The announcement was made at the 8th Cambodia, Laos and Vietnam (CLV) Summit on the Development Triangle Area (DTA) held in Vientiane on Wednesday, which the prime ministers of the three countries attended.

The model aims to minimise the number of offices that transporters must visit, as well as the amount of paperwork required at the border crossing, which links Vietnam’s Quang Tri province and Laos’ central province of Savannakhet.

The implementation of the single-window inspection will add fuel to the efforts of the governments of Laos and Vietnam to boost trade and investment between the two neighbours.

The governments of the two countries have set a target of US$2 billion in trade by 2015. By the end of September, the two-way trade turnover between Laos and Vietnam reached nearly US$1 billion.

Prime Minister Thongsing Thammavong and his Vietnamese counterpart Nguyen Tan Dung met for talks on the sidelines of the summit.

Their discussion included the conclusion of negotiations on the signing of a new bilateral trade agreement, which forms the legal framework for achieving the US$2 billion target in trade, Vietnamnet reported on Wednesday.

Laos and Vietnam have also set a target to boost Vietnamese investment in Laos to hit US$5.8 billion in 2015, an increase on the current total value of US$5 billion.

Calling on President Choummaly Sayasone on Wednesday at the Presidential Palace, the Vietnamese prime minister and the Lao president affirmed to continue creating the best conditions for both sides’ businesses to foster their economic, trade and investment ties, the People’s Army Newspaper of Vietnam repor ted on the day.

The two sides agreed to direct their ministries and localities to work closely to effectively realise agreements reached by the leaders as well as those reached during the 36th meeting of the Vietnam-Laos Inter-Governmental Committee while preparing for the 37th meeting of the committee scheduled for early 2015.

Laos has granted investment licenses to 423 Vietnamese-funded projects with a combined capitali sation of around US$5 billion which ranks second among foreign investors in the country.

Investments from Vietnamese businesses have been active in the central and southern provinces of Laos, which make up 95 percent of Vietnam’s total foreign direct investment (FDI) in the country.

Vientiane Times - November 27, 2014