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Viet, Lao, Cambodian legislators work on finance, budget supervision

HANOI, Jan. 10 (Xinhua) — A conference on enhancing efficiency of supervisory work of the national assemblies in financial and budget sector was held here on Tuesday with participation of relevant agencies of Vietnam, Laos and Cambodia.

The event, held by the Vietnamese National Assembly (NA)’s Finance and Budget Committee (FBC), is part of the project to strengthen capacity of decision-making and supervisory work of people-voted agencies in Vietnam, funded by the United Nations.

Addressing the conference, Vietnamese NA Vice Chairwoman Nguyen Thi Kim Ngan said, Vietnam, Laos and Cambodia, who have long- standing and special tradition of friendship and cooperation, are now in the process to shift to market-oriented economy, during which each country has obtained notable social and economic achievements.

However, each country should continue to renew the policy system and enhance efficiency of the state budget management so as to meet the demand for stable macro economy and in serve of each country’s socio-economic development, and for regional and global integration.

According to FBC Chairman Phung Quoc Hien, any change in the global economy has direct or indirect impact on the developing countries, including Vietnam, Laos and Cambodia. Challenges to Vietnam, such as the quality of the growth, low production output, efficiency and competitiveness, instable macro economic balance, and limitation in human resources quality, are also faced by Laos and Cambodia.

To restructure the economy, Vietnam has to improve the quality of financial and budget management, along with perfecting the legal system and in accordance with the process of global integration, Hien said.

Head of Lao National Assembly’s Economic, Planning and Financial Committee Souvanpheng Bouphanouvong, said that there should be a closer and constant cooperative mechanism among three NAs’ relevant agencies in financial and budget supervisory work. Lao NA focuses in three major contents, including encouraging auditing activities, effectively managing the state investment and managing and allocating capital sources from the central to local level and related agencies.

Meanwhile, official from Cambodian NA’s Economy, Finance, Banking and Auditing Committee, Sman Teath, stressed on the controlling and supervising role of the NA, saying it is one of the three important tasks in building up a law-governed state.

Legislative agencies must play important roles in ensuring the national budget to meet demand of the society, which is used effectively, clearly, economically and with high responsibility, he said.

Participants also discussed measures to renew financial and budget related work and handle challenges occurred during the reforming process.

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Written by Kham

10/01/2012 at 7:06 pm

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