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Regional lawmakers discuss budgets

Update: January, 11/2012 - 09:54

HA NOI — Lawmakers from Cambodia, Laos and Viet Nam discussed measures to improve the efficiency of legislative budget oversight at a workshop in Ha Noi yesterday, including increasing the co-operation between auditing agencies.

Vietnamese National Assembly vice chairwoman Nguyen Thi Kim Ngan urged participants to pay greater attention to exchanges of experience and suggested the results of this workshop could be used in amending regulations relating to finance and budget.

National Assembly Finance and Budget Committee chairman Phung Quoc Hien noted that movements in the global economy had direct and indirect impacts on the economies of developing nations like Viet Nam, Laos and Cambodia, all of which faced challenges in improving the quality of growth, productivity, efficiency, competitiveness and human resources.

Restructuring the economy would require Viet Nam to improve financial and budgetary management as well as finalise its legal system to meet the demands of economic renewal and international integration, Hien said.

Improvements in budget management and oversight would help promote the quality and efficiency of State capital expenditures, helping build an appropriate economic development orientation, he added.

Close and ongoing co-operation among the relevant committees of the parliaments of the three countries was essential, noted the chairman of the Lao National Assembly's Committee for Economy, Planning and Finance, Souvanpheng Boup-phanouvong.

Lao lawmakers were focused on encouraging auditing functions, improving the efficient of State investments and decentralising capital sources, he said.

Legislative boides had important role in ensuring that State budgets be used effectively, transparently and economically to meet social needs, said the vice chairman of the Cambodian National Assembly Committee for Economy, Finance, Banking and Audit, Sman Teath. — VNS

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