Vietnam is ready to support Laos to improve tax administration efficiency

Deputy Minister of Finance Cao Anh Tuan welcomed Deputy Minister Phouthanouphet SaySombath and the delegation to visit and work at the Ministry of Finance of Vietnam (Photo: HT)

At the meeting, Deputy Minister Cao Anh Tuan welcomed Deputy Minister Phouthanouphet SaySombath and the delegation to visit and work at the Ministry of Finance of Vietnam; We welcome the Working Group to have had technical meetings to exchange and share experiences on tax management, State budget... thereby contributing to perfecting the system of legal documents on management. Laos tax in the near future.

Providing general information about the socio-economic development situation of Vietnam over the past time, Deputy Minister Cao Anh Tuan said that in the first 6 months of 2004, Vietnam's socio-economic situation achieved many positive results: Increase Economic growth reached 6,42%; Inflation is strictly controlled with an increase of 4,08% over the same period last year; State budget revenue reached more than 60% of the estimate, up 15,7% over the same period last year; State budget expenditure reached over 37% of the estimate; Import-export turnover of goods showed signs of positive recovery, reaching over 308 billion USD; targets of public debt, government debt, and national foreign debt within the scope decided by the National Assembly... The major balances of the economy are maintained, stable and developed.

The Deputy Minister added: Currently, Vietnam is focusing on implementing solutions to curb inflation to accelerate economic growth and development. Also in 2024, the Ministry of Finance submitted to the Government and the National Assembly 4 laws (Law on Management and Use of State Capital at Enterprises, Law on Value Added Tax, Law on Corporate Income Tax and Law on Special Consumption Tax). special); Advise the Government on submitting to the National Assembly for approval the Resolution on Global Minimum Tax.

Regarding cooperation, Deputy Minister Cao Anh Tuan affirmed that the two Ministries have had a long-standing traditional friendship to support mutual development. The Deputy Minister suggested that units under the Ministry of Finance of the two countries continue to coordinate closely to implement cooperation activities and technical support according to the program within the framework of the Cooperation Agreement between the two Ministries of Finance of Vietnam and Vietnam. Ministry of Finance of Laos.

Speaking at the meeting, Deputy Minister of Finance of Laos Phouthanouphet SaySombath respectfully thanked and appreciated the coordination, help and technical support of the Ministry of Finance of Vietnam in recent times; has been demonstrated through the effective implementation of the contents of the Cooperation Agreement between the Ministries of Finance of the two countries, especially in technical assistance on budget management, public debt management, especially tax collection management. .

Information about the results of previous technical working sessions, Deputy Minister Phouthanouphet SaySombath said that the working group exchanged experiences on VAT and developed legal documents. On that basis, the Lao Ministry of Finance will study and develop detailed documents to increase state budget revenue. In particular, focusing on improving management capacity and organizing effective implementation in the context of Laos's economy still facing many difficulties, high inflation, as well as a shortage of labor resources. Therefore, solutions will be proposed to resolve the situation, applying the experiences and good practices of other countries, including Vietnam.

Photos at the working session (Photo: HT)

Deputy Minister Phouthanouphet SaySombath added: In the coming period, in addition to researching the VAT increase policy, the Lao Ministry of Finance will advise and submit to the Government to continue studying the Special Consumption Tax, as well as have additional plans. Law on Corporate Income Tax, Law on Financial Risk Management and restructuring of the state budget towards taking central budget revenue as the main focus. Deputy Minister Phouthanouphet SaySombath wishes and requests that the Ministry of Finance of Vietnam create favorable conditions for a delegation of officials from the Ministry of Finance of Laos to learn from the experience of the Ministry of Finance of Vietnam as well as a delegation of officials from the Ministry of Finance of Vietnam. to exchange and share experiences with Laos.

Deputy Minister Phouthanouphet SaySombath respectfully thanked the Party, State and people of Vietnam for always creating favorable conditions to support Laos and expressed his hope that the financial cooperation between the two sides will continue to be strengthened, strong and practical. and more effective.

At the end of the meeting, Deputy Minister Cao Anh Tuan agreed with the proposal of the Lao Ministry of Finance to send officials from both sides to exchange. The Deputy Minister requested the Lao Ministry of Finance to develop specific plans and programs for the two sides to discuss and unify the organization to achieve the highest efficiency. Deputy Minister Cao Anh Tuan affirmed that the Ministry of Finance of Vietnam will actively support the Ministry of Finance of Laos to ensure the most efficiency, thereby contributing to the sustainable maintenance of the valuable traditional relationship between the two Parties and the two Governments. and the people of the two countries in general and develop the relationship of understanding, cooperation and mutual assistance between the two Ministries of Finance of Vietnam and Laos in particular./.