Deputy Prime Minister receives Lao Finance Minister

Deputy Prime Minister Le Minh Khai received Lao Finance Minister Bounchom Ubonpaseuth in Hanoi on July 26, during which the host affirmed that Vietnam shares its happiness and difficulties with Laos.
Deputy Prime Minister receives Lao Finance Minister
Deputy Prime Minister receives Lao Finance Minister

Highlighting their bilateral cooperation and traditional friendship, Deputy Prime Minister Khai said Minister Bounchom Ubonpaseuth’s official visit is contributing to the success of Vietnam-Laos and Laos-Vietnam Solidarity and Friendship Year 2022.

The Deputy Prime Minister congratulated the Lao Party, State and people on the achievements they have recorded after nearly 40 years of reform, and noted his belief that the neighbouring country will overcome the present challenges and reap more in the time ahead.

He also briefed the guest on Vietnam’s macro-economic situation and budget collection last year and in the first half of this year, saying the national gross domestic product (GDP) over the past six months grew 6.42%, inflation was curbed at 2.44%, and budget collection fulfilled 66.7% of the estimate and rose 19.9% year-on-year.

The official attributed the results to the flexible combination of fiscal and monetary policies, and a close watch on the situation.

Regarding the bilateral ties, Deputy Prime Minister Khai said the collaboration has been expanded and deepened, and expressed his delight at cooperation outcomes across all spheres, particularly finance.

The Lao minister, for his part, informed the Deputy PM about the results of the working session between the two finance ministries, during which they looked into the cooperation plan for 2025 and public debt management, along with experience in budget collection.

Speaking of difficulties facing Laos in budget collection, public debt management and inflation control in the first half, he suggested Vietnam send experts to help the neighbouirng country with solutions to deal with financial and monetary issues, reform electronics firms and support state-owned enterprises.

In this regard, Deputy Prime Minister Khai urged the two ministries to step up the exchange of experience in financial, fiscal and monetary policies.

He also suggested Laos exploit sources of income in line with legal regulations, better control foreign remittances, ensure currency stability, and reasonably calculate the ceiling of the public debt-to-GDP ratio.

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(Source: VNA)