Vietnam, Laos promote payments in local currencies to boost trade

17/03/2025 09:39
Email Print 1276
KPL (KPL/VNA) A conference was held in Vientiane on March 14 to promote the use of the Lao kip (LAK) and the Vietnam dong (VND) in payments for goods and services between the two countries.

(KPL/VNA) A conference was held in Vientiane on March 14 to promote the use of the Lao kip (LAK) and the Vietnam dong (VND) in payments for goods and services between the two countries.

Speaking at the event, Manola Meuangmani, Director General of the Foreign Exchange Management Department under the Bank of the Lao PDR, said reducing reliance on foreign currencies is crucial for monetary stability. Integrating LAK and VND into bilateral transactions marks a significant step in achieving this goal, she added.

Currently, two banks, Lao-Viet Joint Venture Bank (LVB) and Vietcombank Laos, facilitate trade and service payments in LAK and VND. Expanding local currency usage will offer businesses greater flexibility in payment options, lowering transaction costs and easing foreign currency demand pressures.

During the conference, delegates shared insights and recommendations to further facilitate local currency payments. Their discussions will facilitate the implementation of trade and investment payments in line with the actual conditions of both countries.

The State Bank of Vietnam and the Bank of the Lao PDR signed a Memorandum of Understanding in 2023, aiming to strengthen bilateral payments in VND and LAK.

KPL

ຂ່າວອື່ນໆ

    • Laos Energy Development Plan for Net-Zero Emissions UnveiledEconomics

      Laos Energy Development Plan for Net-Zero Emissions Unveiled

      3/26/2025 12:16:21 PM

      The ASEAN Centre for Energy (ACE) has released a study titled "Energy Sector Development Plan for Net-Zero Emissions in Laos". The study, published on March 25, 2025, underscores Laos’ commitment to achieving net-zero greenhouse gas emissions by 2050, aligning with its Nationally Determined Contributions (NDC) under the Paris Agreement.

    • Laos, China Launch 500-kV Interconnection ProjectEconomics

      Laos, China Launch 500-kV Interconnection Project

      2/27/2025 2:05:53 PM

      The Laos-China 500-kV Interconnection Project, a key initiative under the China-Laos Community with a Shared Future Action Plan, is set to be completed and operational by 2026.

    • Vietnam, Laos strengthen energy cooperationEconomics

      Vietnam, Laos strengthen energy cooperation

      2/17/2025 11:32:52 AM

      (KPL/VNA) The Lao Government and Chitchareune Construction Co., Ltd. on February 13 signed an agreement to develop a 1,200 MW wind power plant in Nong district, Laos’ Savannakhet province which aims to supply electricity to Vietnam from late 2027.

    • Vietnamese firms eye investment in LaosEconomics

      Vietnamese firms eye investment in Laos

      2/17/2025 11:22:15 AM

      (KPL/VNA) Laos continues to be the top destination for Vietnam’s outbound investment, while Vietnam remains one of the largest foreign investors in the neighbour, heard a seminar in Vientiane on February 14.

    • Traditional Weaving Craft Provides Stable Income for FamiliesEconomics

      Traditional Weaving Craft Provides Stable Income for Families

      2/14/2025 3:32:37 PM

      The traditional silk weaving is an important craft that can provide a stable income for families, ensuring their livelihoods. On average, it generates an annual income of over 464 million kip, while also creating employment opportunities for young people and enabling them to earn extra income.


Top