Continue to strengthen and promote the cooperation relationship between the Ministry of Finance of Vietnam - Laos for sustainable development

Scene of the meeting

Speaking at the talk, Vietnam's Minister of Finance Ho Duc Phoc gave an overview of Vietnam's socio-economic development recently. In the first six months of 2002, Vietnam's socio-economy achieved many positive results. For example, economic growth reached 6.42%; inflation was strictly controlled with an increase of 1.25% over the same period last year; state revenue collection exceeded 19% over the same period last year, so far it has collected over VND1 trillion, exceeding 20% compared to the same period in 2021.

Furthermore, the targets of public, government, and foreign debt of the country was within the scope of the National Assembly's decision.The major balances of the economy are maintained, stable and developed.

Minister Ho Duc Phoc also said that Vietnam was currently focusing on implementing solutions to curb inflation and stimulate demand, in order to accelerate economic growth. Accordingly, Vietnam was also implementing an economic support package of about VND347 trillion. In particular, the policy of tax reduction is VND 64 trillion; so far this support policy has reached VND 88 trillion.

In the budget expenditure policy, Vietnam focused on basic health care, digital transformation, social security and infrastructure construction, especially highways.

Regarding the cooperation relationship between the two ministries of two countries, Minister Ho Duc Phoc said that the two ministries have had a long-standing traditional friendship relationship to support mutual development. The two Parties regularly exchanged information; promptly, consulted, coordinated closely, and supported each other effectively at international and regional forums.

Ministry of Finance Ho Duc Phoc awarded certificate at State level to Minister and individual of Ministry of Finance of Laos

At the meeting, the Minister also emphasized that the Party and State of Vietnam were always interested in supporting Laos. In the period 2021-2025, the aid capital for Laos Government was committed at the two Politburo and two Government levels was about VND3,600 billion.

Regarding loans, currently, Vietnam provides financial support to the Laos Government through 10 loan agreements with a total signed capital of US$502 million.

In the fields of taxation, customs and treasury, Minister Ho Duc Phoc said that the two finance ministries have had a good and effective cooperation relationship. In 2022, the two ministries were implementing a cooperation plan of 26 activities with the participation of 11 units of the Ministry of Finance of Laos and 14 units of the Ministry of Finance of Vietnam.

Speaking at the meeting, Minister of Finance Bounchom congratulated Vietnam and the Ministry of Finance of Vietnam have their achievements in recent years. At the same time, he would like to thank the Vietnamese Party, State and People for always creating favorable conditions to support Laos and expressed his hope that the cooperation relationship between the two sides would continue to be strengthened and sustainable.

Ministry of Finance of Laos awarded certificate at State level to individuals of Ministry of Finance of Vietnam

Appreciating Vietnam's support and aid, Minister Bounchom Ubonpaseuth said that Laos would use the support capital from Vietnam in the most effective way.

Also 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 Vietnam in the following areas; public debt management; state budget revenues and expenditures; tax, customs and treasury reform; and SOE restructuring.

Minister Bounchom Ubonpaseuth hoped that the Ministry of Finance of Vietnam would agree to let the delegation of the Ministry of Finance of Laos learn from the experiences of the Ministry of Finance of Vietnam. Furthermore, the Ministry of Finance of Vietnam would send officers to Laos to exchange and share experiences in order to support Ministry of Finance of Laos to carry out drastic reforms.

Speaking on cooperation, exchange and technical assistance in the financial sector, Minister Ho Duc Phoc agreed with the proposal of Ministry of Finance of Laos on sending officials from both sides to exchange. The Minister asked the Ministry of Finance of Laos to develop specific plans and programme for the two sides to discuss and unify the implementation to achieve the highest results.

Minister Ho Duc Phoc said that the Ministry of Finance of Vietnam will support the Ministry of Finance of Laos. He wishes that the relationship between the two Finance Ministries as well as the two countries would be "forever green and sustainable".

Also at the meeting, in order to recognize the results after 15 years of signing the cooperation agreement, the Ministry of Finance of the two countries held an award ceremony for the collectives and individuals of the two ministries who have made many contributions to the cooperation programme between the two ministries.

Earlier, in the morning of the same day, the delegation of the Ministry of Finance of Laos had meetings with units of the Ministry of Finance of Vietnam, including; the Department of Public Property Management; Department of Corporate Finance; and Department of Finance, Banking and Financial Institutions.