Strengthening financial cooperation between Viet Nam and Laos

Strengthening financial cooperation between Viet Nam and Laos 13/08/2021 03:42:00 248

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In the morning of 13th August 2021, Minister of Finance of Viet Nam Ho Duc Phoc had an online meeting with Minister of Finance of Laos Bounchom Ubonpaseuth on the bilateral financial cooperation between the Ministry of Finance of Vietnam and the Ministry of Finance of Laos.

In the morning of 13th August 2021, Minister of Finance of Viet Nam Ho Duc Phoc had an online meeting with Minister of Finance of Laos Bounchom Ubonpaseuth on the bilateral financial cooperation between the Ministry of Finance of Vietnam and the Ministry of Finance of Laos.

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Minister Ho Duc Phoc at the meeting

Speaking at the meeting, Minister Ho Duc Phoc congratulated Minister Bounchom Ubonpaseuth on his appointment of Minister of Finance of Laos. Minister Ho Duc Phoc believed that, in the new position and with his rich working experience, Minister Bounchom Ubonpaseuth would lead and direct the Laos Finance sector to overcome all difficulties and challenges, especially the impact of the Covid-19 pandemic to successfully complete the assigned tasks, contribute to the country's sustainable development and prosperity.

Sharing about the bilateral cooperation relationship between two Ministries of Finance, Minister Ho Duc Phoc emphasized that the Ministry of Finance of Vietnam and the Ministry of Finance of Laos have had a long-standing traditional friendship to support mutual development. The two sides have regularly exchanged information; promptly consulted, closely coordinated, and effectively supported each other at international and regional forums.

Two Ministries have been implementing effectively a comprehensive, continuous, and long-term cooperation program to support the Ministry of Finance of Laos to improve capacity and strengthen the close cooperation relationship between officials and civil servants in the finance sector of the two countries. In the complicated context of the COVID-19 epidemic, Minister Ho Duc Phoc suggested that the two sides strengthen exchanges and cooperation via online platform.

Minister Ho Duc Phoc believed that the comprehensive cooperation relationship between two Ministries would develop further, strengthen the traditional and comprehensive cooperation between two Parties, two States, two Governments, and the people of the two brotherly countries of Vietnam and Laos.

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Delegates attended the meeting from the Ministry of Finance of Vietnam

At the meeting, sharing the basic features of Vietnam's socio-economic, financial and budgetary situation in recent years, Minister Ho Duc Phoc said that: Vietnam's macroeconomic situation continues to be stable. Economic growth in the first 6 months of 2021 was estimated at 5.64%; inflation was controlled at a low level (7 months CPI only increased by 1.64%, core inflation increased by 0.89%), major balances of the economy were ensured. State budget revenue in the first 7 months of the year reached 68% of the estimate, up 15.7% over the same period in 2020; State budget expenditure reached 48% of the estimate, promptly meeting and ensuring the implementation progress of spending tasks for socio-economic development, state management, and COVID-19 epidemic prevention and control.

In order to support businesses and people to overcome difficulties caused by the impact of the COVID-19 pandemic, Viet Nam’s Government has proactively proposed and issued according to its authority fiscal solutions, especially policies on exemption, reduction, extension, postponement of taxes, fees, charges and land rents. In general, with the solutions have been implemented since the beginning of 2021 and the solutions are being proposed by the Ministry of Finance, the amount of taxes, fees, charges, and land rents deferred or reduced to support businesses and individuals in 2021 is estimated about VND 138,000 billion.

At the same time, the Ministry of Finance made proposal to the Government to establish the Covid-19 Vaccine Fund to receive, manage and effectively use State funding and voluntary contributions. In addition to the support packages of the Government, many provinces and cities have also used resources from local budget to support disadvantaged groups, workers, etc. thus, the people's livelihood are basically stable.

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Minister Bounchom Ubonpaseuth and the delegation from

the Ministry of Finance of Laos

Speaking at the Ministry of Finance of Laos, Minister Bounchom Ubonpaseuth sincerely thanked and appreciated the support of Vietnam and the Ministry of Finance of Vietnam for Laos in the past time. The Minister of Finance of Laos proposed that the Ministry of Finance of Vietnam would provide technical assistance to the Ministry of Finance of Laos in managing foreign debts, restructuring of state-owned enterprises, balancing sources of foreign debt repayment, developing the domestic bond market to raise capital...

Minister Bounchom Ubonpaseuth hoped to have more working sessions to exchange experiences in the state budget and fiscal management, thereby tightening and promoting further the traditional solidarity between the two peoples of Vietnam - Laos./.

H. Thọ