Photo credit: Bank of Lao PDR
On 9 January, Laos and Viet Nam officially launched a cross-currency transaction service, connecting their cross-border retail payment systems via QR codes.
In his remarks at the 20th China-ASEAN Expo and China-ASEAN Business and Investment Summit, Viet Nam Prime Minister Phạm Minh Chính remarked that the country is eyeing to become a key transit hub and a crucial supply chain link for commerce between ASEAN nations and the People’s Republic of China (PRC).
ADB’s new partnership strategy for Viet Nam is anchored on the recognition that the country needs tailor-made solutions to best meet its development challenges. Photo by ADB.
The Asian Development Bank (ADB) has launched a new country partnership strategy (CPS) for Viet Nam covering the period 2023–2026. The strategy will help promote inclusive, green, and private sector-led development in Viet Nam and build a foundation for the country to achieve its goal of becoming upper middle-income by 2030.
ADB has worked out a core pipeline of projects for 2022–2024 that uses more responsive financing modalities and considers Viet Nam’s priorities for medium- and long-term post-pandemic recovery.
Thailand’s Ministry of Commerce’s Trade Policy and Strategy Office (TPSO) organized the CLMVT+ Forum 2021 on 24-26 August. The forum highlighted the TPSO study emphasizing the importance of achieving an even economic recovery in the GMS.
Trade promotion agencies of Cambodia, India, Thailand, and Viet Nam held an event promoting cross-border trade connectivity between India and countries in the Greater Mekong Subregion (GMS) on 19 August. Representatives from each country gave briefings on their business environment and exchanged experiences in facilitating trade and investment cooperation. Noting challenges caused by COVID-19, they urged governments to take measures to help their small and medium-sized enterprises (SMEs) move beyond national borders and expand markets.
First container ship received at Vung Ang Port (Lao-Viet International Port). Photo by Nhan Dan Newspaper via Viet Nam Times
Vung Ang Port (Lao-Viet International Port), a sea port in Ha Tinh, Viet Nam, that will facilitate cargo transportation from Viet Nam to Lao PDR, Thailand's northeastern region, and Viet Nam's central provinces, received its first container ship on 10 April. The shipment was transported from Tan Cang Port in Hai Phong, Viet Nam. The Vung Ang Port can accommodate cargo ships of up to 50,000 DWT (deadweight tonnage) and container ships of up to 2,000 TEU (twenty-foot equivalent unit).
Cambodia Prime Minister Hun Sen, Lao PDR Prime Minister Thongloun Sisoulith, and Viet Nam Prime Minister Nguyen Xuan Phuc held a virtual discussion on 10 March 2021. They lauded their growing relationship and agreed to further strengthen their cooperation in the fight against COVID-19 and in other sectors, including connectivity, energy, and trade and investment.
Lao PDR expressed appreciation for Cambodia’s medical supply donation to help them combat COVID-19.
The 10th CLMV Summit emphasized enhancing effective connectivity for regional integration. Photo by VNA.
The 10th Cambodia, Lao PDR, Myanmar, Vietnam (CLMV) Summit, held on 9 December, emphasized enhancing effective connectivity for regional integration.
Cambodia, Lao People’s Democratic Republic (PDR), Myanmar, and Viet Nam (CLMV) economic ministers endorsed the CLMV Action Plan 2021-2022 focusing on (i) trade and investment cooperation, (ii) implementation of regional commitments, (iii) pandemic recovery plan, (iv) Framework for CLMV Development, and (v) human resource development.
Greater Mekong Subregion Secretariat
Regional Cooperation and Operations Coordination Division,
Southeast Asia Department, Asian Development Bank
Address: 6 ADB Avenue, Mandaluyong City 1550, Metro Manila, Philippines
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