(MPI) - In accordance with the 2024 cooperation plan between the governments of Vietnam and Laos aimed at enhancing the exchange of information and experiences in macroeconomic management, Deputy Minister of Planning and Investment Tran Quoc Phuong hosted a working session with the Lao macro-economic delegation led by Somdy Duangdy, former Deputy Prime Minister and former Minister of Finance of Laos in Hanoi on July 15.

At the working session. Photo: MPI

Deputy Minister Phuong briefed the guests on Vietnam’s socio-economic development in the context of international integration. Since the beginning of the “Doi Moi” process, Vietnam has undertaken comprehensive and profound economic reforms, focusing on three main pillars: market-oriented economic institutional reform with a socialist orientation; macroeconomic stability; and proactive international economic integration.

To overcome economic difficulties, a high determination from the entire political system is essential, along with innovation in institutions and laws, prioritizing macroeconomic stability and the harmonious and synchronous implementation of macroeconomic, fiscal, monetary, and import-export policies, he said. Additionally, enhancing solidarity between local and central governments is crucial for achieving synchrony and ensuring food and energy security.

Somdy, for his part, mentioned that this meeting is a crucial opportunity for Lao ministries and agencies to discuss with Vietnam measures to improve the macroeconomic situation and learn from Vietnam’s state management experiences.

He also provided updates on Laos’ situation, noting the political stability and social safety, its economy grew positively by 4.7% in the first half of 2024, with some regions exceeding their targets. However, challenges remain in controlling inflation and maintaining the stability of the Lao kip.

He expressed hope for valuable insights and lessons from Vietnam on building an independent and self-reliant economy, actively integrating into the global economy, stabilising macro-economy, and enhancing the intrinsic capacity of the economy to cope with external fluctuations. The meeting aimed for candid exchanges and specific solutions to assist Laos in addressing economic, financial, and banking difficulties.

Vietnam and Laos not only have responsibilities to actively participate in ASEAN cooperation but also continue to nurture and strengthen the special relationship between the people and governments of both countries amidst unpredictable changes. The friendship between Vietnam and Laos will serve as a crucial foundation for continued cooperation, experience sharing, and mutual learning in this new context./.

Bao Linh

Ministry of Planning and Investment