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Vietnamese NA willing to share financial supervision experience with Laos

The Vietnamese NA is willing to create conditions for its Finance-Budget Committee to share financial supervision experience with the Lao Ministry of Finance, said NA Chairman Vuong Dinh Hue.
Receiving Lao Finance Minister Bounchom Oubonpaserth in Vientiane on May 16 during his official visit to the neighbouring country, NA Chairman Hue appreciated the two finance ministries’ organisation of mutual visits and experience sharing.

He held that although the Lao financial sector faces many difficulties, the Government and the National Assembly of Laos have delivered timely directions towards restructuring financial institutions.

Hailing Laos for transparency in budget revenue and expenditure, and public debt, the top Vietnamese legislator emphasised the need to modernise the tax and customs sectors, strengthen publicity and transparency, and switch to e-invoices to both protect staff and ensure revenues.

The Lao financial sector needs to pay more attention to people and businesses as well as proactively remove difficulties and obstacles to promote economic development, he noted.

Hue affirmed that the National Assembly of Vietnam and he himself have always supported and created favourable conditions for the two countries' financial sectors to increase exchanges and mutual support.

For his part, Minister Bounchom Oubonpaserth said that the Lao financial industry is facing difficulties, especially regarding public debt. The Government and financial sector of Laos are working to solve this situation by increasing revenues and applying anti-corruption, thrift practice and wastefulness prevention measures.

The Lao Ministry of Finance will learn from the experience of its Vietnamese counterpart in corporate reform and public debt settlement, he stated.

He further said that the two sides will organise a wide range of activities during 2022 - the "Vietnam-Laos, Laos-Vietnam Solidarity and Friendship Year", which aims to celebrate the 60th anniversary of bilateral diplomatic relations and 45 years of the signing of the Vietnam-Laos Treaty of Amity and Cooperation./.