Enhance cooperation with Laos in finance

Minister Đinh Tien Dung welcome Deputy Prime Minister of Laos to visit and work at Ministry of Finance.

At the meeting, Minister Dinh Tien Dung welcomed the Deputy Prime Minister - Minister of Finance of Laos PDR, Mr. Somdy Douangdy who visited and worked with the Ministry of Finance of Vietnam. Sharing with Deputy Prime Minister of the Lao PDR on the difficulties as well as the achievements of socio-economic development of the two countries, Minister Dinh Tien Dung said that both Vietnam and Laos have made many attempts to complete the financial task of 2016 in the context of economics in the world and region facing many difficulties and challenges.

Minister Dung offered congratulations on the economic & financial achievements of Laos PDR with a growth rate of 6.9% and GDP reached $US 2,027 in 2016; basically the macroeconomics are stable, keeping the inflation rate at 1.35%. Thus, Minister Dinh Tien Dung believed that in 2017, Laos PDR will continue to achieve significant accomplishments in order to maintain and achieve high growth.

Mr. Somdy Douangdy thanked Minister Dinh Tien Dung and units under the Ministry have spent time to meet and exchange views on cooperation in the financial sector between the two countries.

Having the same views with Minister Dinh Tien Dung, Deputy Prime Minister of Lao PDR, Mr Somdy Douangdy said that in 2016 the Ministries of Finance of both countries cooperated effectively, especially exchanging experiences, building legislation , training to improve staff capacity and building infrastructure. Through the co-operation between the two countries, it has contributed to improve the quality of staff in the financial sector in Laos, contributing to strengthen the sustainable cooperation between the two countries.

Furthermore, Minister Dung said that, in the context of deep international integration, the domestic economy and region still have difficulties in that the demand for expenditure of the two countries are very large, especially expenditure for construction, infrastructure and social welfare. The Government and the Ministries of Finance of both countries should further tighten public expenses. Besides that, strengthening the financial discipline associated with the responsibilities of ministries and local government.

Minister Dung affirmed that the Ministry of Finance of Vietnam is ready to work closely with the Ministry of Finance of Lao PDR in all fields, especially in advanced training for professional capacity, improving the efficiency in management and budget operations, to serve the economic development of the country.