The National Assemblies of Laos and Vietnam have signed an agreement on continued cooperation.

The agreement was signed during an official visit to Laos by the chairman of Vietnam’s National Assembly, Vuong Dinh Hue, and a high-ranking delegation from the Vietnamese legislative body from May 15-17.

The Vietnamese officials were invited to Laos by the National Assembly president, Dr Xaysomphone Phomvihane.

Their visit marks Laos-Vietnam Year of Friendship and Solidarity 2022, the 60th anniversary of Lao-Vietnamese diplomatic relations (5/9/1962-5/9/2022), and the 45th anniversary of the signing of the Laos-Vietnam Friendship and Cooperation Treaty (18/7/1977-18/7/2022).

The celebration of these anniversaries is an indication of the strengthening and deepening great friendship, special solidarity and comprehensive cooperation between the two countries.

During their meeting, the National Assembly representatives are re-evaluating the relations and cooperation between the two countries as well as between their two parliaments, and discussing the direction of further cooperation plans.

The visit by the Vietnamese delegation supports the spirit of a memorandum of understanding signed between the two leaders of the National Assemblies.

The two countries are holding joint activities to celebrate Laos-Vietnam Year of Friendship and Solidarity 2022 as well as organising reciprocal visits by high-ranking government officials and holding seminars.

They are also boosting efforts to cooperate with each other in the work of regional and international parliamentary bodies.

The two sides are continuing to hold seminars on mechanisms and policies relating to Socio-Economic Development in the Aftermath of the Covid-19 Outbreak in Laos and Vietnam.

During the visit, the Vietnamese National Assembly delegation made visits to places of socio-economic importance in Vientiane and Champasak province.

At present, Vietnamese enterprises are investing in 417 projects in Laos with a total investment value of $4.3 billion, with Vietnam ranking third among 54 countries and territories investing in Laos.

In 2021, the Lao government authorised investment in three projects by Vietnamese enterprises, including two in the mining sector and one in banking.

The value of trade between Laos and Vietnam last year soared to $1.37 billion, up 33.32 percent from 2020.