity of 3,000 MW by 2025 and 5,000 MW by 2030. Vietnam has approved the import of electricity from Laos with a total capacity of 2,939 MW, representing 74.3% of the capacity committed by 2025.

Mr. Sayasone proposed continued in-depth discussions at all levels to strengthen energy and mining cooperation and expressed confidence in the growing effectiveness of these efforts.

Source: VnEconomy