They made the commitment at the eighth meeting of the Steering Committee of cooperative programs in Hanoi on December 27.

The event was held at a time when the two countries are implementing their socio-economic development plans for the 2011-2015 period and the two finance ministries have begun to carry out the newly signed cooperative agreement for the first year.

Both sides agreed to give priority to enhancing training capacity at three financial schools in northern, central and southern Laos, prepare for the second-stage construction of the Institute of Economics and Finance and upgrade the College of Finance in northern Laos in the first quarter of 2012. 

A minute-signing ceremony between the two finance ministries took place after the meeting. Accordingly, the Vietnamese Finance Ministry will also help Laos to improve the efficiency of its organizational apparatus, research the establishment of units such as the International Cooperation Agency and the National Department of Archives, and implement a legal program for 2012 with a focus on researching and drafting legal documents on asset capitalization and financial issues.