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Laos, VN commit to enhance financial cooperation strategies

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Laos and Vietnam have committed to enhancing implementation of strategic cooperation in the finance sector. VIENTIANE TIMES

Laos, VN commit to enhance financial cooperation strategies

THE finance ministries of Laos and Vietnam have committed to further enhancing the implementation of strategic cooperation in the finance sector with both sides having signed for 2016-2020 and settling on several focuses for improvement.

This year, Vietnam is also set to help the Lao Ministry of Finance to complete a draft of several laws on tax management, strategic national reserves and other ministerial decrees and agreements on various different fields.

The strategic cooperation plan was unveiled at the bilateral meeting of the 15th steering committee for financial cooperation between Laos and Vietnam in Vientiane on Tuesday.

The meeting was co-chaired by Lao Deputy Minister of Finance Thipphakone Chanthavongsa and her Vietnamese counterpart Tran Xuan Ha.

At the meeting, the two sides highlighted the achievements of previous years’ implementation of the cooperation plan and also unveiled the framework for this year’s bilateral cooperation in different aspects of human resource development, legal enhancements and the improvement of financial institute and college infrastructure.

During the meeting, the two sides also signed cooperation documents in the particular fields of financial cooperation to be implemented this year.

The documents were signed by Ministry of Finance deputy office head Anosack Phengthimmavong and a representative of the Ministry of Finance of Vietnam.

Shortly after the agreements were inked, the Vietnamese delegation led by the Deputy Minister of Finance Ha, paid a courtesy visit to the Lao Deputy Prime Minister and Minister of Finance, Somdy Duangdy.

During the meeting with Somdy, Ha reported about the cooperation framework between Laos and Vietnam for this year and also said Vietnam would continue to support Laos to improve the phase III infrastructure of the Dongkhamxang Institute for Economics and Finance and the Southern Financial College in Champassak province.

He said the implementation of last year’s cooperation resulted in successful outcomes but there was still more to be done this year.

“We will continue helping our strategic partner with the provision of human resource development for Laos, particularly for financial officials at the Tax and Customs Departments of the Lao Ministry of Finance,” he said.

This year is very significant as it marks the 15th anniversary of financial cooperation between the two ministries with a celebratory event to be held this year, Ha said.

Meanwhile, Somdy praised Vietnam for their contribution to the development of Laos’ financial sector including human resource development as well as the improvement of infrastructure for financial institutions in Laos.

“Over the past few years, Laos has been encountering financial difficulties which have caused different issues. However, Vietnam has also helped us by providing lessons learnt in terms of the effective management of revenue collection,” he said. VIENTIANE TIMES/ANN

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