Vientiane Airport has doubled the size of its international terminal, supporting a Laotian initiative to boost tourism. Laos expects Vientiane’s international passenger traffic to double over the next five years, driven by a rapid increase in visitor numbers.Read more
Panyathip International School has partnered with the Wimbledon School of English, a British English language school, to officially open the Panyathip Education Centre in Vientiane.Read more
Wednesday Night, J&C Services Celebrated our 10th anniversary surrounded by over 150 guests on the grounds of the J&C office compound. We are exceptionally proud of the services we have been offering expatriates in Laos for the past decade.
J&C Services is a fast growing business continuously searching for better and more unique products for our clients. At the beginning of this year, we expanded our activities to include a marketing department.
Internet users will have a wider choice of service options when the Lao Asia Pacific Satellite Co., Ltd. rolls out 4G wireless throughout the country early next year.Read more
Laos continues to face a high risk of money laundering despite the country graduating from the “grey list” of the Financial Action Task Force last year, according to the National Money Laundering and Terrorist Financing Risk Assessment (NRA).Read more
Prime Minister Thongloun Sisoulith has ordered ministers, the Vientiane mayor and provincial governors to implement eight measures to stimulate economic growth.Read more
Trepidation about a huge influx of Chinese tourists into the small Southeast Asian country – with a population of just 6.8 million – was heightened last year when construction was started on the high-speed Laos-China Railway.Read more
The Ministry of Finance in Laos has announced it has adopted a new Asean tariff code, giving a signal that Laos is ready to become part of the single regional market of 600 million consumers.Read more
All loopholes that could result in financial leaks must be plugged in order to ramp up national revenue, Deputy Prime Minister Somdy Duangdy told finance officials recently.Read more
Commercial banks in Thailand have boosted security to prevent unauthorised access to their automatic teller machines as cybercriminals are reportedly planning to carry out a large-scale global ATM attack.Read more
Shaken by a deadly dam collapse, Laos needs to reconsider its long-term strategyRead more
The international terminal of the airport serving the Laotian capital of Vientiane, Wattay International Airport, can now accommodate as many as 2.3 million foreign travelers a year, roughly nine times the original terminal’s capacity.Read more
Members of the Lao business sector have recently called for the government to abolish a 10 percent excise tax on internet usage, claiming that Laos remains the only country in Asean to impose the charge.Read more
The average fuel price in Laos is more than double than the global priceRead more
The Bank of the Lao PDR looks set to face a big challenge in keeping the value of the kip against the US dollar stable, as the local market is ignoring the official reference currency exchange rate.Read more
The number of newly registered and expanded businesses in the capital increased almost threefold during the first six months of the year.Read more
Laos having regrets as China’s grand Pan-Asia railway dream soursRead more
Vicha Poolvaraluck, chief executive of Major Cineplex, said he signed the deal with Thatnakhone Thammavong, president of TK Group and Lao World Plc, an owner of ITECC Mall, to open the new state-of-the-art cinema.Read more
The 16-hectare resort overlooks a lush greenery with a backdrop of beautiful mountain views and paddy fields along meandering streams and ponds in the rustic countryside.Read more
Public debt is estimated at around 68 percent of GDP and almost half of the money is being borrowed from one source – China.Read more
Despite development boom, exchange has listed only 7 companies since 2011 launch.
The Lao Securities Exchange wants to increase the number of listed companies from the current seven to 25 or 35 by 2020, but experts are skeptical.
