Vietnam and Laos recently set up Vung Ang Port Joint Stock Co to help the port develop quickly and effectively, reported Vietnamese news agency VNS.

The company will play a key role in facilitating the transit of goods to and from Laos, and will serve the development of the East-West Economic Corridor.

Vung Ang Port in central Ha Tinh Province is a deep-water port with the capacity to receive 50,000 DWT ships. The port is located close to international marine lines and important highways which link to north-eastern Thailand to the East Sea via central Laos.

In his address during the signing ceremony between the Ha Tinh Mineral and Trade Corporation, which represents Vietnamese shareholders, and the Lao Vung Ang Port development company, Lao Minister of Transport and Public Works Sommat Pholsena expressed his belief that the joint stock company would be effective and said it would help promote the development of comprehensive co-operation between the two countries.

Trade value between Vietnam and Laos saw a year-on-year increase of 16.8 percent to $96 million in the first quarter of this year in spite of the economic downturn, according to Vietnam's General Department of Customs.

Vietnam imported $52 million in goods from Laos in the first quarter, 29 per cent more than the same period last year. The export value to Laos was $44 million, an increase of 5 percent.

Vietnamese enterprises imported wood, wood and metal products, and exported textiles, garments and footwear. Last year, the value was $417.8 million, an increase of $161 million over 2008, the department said.

source: http://www.aseanaffairs.com

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