Vietnam, Laos finance ministries foster cooperation

Illustrative photo. (Source: VNA)

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.

Earlier the same day, Somdy Douangdy was received by Deputy PM Vuong Dinh Hue.