Domestic and foreign investors will be granted a number of tax breaks under a new amended decree related to specific and special economic zones (SEZs) issued recently by the government.Read more
The concrete casting for the last pier understructure of LuangPrabangrailway bridge has been successfully completed, laying down all the foundation construction work of the two cross-Mekong River super major bridges along the China-Laos railway.Read more
Champassak provincial authorities will soon order an inspection of Road No. 16 including accurate details on the construction budget as the government contemplates plans to purchase the project rights from the private construction company.Read more
More than 2,715.8 billion kip will be sourced and allocated for the promotion of small and medium enterprises (SME) to facilitate better access to finance to grow their businesses.Read more
While giving a guidance talk at the 11th Lao Business Forum on Jul 5, Prime Minister Thongloun Sisoulith emphasized the importance of strengthening the business sector through the improvement of business-related laws and regulations adding that doing so could help achieve the national socio-economic development goals.Read more
The Ministry of Finance has warned that it will impose stronger legal actions against any owners of imported vehicles evading taxes and tariff payments to the government.Read more
The Lao Coffee Festival reinforced the growing significance of the coffee industry in Laos and the tiny, landlocked Southeast Asian state’s aspirations to become a major player in this area despite the challenges that remain.Read more
Laos has begun to witness improvements in non-resource exports amid declining mining output and a government policy to boost growth in the manufacturing sectorRead more
The removal of barriers to bank lending and borrower withdrawals foreign currencies are set to benefit enterprise in Laos after the Bank of the Lao PDR removed restrictions in this regard, according to an announcement from the central bank.Read more
The strategic process run for MMG’s Sepon copper-mine in Laos has culminated in the sale of the operation for US$275 million to a Chinese buyer.Read more
All enterprises that have been registered and have obtained a tax ID will have to comply with the Value Added Tax Law.Read more
The Mekong River Commission (MRC) announced yesterday that Laos has formally notified the Commission of its intention to construct the Pak Lay dam on the mainstream of the Mekong River.Read more
The deadline for 2018 road tax payments is June 30 this year.
The finance ministry warned that those failing to pay by the deadline would be fined 40 percent of their obligated road tax rates.
As the only landlocked country in Southeast Asia and one of the least developed ones in the region, Laos seems to have different priorities on growth that are driving it pile on even more debt.Read more
Laos makes a move towards increasing its crypto-friendliness. The new development has brought the first-ever crypto exchange with an official certification in Laos. The exchange’s name is Vientiane Exchange Money, and it will only offer seven currencies – digital and traditional, at least for the time being.Read more
A new IP law will come into force in the Southeast Asian nation of Laos this weekend, introducing trademark opposition procedures to the country for the first time. The new law also stipulates the creation of a new digital platform for brand rights and expands the range of images eligible for trademark protection in the jurisdiction, among other things.Read more
Work has begun on the construction of the new Kasemrad International Hospital Vientiane (KIH Vientiane), the largest private hospital in Laos, with an expected completion date in two years’ time.Read more
Laos and China on Monday officially set in motion a new air route between the two countries, aimed not only at boosting tourism but also other areas of cooperation.
The new flight will carry tourists and other travellers between Vientiane and Luang Prabang province in Laos and Hainan province in China.
The government is piloting the Lao National Single Window (LNSW) scheme at international border crossings, seeking to speed up customs clearance for vehicles and link the country to the Asean single window system.Read more
Lao economists have urged the government to accelerate the privatisation of state enterprises that have been underperforming, as part of measures to improve its financial position.Read more
During its annual agent meeting & celebration, Lanexang Assurance awarded J&C Services for their outstanding performance in 2017.
Stephan R. Aeschbach, owner of J&C Services, proudly accepted the award. “We are thrilled to receive this recognition for our performance” said Mr. Aeschbach, “we truly believe that providing a valuable service to our customers begins with creating a trusted partnership with our providers.”
The injection of bank credit into the Lao economy has been on the decline after reaching a peak over the past several years, according to economists.Read more
The Bank of the Lao PDR (BOL) is warning the public about illegal QR code payment services being offered by banks or financial institutions that have not been granted permission by the BOL.Read more
Laos is an ASEAN member country in the heart of the Indochinese region, which has economic potentials and is opening up itself for cooperation with other countries.Read more
Lao government officials have launched a new push against corruption in the one-party communist state, with state inspection authorities stepping up investigations across the country and reporting in February that they had discovered up to $120,000 missing from state funds, sources in Laos said.Read more
More than US$5 billion is needed to build a railway linking Vientiane to a seaport in Vietnam’s Ha Tinh province, Vietnamese media reported on Friday, citing study results.Read more
The collection of revenue throughout the nation over the past four months has reached 5,297 billion kip, equal to only 20.81 percent of the figure targeted for the whole of 2018.Read more
The predicted economic slowdown in China, one of the top three foreign investors in Laos and an important trading partner, could affect the Lao economy, the government’s economic analysts have warned.Read more
