The memorial monument of Patuxay, one of the most prominent landmarks in Vientiane, Laos’ capital (Photo: Tuong Thuy)

Vietnam and Laos inked an agreement for multifaceted cooperation this year at a ceremony in Ho Chi Minh City Thursday.

The agreement was signed by Vietnamese Deputy Prime Minister Nguyen Sinh Hung and his Lao counterpart Somsavat Lengsavad, following the 31st meeting of a joint committee for economic, cultural, scientific and technical cooperation.

Under the agreement, the Vietnamese government will provide Laos with non-refundable aid of VND320 billion (US$18.3 million) and 650 scholarships for its students to study in Vietnam. The Lao government will provide scholarships for 30 Vietnamese students at vocational schools in Laos.

At the meeting of the joint committee, the two sides agreed to speed up projects that would boost their economies, especially in agriculture, aquaculture, mineral, and the environment.

The Vietnamese side promised to help Laos develop training programs in culture, tourism, communications, health care, and social affairs. Vietnam will also help Laos organize the Southeast Asian Games later this year.

Vietnam is cooperating with Cambodia and Laos for the tourism promotion program “Three Nations – One Destination”.

In Ho Chi Minh City Thursday, the two delegations of Vietnam and Laos agreed on a joint program that aims to increase two-way trade to US$1 billion by 2010 and double it by 2015. Last year, the figure was US$450 million, a year-on-year increase of 44%.

The two governments will support the development of commercial centers in each country.