Deputy Prime Minister Vuong Dinh Hue suggested Vietnamese and Lao Ministries of Finance enhance collaboration while receiving Laos’ Deputy Prime Minister and Minister of Finance Somdy Douangdy in Hanoi on August 4. 

He hailed the two ministries for signing a cooperation agreement for 2016-2020, which maps out important orientations in bilateral affiliation. 

The Deputy PM proposed that the two sides increase high-level delegation exchanges, to share experience on the macroeconomic situation and fiscal policy in their respective countries, especially handling budget expenditure and collection, building their legal systems and economic institutions, and training financial officials. 

He said he believes that the guest’s ongoing visit to Vietnam will help propel the economic ties and comprehensive cooperation between the two nations, especially in the field of finance. 

Somdy Douangdy said his visit aims to discuss cooperation contents that the two ministries signed in April 2016. 

He highlighted the economic, financal, and budget situation in Laos and thanked the Vietnamese Ministry of Finance for its assistance over the past years. 

He also expressed his wish to receive more support from his Vietnamese counterpart to improve capacity for Lao financial staff.

Vietnam, Laos finance ministries foster cooperation

Finance Minister Dinh Tien Dung had a meeting with Deputy Prime Minister and Minister of Finance of Laos Somdy Douangdy in Hanoi on August 4, during which both sides discussed the economic situation in each country and sought ways to boost ties between the two ministries. 

The two sides agreed that despite the gloomy global economic situation, the two countries have still maintained their economic stability and growth. 

Reviewing cooperation between the two finance ministries over the past years, they held that the partnership has been fruitful, especially 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, considering the deal as an important orientation for their affiliation in the coming years. 

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 governing activities of the Finance Ministry and its affiliates. 

For his part, the Lao PM proposed that the two ministries’ departments should increase cooperation activities and experience sharing, thus supporting the Lao Finance Ministry to continue completing its organisation and financial institution system. 

VNA