Vietnam remains the biggest sugar importer, third-largest trading partner, and the third biggest foreign investor of Laos, after Thailand and China.
The newspaper quoted data from the Lao Ministry of Industry and Trade as saying that trade between Laos and Vietnam has been maintained although both nations are struggling with the COVID-19 pandemic. During January-September, the total value of Laos’s sugar exports reached 73.1 million USD, of which 61.3 million USD worth of the product was exported to Vietnam. It also cited data from the Vietnam Sugar and Sugarcane Association as saying that Vietnam purchased 399,189 tonnes of sugar from Cambodia, Laos, Indonesia, Myanmar, and Malaysia in the first half of 2021, a tenfold increase compared to that of the same period last year.
According to the article, Vietnam’s removal of sugar import quotas for ASEAN member states in 2020 not only provides a great opportunity for Lao businesses to approach and gain a foothold in the neighboring country’s market.