Laos, Vietnam augment financial cooperation

Illustrative image (Source: VNA)

At their meeting in Hanoi on August 4, the two sides reviewed cooperation between the two finance ministries over the past years and expressed their satisfaction with the effective partnership in policy-making, personnel training, and sectoral training infrastructure improvement.

Both sides highlighted the significance of their cooperation agreement in the 2016-2020 period signed by the two ministers in April this year, describing the deal as an important orientation for their broader cooperation in the future.

Minister Dung shared Vietnam’s experience in the management of budget expense and the implementation of the Law on State Budget in 2015, as well as budget collection management and budget decentralisation.

He also shared lessons in managing import and export budget collection, preventing smuggling, operating the one-stop-shop mechanism, and applying information technology in controlling activities run by the Finance Ministry and its affiliates.

The Lao PM suggested he two ministries’ departments should increase cooperation activities and experience sharing, thus helping the Lao Finance Ministry improve its organisation and financial institution system.

Earlier the same day, meeting with Somdy Douangdy, Deputy PM Vuong Dinh Hue said Vietnam will review its cooperative projects with Laos to boost the two countries' socio-economic development.

The existing cooperative model between the two Finance Ministries has been the most productive among other joint ministerial programs, Hue told his guest.

Both agreed to intensify the exchanges of visits and expert discussion to share their experiences in macro-economic stabilization, fiscal policy, public debt control, and policy making./.

Source: VOV