The Bank Training Institute of the Bank of the Lao PDR has decided to accept a larger number of students in response to the growing need for finance professionals in society.
Deputy Director General of the Bank Training Institute Dr Meemoua Yongmamoua told Vientiane Times on Monday that the institute will admit 2,000 new students to study bachelor’s degrees and higher education courses this academic year.
A total of 3,455 secondary school graduates from around the country sat an entrance examination on August 27, which tested their general knowledge of banking and finance, as well as their mathematical prowess. The exam results will be announced in the second week of September, allowing students to register on September 15 and begin their course work on October 10.
Bachelor’s degree students will have to pay 30,000 kip per unit of study, while higher education students will pay 25,000 kip per unit or 590,000 kip per semester.
Previously the institute admitted between 1,200 and 1,500 students per year. It offers three-year higher education courses, five- year bachelor’s degrees, and two-year courses for higher education graduates who want to upgrade to a bachelor’s degree.
Since 2007, 688 students have graduated from the institute at the higher education level. The institute introduced its bachelor’s degrees in the 2007-08 academic year, for which it is still awaiting its first batch of graduates.
This year, the Bank of the Lao PDR will select the top 10 graduates from the institute and give them employment opportunities.
The institute covers the two main fields of banking and accounting, with two-thirds of students studying the former, Dr Meemoua explained.
The institute plans to improve its courses on offer to an international standard to meet society’s pressing needs. According to Dr Meemoua, the institute is currently constructing a model bank building to give students the opportunity to gain practical experience in banking systems. The institute was established in 1979 as a training centre for the Bank of the Lao PDR and became a college in 2005. It now contains more than 80 classrooms and 70 teachers with different specialisations.

Source : Vientiane Times – 1st September 2011

Accounting systems in Laos are to be upgraded to international standards through the implementation of independent auditing strategies and action plans.

About 70 representatives from different government departments and managers from the private sector gathered in Vientiane on Monday to share their experience about strategies to improve accounting standards and the independence of auditing processes in Laos. Experts from the International Monetary Fund and the World Bank were also in attendance.

The meeting was organised to improve financial practices in Laos as part of the government’s four breakthrough approaches to socio-economic development which hopes to speed up poverty alleviation and see Laos escape least developed country status by 2020.
The strategy plan has a three pronged approach which includes independent auditing, drafting laws to mandate minimum accounting and audit standards, and developing management plans and institutional bodies to ensure that the new accounting standards are upheld.
The new laws will mandate minimum reporting standards based on international norms for small and medium sized enterprises, as well as new requirements for government bodies in relation to cash accounting which will be required before the government sector can reach international standards.

The strategy will put into place a training plan for all relevant sectors so that they can develop the skills of accountants and independent auditors to the necessary level. Firstly the plan aims to develop the necessary skills, after which guaranteed standards can then be mandated for all relevant sectors in the future. Deputy Minister of Finance Dr Viengthong Siphandone said that the meeting had been very productive and all participants had increased their understanding of international accounting systems and would continue to develop their skills into the future. The meeting was supported by the Ministry of Finance in cooperation with the International Monetary Fund and the World Bank.

Source: Khamphone Syvongxay – Vientiane Times – 24 August 2011

Dr Khampheuy Panmalaythong

A number of Lao and Vietnamese economists and academics have voiced support for the four ‘breakthrough approaches’ of the Lao People’s Revolutionary Party to boost development in Laos.

The support came at an international seminar on socioeconomic development plans of Laos and Vietnam from 2011 to 2020 held yesterday at the International Cooperation and Training Centre in Vientiane.

Party Central Committee member and National Socio-Science Research Institution Head Dr KhampheuyPanmalaythong, Party Central Committee member and President of the National University of Laos Prof Dr Soukkongseng Saignaleuth, and President of the National Economics University of Vietnam Prof Dr Nguyen Van Nam presided over the seminar. The seminar, which was organised by the Government Office, National Socio-Science Research Institution, National University of Laos and National Economics University of Vietnam, aimed to give an opportunity for Lao and Vietnamese academics to discuss the national socio-economic development plans of the two countries. Participants called on the relevant sectors to take action to put the resolution of the 9th Party Congress into practice, including the four ‘breakthrough approaches’ which aim to improve administrative procedures, develop human resources and reduce poverty.
Commentators said it is essential for Laos to improve its administrative procedures to facilitate public and private investment, and thus create jobs and incomes for Lao people, a major contributing factor in alleviating poverty. They also said that Laos needs to improve human resources to explore the nation’s development potential and achieve sustained economic growth, as the nation’s economy now relies on natural resources which will one day be depleted.
Participants said that the country should take steps to develop an economy based on non-resource sectors, including the agricultural processing industry, tourism and small and medium enterprises, to ensure sustainable development of the country. One of the major concerns raised at the seminar was that, despite strong GDP growth in Laos over the past five years, the country is facing high income disparities. One Vietnamese commentator said that Laos and Vietnam need to look at the examples set by countries such as Singapore on how to improve administrative procedures, adding that the issue is not related to political systems or ideologies. Dr Khampheuy said that the Party has acknowledged the problems facing Laos and has revised its development policy. The Party no longer considers the mining sector as a priority, but rather only one sector for investment potential, he said. He said that the Party considers the development of human resources as a primary priority after realising that skilled workers, the upholding of Lao culture, honest Lao people and transparent businesses operations will lead to improved development.

Deputy Minister of Investment and Planning Mr Thongmy Phomvisay said that a lack of investment capital is not an obstacle to development in Laos but rather inadequate human resources. He said that while income levels may have increased, the nation still lacks people with the knowledge and skills to make sustainable investments. He also said one major challenge to address is that the majority of young people do not want to work in vocational jobs, adding that this could threaten the development of the country as fewer people are willing to undertake blue-collar professions, which form the economic foundations of Laos.

Source: Vientiane Times – 26 July 2011