Vietnam hands over Economic and Finance Institute to govt

The government of Vietnam has completed the final phase of construction of the Economic and Finance Institute, which has been built in Dongkhamxang village, Hadxaifong district, Vientiane.
The Institute will be used to train government finance and accounting staff across the country.
The facility was handed over to the Lao government in a ceremony attended by Minister of Finance Mr Bounchom Oubonpaseuth and Vietnam’s Minister of Finance Mr Ho Duc Phoc.

Mr Bounchom Oubonpaseuth (third from right) and Mr Ho Duc Phoc (fourth from right) cut a ribbon to hand over the Economic and Finance Institute in Dongkhamxang village, Hadxaifong district, Vientiane.

Speaking at the ceremony, Mr Bounchom said the Dongkhamxang Economic and Finance Institute was of paramount importance for the capacity building of government finance staff, and would deliver training courses for numerous employees.
The Institute has been built under a bilateral cooperation agreement approved by the Lao and Vietnamese governments and funded by a grant from the Vietnamese government and a contribution from the Lao government.
The successful outcome of the project is due to the special relationship between the parties and governments of Laos and Vietnam, especially between their two finance ministries, which have supervised the project through close collaboration, thanks to the praiseworthy efforts and diligent work of the management team, Mr Bounchom said.
He promised to ensure that the Institute was used to the best advantage in building the capacity of finance and accounting personnel. Its facilities would be used to improve the standard of their work and train them to carry out their duties conscientiously and rigorously.
Vietnam’s Minister of Finance Mr Ho Duc Phoc said the two governments had agreed on the provision of grant funding from the government of Vietnam to the government of Laos, supplemented by Lao government funding under “Building the Dongkhamxang Economic-Finance Institute Phase 3” project.
The Institute represents another important area of cooperation between the parties, governments, ministries of finance and people of the two countries.
The aim is to provide tangible support for the Lao government’s goal to provide training for its finance staff through high-standard education programmes, to benefit the country as a whole as well as the finance sector.
Although the rollout of Phase 3 of the project encountered many difficulties due to the Covid-19 pandemic and unfavourable weather conditions, thanks to close supervision by the two countries’ finance ministries, everything was completed as planned, meeting the goal to provide Laos with a high-quality training institution to build Laos’ capacity in the field of finance and economic development both at present and in the future.

By Times Reporters
 (Latest Update January 16, 2023)