Vietnam helps Laos build economics-finance academy hinh anh 1At the groundbreaking ceremony(Photo: VNA)

Vientiane (VNA) - Construction of Vietnamese-funded Dongkhamxang Academy of Economics and Finance began its third phase in the Lao capital Vientiane on July 19.

The three-phase project costs 175.6 billion VND (7.59 million USD), of which 158 billion VND is sourced from the Vietnamese Government’s non-refundable aid and the remainder is funded by Laos.

Spanning over 155,000 square metres, the project includes buildings for study, research, physical training, and dormitory, among other facilities. 

Speaking at the groundbreaking ceremony, Vietnamese Minister of Finance Dinh Tien Dung said the construction of the academy is part of an agreement on bilateral cooperation between the Vietnamese and Lao Governments for 2016 – 2020.

He said once its third phase is completed, the academy will ensure infrastructure facilities to train 4,000 students and over 300 financial personnel, while its  dormitory can provide accommodations for 1,000 students and 100 financial staff.

It will help Laos build its high-quality workforce meeting requirements of the modern age for national development and integration, he added.

On behalf of the Lao Government and people, Lao Deputy Prime Minister and Minister of Finance Somdee Duangdee thanked the Vietnamese Government, people, and Ministry of Finance for their valuable assistance in the past time.

He lauded the importance of the project, saying it is a key collaboration activity between the two finance ministries in the coming period.-VNA