The Vietnamese National Assembly (NA)’s Finance and Budget Committee and the Planning, Finance and Audit Committee of the Lao NA jointly held a conference to discuss decentralisation of state budget and public debt management on June 27 in the central province of Quang Nam.

Vietnam, Laos discuss budget, public debt management decentralisation

Speaking at the event, head of the Lao committee Vilayvong Budakham said Laos wants to share experience in this work in order to implement policies and mechanisms suitable to the country’s situation.

A representative from the committee made several proposals related to the responsibility of the provincial People’s Councils in supervising the province’s budget and the use and management of budget collections that are beyond expectations. 

Regarding public debt management, a representative from the Lao Finance Ministry shared that the country’s public debts, mainly foreign ones, are on the rise. 

The official proposed improving the Law on State Budget and a strategy on state financial development by 2025 with a vision to 2030.

Meanwhile, a representative from the Vietnamese committee said that it is important to create a legal framework on state budget management based on the principle of democratic centralism, especially for states that are ruled by a single party.

A representative from the Vietnamese Finance Ministry told participants on issues related to the country’s public debts and measures to manage them.

The official stressed the need to implement public debt management policies in line with public investment policies, and monetary and fiscal policies in accordance with each country’s economic growth model while controlling the debt limit and increasing the transparency of information on macro economy and fiscal and monetary issues to assess safe public debt levels correctly.

VNA