Vientiane province’s Vangvieng district will officially be declared a tourism town in 2020 in terms of natural and cultural attractions, as part of the government’s efforts to promote the tourism industry.Read more
Lao economists have called on the government to pay more attention to preparations for the country’s expected graduation from the least developed country (LDC) status, to ensure sustainable development.Read more
The government has approved a minimum wage increase from the present 900,000 kip to 1.1 million kip a month, according to the Prime Minister’s Office.Read more
The construction cost of many projects with State investment have been found to be too expensive and exceeding the realistic value, inspectors have confirmed.Read more
The nation’s economic growth is likely to be sustained this year and accelerate next year, while inflation will edge up according to the Asian Development Bank (ADB).Read more
The Lao government says the country will earn increased revenues from the energy and mines sector this year on the back of continued growth.Read more
Thailand’s four largest banks have decided to waive off digital transaction fees to retain retail customers as new channels for online payments and electronic wallets are being launched in the country.Read more
Beijing-backed US$6.7 billion high-speed railway project threatens to bust the small nation’s already fragile financesRead more
A Lao company has officially opened an inland container depot (ICD) at the Boten Specific Economic Zone (SEZ) in Laos’ northern province of Luang Namtha.Read more
Next month marks Lao Prime Minister Thongloun Sisoulith’s second year in power, a role few Communist Party apparatchiks have grasped with so much aplomb.Read more
In the 2018 Doing Business report, Lao PDR was ranked 141 out of 190, down from 139 the previous year.Read more
Landlocked by Myanmar, Cambodia, China, Thailand, and Vietnam, Laos is among the poorest economies of the world. Yet, in terms of gross domestic product (GDP), the economy continues to soar. Over the last decade, Laos has sustained an average growth rate of 7.8 percent, relatively higher than its neighboring countries.Read more
MID-TIER lender Thanachart Bank has joined with Laos’ largest bank by assets, Banque Pour Le Commerce Exterieur Lao Public (BCEL), to provide a cross-border QR code payment service for Laotians visiting Thailand.Read more
Over 1 trillion kip was siphoned off last year in the implementation of development projects through the violation of laws and financial disciplines by government bodies and the private sector.Read more
THAI currency is getting a facelift, with new banknotes to feature the face of King Maha Vajiralongkorn, also known as Rama X.Read more
The Lao government has compiled a list of potential development projects to attract domestic and foreign investment. According to the list, local and foreign investors are invited with 27 projects in six provinces out of the country’s 18 provinces or citiesRead more
Laos has to strengthen the rule of law if it wants to become a competitive investment destination, according to a report from the World Bank.
“The country (Laos) faces issues that include weak regulatory effectiveness, control of corruption and rule of law,” the 2018-Doing Business in the Lao PDR report highlighted in its key findings.
It remains a jewel of French colonial architecture, you can savor some of the best croissants and baguettes east of Paris here, and even toddlers still learn the language of their bygone rulers. Luang Prabang, tucked into a river valley in the heart of Laos, survives as one of the last bastions of the old French Indochina.Read more
Many business people and ordinary savers still deposit money in foreign currencies despite increased efforts by the Bank of the Lao PDR to promote the use of the national currency, according to data from the central bank.Read more
Vientiane authorities have warned 3,039 enterprises to pay taxes and declare their business plans, with the threat of closure hanging over them if they fail to comply.Read more
Lao enterprises have highlighted the perceived unprofessional practices of firms in the informal sector and high tax rates as the top constraints in investing in the country, according to a report from the World Bank.Read more
A Chinese company is beginning construction of a more than US$200-million tourism complex at the disused airfield in Vangvieng district. The project will include a five-star hotel, a modern private hospital, a public park and a planned casino.Read more
Owners of garment factories and other businesses in Laos are rejecting a proposal to raise the minimum wage by as much as one-third, saying the increase in expenses would force them to shut down operations, despite reports of workers seeking opportunities elsewhere due to low pay and high living costs.Read more
Source: Bloomberg China may steal all the headlines when it comes to its infrastructure push across Southeast Asia, but dataRead more
Authorities have announced that 2018 road tax can now be paid and the Ministry of Finance is calling on vehicle owners to pay their obligations to the nation.Read more
Twenty two local and foreign companies have signed agreements with relevant authorities to invest in the Thakhek Specific Economic Zone (TSEZ) since 2012.Read more
Laos and Chinese investors discussed several issues on the investment environment in Laos with the participants urging solution to issues related to visa issuance, low rubber prices and limited access to financial assistance.Read more
Australia and New Zealand Banking Group said on Thursday it would close its retail products and services in Laos to focus on its institutional banking business in the Southeast Asian country.Read more
The government has imposed more taxes on fuel and other goods and services as authorities increase efforts to collect additional revenue to meet set targets.Read more
The current turmoil in the Asian markets, which has been going on 20 years after a much bigger disaster: the Asian financial crisis, began with the collapse of Thailand’s currency – the Baht – and spread across East Asia.
