Vietnam, Laos, Cambodia, Myanmar share budget overseeing experience

Experience in budget decision, examination and oversight have been shared among representatives from Vietnam, Laos, Cambodia and Myanmar together with foreign experts in finance-banking during the 6th joint workshop in Danang.

Experience in budget decision, examination and oversight have been shared among representatives from Vietnam, Laos, Cambodia and Myanmar together with foreign experts in finance-banking during the 6th joint workshop which opened in the central coastal city of Danang on August 17. 
In his opening remarks, Head of the National Assembly Committee for Finance and Budget Phung Quoc Hien underscored that any changes in the global economy will have huge impacts on developing countries like Vietnam, Laos, Cambodia and Myanmar.

Vietnam has joined the group of middle-income countries, posing tremendous challenges to the country as it is facing such issues as low growth quality, productivity, competitiveness, unstable macro-economic balances and limited labour quality, Hien highlighted.

In addition, development gaps and the middle-income trap remain setbacks to the nation, he said, adding that Laos, Cambodia and Myanmar could face the same difficulties as their economies are similar to Vietnam’s.

The two-day workshop creates a good opportunity for the four countries to share experiences in financial management, helping them renew and complete legislative mechanisms.