Viet Nam is ready to support Laos in public financial management

Viet Nam is ready to support Laos in public financial management 25/07/2022 06:12:00 249

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On July 25 afternoon, at the headquarters of the Ministry of Finance, Minister Ho Duc Phoc had a meeting with Laos Minister of Finance, H.E.Mr. Bounchom Ubonpaseuth and a delegation to visit and work at the Ministry of Finance of Viet Nam. Attending the meeting were leaders of some functional units under the Ministry of Finance.

On July 25 afternoon, at the headquarters of the Ministry of Finance, Minister Ho Duc Phoc had a meeting with Laos Minister of Finance, H.E.Mr. Bounchom Ubonpaseuth and a delegation to visit and work at the Ministry of Finance of Viet Nam. Attending the meeting were leaders of some functional units under the Ministry of Finance.

Minister Ho Duc Phoc welcomes Minister Bounchom Ubonpaseuth and the delegation
to visit and work at the Ministry of Finance of Viet Nam

Speaking at the meeting, Minister Ho Duc Phoc welcomed Minister Bounchom Ubonpaseuth and the delegation of Ministry of Finance of Laos to visit and work at the Ministry of Finance of Viet Nam.

Informing Viet Nam's socio-economic development over the past time, Minister Ho Duc Phoc shared that in the first 6 months of 2002, Viet Nam's economic – socio situation achieved many positive results: Economic growth reached 6.42%; inflation was strictly controlled with an increase of 1.25% over the same period last year; budget revenue reaches more than 66%, exceeding 19% over the same period last year (so far collected revenue is over 1 million billion dong, exceeding 20% over the same period in 2021); the targets of public debt, government debt, and foreign debt of the country are within the scope of the National Assembly's decision... The major balances of the economy are maintained, stable and developed.

Currently, Viet Nam is focusing on implementing solutions to curb inflation and stimulate demand to accelerate economic growth. Viet Nam has implemented an economic support package of about VND 347 trillion, of which the tax extension and reduction policy is VND 64 trillion and so far this support policy has reached VND 88 trillion. In the field of budget spending policy, Viet Nam focuses on basic health care, digital transformation, social security, infrastructure construction, especially highways.

Regarding the cooperative relationship between the two Finance Ministries, Minister Ho Duc Phoc affirmed that the two Ministries have had a long-standing traditional friendship to support mutual development. The two sides regularly exchange information; promptly consult and closely coordinate to support each other effectively at international and regional forums.

In the fields of taxation, customs, and treasury, the two Finance Ministries have enjoyed a good and effective cooperative relationship. In 2022, the two Finance Ministries are implementing a Cooperation Plan with 26 activities and the participation of 11 units of the Ministry of Finance of Laos and 14 units of the Ministry of Finance of Viet Nam. Minister Ho Duc Phoc suggested that the two Ministries to closely coordinate to implement technical cooperation activities according to the agreed plan.

Speaking at the meeting, Minister Bounchom Ubonpaseuth highly appreciated the sharing of Minister Ho Duc Phoc and congratulated the achievements that Viet Nam and the Ministry of Finance of Viet Nam have achieved in the past time.

Minister Bounchom Ubonpaseuth thanked the Party, State and People of Viet Nam for always creating favorable conditions to support Laos and expressed his wish that the cooperation between the two sides will continue to be strengthened and sustainable. Minister Bounchom Ubonpaseuth highly appreciated Viet Nam's support and aid and affirmed that Laos will use the support capital from Viet Nam in the most effective way.

Delegates attending the meeting took souvenir photos

At the meeting, Minister Bounchom Ubonpaseuth shared the current difficulties and challenges of Laos as well as the Ministry of Finance of this country. At the same time, he expressed his desire to exchange and learn from the experience of the Ministry of Finance of Viet Nam in such areas as: public debt management; state budget revenues and expenditures; tax, customs and treasury reform; restructuring state-owned enterprises...

Minister Bounchom Ubonpaseuth wished and proposed that the Ministry of Finance of Viet Nam to create favorable conditions for the delegation of the Ministry of Finance of Laos to learn from the experience of the Ministry of Finance of Viet Nam as well as the delegation of the Ministry of Finance of Viet Nam also exchange and share experiences with the Laos side.

At the meeting, Minister Ho Duc Phoc exchanged and shared experiences of the Ministry of Finance of Viet Nam in public debt management and oil price control. Regarding the cooperation, exchanging and technical assistance in the financial sector, Minister Ho Duc Phoc agreed with the proposal of the Laos Ministry of Finance on sending officials from both sides to exchange experiences.

At the end of the meeting, Minister Ho Duc Phoc asked the Ministry of Finance of Laos to develop specific plans and programs for the two sides to discuss and agreed to implement for achieving the highest efficiency. Minister Ho Duc Phoc affirmed that the Ministry of Finance of Viet Nam will actively support the Ministry of Finance of Laos to ensure the most effective and wish the relationship between the two Finance Ministries as well as the two countries forever properous and sustainable.

Under the authorization of the President of the Socialist Republic of Viet Nam,
Minister Ho Duc Phoc presented the State's noble award to leaders of the Ministry of Finance of Laos.

On this occasion, in order to recognize the results after 15 years of signing the Cooperation Agreement, the two Ministries held an awarding ceremony for the units and individuals who have made great contributions to the cooperation program between the two Ministries./.

HT (Translator: Du Na)

 

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