One of the contributing factors was high public debt in the affected countries, including Laos.
Construction of the 409-km Laos-China railway was 20.3 percent complete as of December 2017 after a whole year of operations, Lao authorities in charge said last week.
The US$5.986 billion project has a re-scheduled completion date of
Deputy Prime Minister Dr Sonexay Siphandone has urged the Ministry of Industry and Commerce to accelerate improvement of the business climate by cutting the number of days it takes to register a business.Read more
The government last year documented and processed the paperwork for 11,030 vehicles and motorbikes that had been imported unlawfully, according to an official report.Read more
As Lao PDR’s economy grows and more companies begin conducting commercial activities here it will become increasingly important for businesses to protect and maintain their competitiveness in the market. A company’s failure to effectively protect its IP or to restrict infringement of its IP can lead to the loss of market share, revenue, reputation, opportunity and competitive advantage.Read more
Maybank Group through its Corporate Responsibility arm, Maybank Foundation, has expanded its “Maybank Women Eco Weavers” programme to Laos making it the third country in Asean to have such an initiative.Read more
The Vientiane administration has vowed to improve the investment climate to attract more private investment and facilitate business operations as part of measures to achieve 10.5 percent economic growth.Read more
The Ministry of Information, Culture and Tourism (MOICT) has recently signed an agreement with BigBlue Agency Laos awarding them the preferred rights to setup all billboards related to the Visit Laos Year 2018 Campaign.Read more
Laos is among the fastest growing economies in Southeast Asia: economic growth has averaged 7.8 per cent over the past decade. Despite the slow recovery of the global economy, the country’s growth rate was 6.9 per cent in 2017 and is expected to be 7 per cent in 2018. This is buoyed by an expansion in electricity production, manufacturing and agriculture, and it occurs despite a slight drop in tourist arrivals.Read more
As work progresses on a high-speed railway linking Laos with China, Beijing is pouring billions of dollars in aid and investment into its poorer neighbor to fund other projects, pulling it closer into China’s orbit, sources say.Read more
Vientiane authorities have agreed to the creation of a green lung for city residents and visitors in the form of a public park along the Mekong River in Sisattanak district.
The 31,500 square metre site is located behind the Don Chan Palace hotel and adjoins Chao Anouvong park.
While often portrayed as a pliant client to its larger neighbors, Vientiane’s balancing act is more astute than widely recognized
With its sparse 6.7 million population, land-locked Laos is often cast as a passive victim of pell-mell Chinese expansionism, a rich source of raw materials its giant neighbor craves and a virtual truck stop on the way to Thailand and the more prosperous countries of mainland Southeast Asia.
Source: KLP Two Chinese companies Wen Hao and Zhongtuo Guangfu have launched a multimillion dollar real estate project which willRead more
Vientiane authorities are seeking entrepreneurs to invest in and build the planned 15-km expressway linking the city to its north-eastern outskirts in Xaythany district.Read more
The government cabinet has ordered authorities in charge to speed up streamlining procedures to ease business operations and improve the investment climate.Read more
Banque pour le Commerce Exterieur Lao Public (BCEL) has launched a new service called ‘OnePay’- a mobile phone app that allows users to pay anyone, anywhere, directly from their account by simply photographing a QR code.Read more
More than 4,400 Lao families are being forced to relocate to make way for the U.S. $6 billion Lao-Chinese high-speed railway whose construction began nearly a year ago as part of a longer rail project that will link China to mainland Southeast Asia, a public works ministry official said.Read more
On November 7, 2017, the Lao Ministry of Industry and Commerce issued a formal notice, No.2633/MOIC, to all its offices across the country to fully recognize and abolish the capital requirement foreign owned general businesses.Read more
The government will strive to collect taxes owed by businesses after they failed to pay them during the first six months of this year, according to a government report.Read more
An international airport project scheduled for construction by a Chinese developer in northwestern Laos’s Bokeo province has been canceled so that an airport built earlier in the province may be upgraded instead, sources say.Read more
The Bank of the Lao PDR (BOL) will enhance bilateral banking cooperation with the central banks of China, Cambodia, Vietnam and Thailand to ensure better management of payments in foreign currencies at international checkpoints.Read more
