The Ministry of Finance of Vietnam plans to cooperate with and support Laos's financial industry growth

The Ministry of Finance of Vietnam plans to cooperate with and support Laos's financial industry growth 29/05/2024 06:08:00 143

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Working with the Lao Ministry of Finance delegation, which is headed by Mr. Santiphab Phomvihane, the Minister of Finance of Laos, was the focus of a meeting that was convened by Minister Ho Duc Phoc on May 28 at the Ministry of Finance headquarters. Representatives from the two nations as well as Ms. Khamphao Eunthavanh, the Lao ambassador to Vietnam also attended the meeting.

Working with the Lao Ministry of Finance delegation, which is headed by Mr. Santiphab Phomvihane, the Minister of Finance of Laos, was the focus of a meeting that was convened by Minister Ho Duc Phoc on May 28 at the Ministry of Finance headquarters. Representatives from the two nations as well as Ms. Khamphao Eunthavanh, the Lao ambassador to Vietnam also attended the meeting.

Minister Ho Duc Phoc provided management expertise. Photo: Tue Anh

A long-standing, customary amicable connection has been fostered to promote mutual development between the ministries of finance in Vietnam and Laos. In international and regional forums, both parties frequently share information and provide effective support for one another. The two Ministries of Finance will try to fortify the long-standing amicable collaboration between the peoples of Vietnam and Laos.

The strategy to execute the cooperation agreement for the 2021–2025 period was collaboratively prepared by the two Ministries of Finance in order to assist the Lao Ministry of Finance in strengthening its financial management capabilities. assisting government employees and public servants in Vietnam's and Laos' financial sectors to foster mutual understanding and support.

Lao Minister of Finance Santiphab Phomvihane informed about the program. Photo: Tue Anh

The two ministries' units completed 26 out of 35 activities, or 74% of the planned activities, which was also appreciated by Minister Ho Duc Phoc. The Vietnamese Ministry of Finance, according to Minister Ho Duc Phoc, will keep sending specialist units to work closely with Laotian Ministry of Finance units in order to develop and execute their recommendations.

Furthermore, Minister Ho Duc Phoc underlined that building robust business and output is the primary goal of a robust public finances. Vietnam is prioritizing three objectives, one of which is the completion of institutional improvement, human resource training, infrastructure development, digital economy development, and the application of advanced technologies in the production business. The Ministry of Finance mandates that all firms provide electronic bills; following every sale, all gas stations in the country must generate electronic invoices; mandate that eateries, lodging facilities, and supermarkets adopt the fortunate invoice program and connect data from cash registers with tax authorities; Boost borderless transactions and e-commerce platform tax collection. The last four years have seen consistently more state budget revenue than anticipated, largely due to tax management reform.

Meeting overview. Photo: Tue Anh

By the end of 2023, public debt will have decreased significantly from its starting point of approximately 44% of GDP to roughly 37%, well below the National Assembly's ceiling of 60% of GDP. The minister claims that the financial sector's recent successes have verified the crucial role that the economy of the nation plays in it.

Mr. Santiphab Phomvihane thanked the Vietnamese Ministry of Finance for liaising and exchanging experiences with the Ministry of Finance in Laos. The Ministry of Finance in Laos will soon conduct research, carry out a number of reforms in the areas of tax collection and customs management, encourage the modernization of state budget collection, and amend tax legislation pertaining to e-commerce. In the future, the two Ministries' experience exchanging and working together will provide effective results.

The minutes of the meeting were signed by the directors of the departments of foreign finance and international cooperation,
Mr. Vongkhamheng Vongthachack and Mr. Ha Duy Tung. Photo: Tue Anh

The Department of International Cooperation and the Department of Finance The Foreign Affairs Ministry jointly signed the Minutes of the 18th meeting of the Steering Committee for the cooperation program between the two Ministries. In light of this, Vietnam's Ministry of Finance will support Laos's financial industry's medium- and long-term development perspective.

The two ministers took souvenir photos. Photo: Tue Anh

Additionally, the Vietnamese Ministry of Finance will increase expertise exchange. Assist the Lao Ministry of Finance in completing important duties like Taxation, Customs, State Budget, and Treasury. Experts from the Vietnamese Ministry of Finance were dispatched to Laos to provide financial and budgetary guidance and support at the same time; Boost the proficiency of Ministry of Finance employees by offering training programs. assemble study groups and provide senior executive experience for exchange.

Translator: Thúy Nga

 

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