In order to expand the content of the agreement and Yearly Memorandum of Understanding of 2008 of both governments of Lao and Vietnam, following the Sixth border trade meeting between the two Lao and Vietnam Ministries, Ministry of Industry and Commerce of Lao PDR and Ministry of Industry and Trade of Vietnam that took place in Savannakhet Province in 2008, the meeting laid out the essential for solidarity with the Laos-Vietnam Border Trade Development Master Plan beyond 2020. The development which had been taking place since 2009 was delayed and could not be completed until the end of 2012 due to the world economic crisis affecting the budget on data collection activity.
On 18 October 2012, the Government authorized the Ministry of Industry and Commerce to sign and adopt that Master Plan. On 31 May 2013 the Ministry of Industry and Commerce issued Decision No. 1000/MOIC DIMEX on the dissemination to expand the Laos-Vietnam Border Trade Development Master Plan beyond 2020, in order to be contribute to the Social-Economic Plan of the Provinces that shared a border with Vietnam.
The general objective of the Laos-Vietnam Border Trade Development Master Plan beyond 2020 is to coordinate the policies of the two countries together looking for trade benefits along the border, encourage the economic integration of both countries into regionally and internationally, ensure the security and solidarity in the border areas of the two countries. Furthermore, the Master Plan is also fundamental for the legal development for implementation by the government sector for the border trade market of the two countries from now until 2020, with regard to attracting business investment along both countries’ borders and it is fundamental for the provinces that share a border between Lao and Vietnam to develop and implement the Border Trade Development Master Plan in their own area.
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