Ministry of Finance shared experiences on decentralization of budget management with Lao Ministry of Finance

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The working session.

For the state budget expenditures, with the above revenues, the expenditure tasks are ensured according to the estimates and promptly meet the urgent tasks and handle natural disasters, contributing to the accomplishment of the targets of socio-economic development and state budget in 2018.At the meeting, Deputy Minister of Vietnam Finance Do Hoang Anh Tuan said that in 2018, Vietnam's state budget revenue situation occurred with strong growth of production and business activities, along with the promotion of the reform of administrative procedures on tax, customs and drastic implementation in revenue collection management, anti-revenue loss, trade fraud, transfer pricing and tax evasion. As a result, in 2018, state budget revenue reached VND 1,422 trillion (7.8% higher than the estimate). The mobilization rate into the state budget reached 25% of GDP, and particularly, revenue from taxes and fees was over 21% of GDP.

Deputy Minister of Lao Ministry of Finance awarded the Medal to Mr. Nguyen Trong Co, Director of the Academy of Finance. Photo TL.

According to Deputy Minister of Vietnam Finance, Mr. Do Hoang Anh Tuan, in Vietnam, the decentralization of state budget management complied with the State Budget Law. Accordingly, the budget system includes: Central Budget and Local Budget (Local budget includes provincial budget, district budget and commune budget).

Deputy Minister of Lao Finance Mr. Bounchom Ubopaseuth said that during this visit, the Lao Ministry of Finance’s delegation wanted to learn from the experience of Vietnam’s revenue decentralization and expenditure tasks according to the State Budget Law 2015; management decentralization for the Ministry of Finance’s officers; policies for development promotion of small and medium-sized enterprises.

Deputy Minister of Vietnam Finance Mr. Do Hoang Anh Tuan affirmed that in the coming time, the Ministry of Vietnam Finance will continue to support the Ministry of Lao Finance to build and improve legal documents on management decentralization and use of public assets, public asset capitalization and ODA management.

At the same time, the Ministry of Vietnam Finance will support Laos to improve its staff capacity and complete the organizational structure of Tax, Customs, Treasury and Reserves. In addition, improve staff capacity through training courses for officials.

Also on February 25, highly appreciating the contribution of the Academy of Finance, the Lao Government awarded the noble First Class ISALA Medal to the Academy of Finance to celebrate the 55th anniversary of construction and development.