PHI Group, Inc., (www.phiglobal.com) (OTCQB:PHIL), a company focused on mergers and acquisitions and investments in natural resources, energy, agriculture, and special situations, announced today that its subsidiary American Pacific Resources, Inc. (“APR”) (https://aprgold.com/) has signed a Business Cooperation and Investment Agreement with a Lao company to develop a 67,000-acre gold mining project in the Province of Savannakhet, Laos.Read more
Slowing economic growth and mounting financial obligations have the communist country’s foreign debt distress risk running on highRead more
The government has entrusted authorities in charge to carry out inspections into 45.53 million litres of oil that was imported for a state investment project but was never actually used for that project.Read more
Chinese President Xi Jinping will make a state visit to Laos from November 13-14, the Lao Ministry of Foreign Affairs said in a new release.Read more
Road users are now being asked to pay the road tax for 2017 after delays in making changes to the payment system have extended almost to the end of the year.Read more
Economists have called for the government to address power failures and blackouts in a move to further improve the business environment in Laos.Read more
InterContinental Hotels Group signed a management agreement with BIM Group to develop the first Holiday Inn hotel in Vientiane, Laos. This will be IHG’s third project with BIM Group.Read more
More than one trillion kip of state spending without approval from the National Assembly (NA) has been uncovered, the state top auditor told the parliament this week.Read more
The Ministry of Finance has announced it will implement 10 significant measures for the rest of the year to achieve the projected target of collecting revenue worth 23.48 trillion kip.Read more
The Bank of the Lao PDR has warned members of the public to beware of unauthorised bank accounts after learning that some people have been tricked into making transactions with fake banks.Read more
The Lao People’s Democratic Republic successfully completed its largest and longest bond issue, with a 14 billion baht ($419 million) six-tranche offering in the Thai debt capital markets.Read more
While the Asia-Pacific region is experiencing population ageing at an unprecedented rate, the growing number of young people in Laos can provide a significant momentum in driving economic growth.Read more
The President of Laos, Mr Bounnhang Vorlachit, in an official announcement has informed today about the Road Tax fees for 2018.Read more
New project proposals for 2018 submitted by State sectors and provincial authorities threaten to incur costs higher than the government’s financial capacity, a senior official has noted.Read more
B GRIMM POWER has taken an aggressive move in building and operating hydropower plants in Laos. The company officially opened on Friday the Xanamnoy 2 and Xekatam 1 hydropower plants in Champasak province that shares a border with Thailand’s Northeastern Ubon Ratchathani province.Read more
Vientiane authorities have offered to significantly reduce the public’s contribution to the Vientiane People’s Road Fund following widespread complaints about the costs involved.Read more
A number of loopholes remain that are resulting in leaks undermining revenue collection, members of the National Assembly (NA) told the government yesterday.Read more
In line with the policy to adjust the maximum ceiling of the insurable earnings under the National Social Security Fund (“NSSF”) framework at five times the minimum wage set by the Government of Lao PDR and adjusted fromRead more
Laos-based Kolao Group has become the first private company from that country to tap the Thai corporate bond market, raising US$25 million in a private placement today.Read more
A Chinese state-owned enterprise said on Saturday that it will build a U.S. $40 million elephant conservation and breeding center in northwestern Laos’ Sayaboury province and develop it into a for-profit tourist attraction by the end of the year.Read more
Laos is one of the fastest growing nations in Asia. Strong exports and a burgeoning service sector helped its economy surge by 6.8% in 2016. The Asian Development Bank predicts even faster GDP growth of more than 7% going forward.
Meanwhile, foreign investment in Laos …
China’s Comba Telecom has vowed to provide Lao users with improved service and mobile experiences after it successfully acquired a majority stake in Laos’s ETL Public Company and stepped up its management improvement efforts.Read more
PanAust Limited, Phu Bia Mining’s parent company, has reported continued high-performance production outcomes for the Phu Kham Copper-Gold and Ban Houayxai Gold-Silver Operations in its quarterly report for the three months to Jun 30, 2017.Read more
The Lao government is upgrading payment methods for customs, tax, and other fees at the international customs checkpoint nationwide.
The Ministry of Finance together with …
Vientiane authorities have resolved a significant number of cases of illegal car imports and import tax avoidance over the past six months, recovering funds due to support the nation’s budget.
The 382 vehicles seized in the capital were …
Lao government says it is ready to recruit new stakeholders for Lao Airlines as part of its efforts to overhaul state-owned enterprises.Read more
In case you missed it, Singapore’s reputation as an attractive holding company location for investments into Lao PDR recently went up a notch: after being signed way back in February 2014, the long-awaited tax treaty/double taxation agreement between Lao PDR and Singapore (the “DTA”) became effective on 1 January 2017.Read more
The US dollar and Thai baht have continued to appreciate against the Lao kip over recent weeks, sparking concerns that the currency fluctuation could further drive up prices of products sold in Laos.Read more
Business loans given to private companies have not increased this year since the government limited finance granted to developers for carrying out infrastructure projects.Read more
LINFOX has today become the first foreign logistics company to operate in Laos with the signing of a joint venture with the Lao Logistics Group in Vientiane.Read more
The TohLao Coworking Space has officially launched its new office under the brand “Toh X” which is looking to drive the country’s startup business growth.Read more
Although the Asean Economic Community has resulted in increased economic activity between Laos and other countries in the regional bloc, the nation still must overcome numerous challenges to benefit from regional economic integration.Read more
The choice of arbitration as a dispute resolution mechanism has risen in popularity as a time and cost-effective option to resolve commercial disputes. By including an arbitration clause in contractual arrangements, contracting parties may agree in advance on the seat and rules of arbitration, the size of the arbitration panel and even the rules to ….Read more
Investors who have overseas exposure should take advantage of the baht, which is close to this year’s highest level, by swapping the local currency for the US dollar, says Credit Suisse Thailand.Read more
Laos’ newly-amended Investment Promotion Law has moved to cut by half the maximum investment period for new concession projects to 50 years, down from the previous maximum period of 99 years.
The move is aimed at maximizing investment benefits for the Lao economy, an official from the Ministry of Planning and Investment involved in …
A newly-amended Investment Promotion Law has recently been promulgated, offering a variety of incentives to attract investment in both promoted sectors and hardship areas.
Businesses investing and operating in hardship communities (known as Area I),where infrastructure has not yet been developed, will enjoy favourable profit tax exemptions over ….
China overtook Vietnam to reclaim the number one position as the largest foreign investor in Laos last year.
China’s investment last year soared to over US$1 billion compared to US$88.9 million in 2015 while Vietnam’s investment decreased by US$4.5 million in 2016 after registering US$466 million in 2015.
Most of the investments are focused on the hydropower, mining and ….
The Labour Law (2013) came into effect on 28 October 2014, repealing and replacing the previous Labour Law (2006) and introducing a number of significant changes relating to the basic rules of employment in Lao PDR. As the Labour Law is now well into its third year in force, we consider one of its more significant yet often overlooked legal requirements for employers in Lao PDR – internal regulations or “work rules” of the workplace for employees.Read more
The Philippines is just one growth engine for the region stretching from Japan to Singapore, and infrastructure booms are just one source of booming economies. Here are the countries that the World Bank projects will grow fastest in East Asia and the Pacific this year:
1. Laos. This impoverished country with a strict Communist government will grow 7% this year because of investment in the …
Source: Vientiane Times The government is encouraging an increasing number of young people to enter the business world, especially thoseRead more
Authorities in the northern Lao province of Bokeo suspended the operations of 18 Chinese-backed banana plantations after they discovered widespread violations of the regulations governing the use of agricultural chemicals, government officials told RFA’s Lao Service.
“It has been a problem for the environment as the Chinese companies destroy the environment with their heavy use of chemicals,” a provincial official told ….
With the future of U.S.-China relations an open question for the incoming Donald Trump administration, many have focused on whether the president-elect’s promise to withdraw from negotiations over the Trans-Pacific Partnership (TPP) will enhance Beijing’s growing influence in East Asia. But rather than hand-wringing over TPP’s ignominious failure, Asia watchers should turn their attention to …..Read more
The number of entrepreneurs registering businesses in Laos declined by 13 percent over the past 10 months of this fiscal year compared to the same period last year.
According to a recent government report, the number of registered businesses reached 1,666 units from October 2016 to May 2016 with registered capital amounting …..
The total value of goods, imports and exports to Laos is expected to see an overall trade surplus of an estimated US$73 million at the year’s end, with data currently available for the first nine months of 2016.
The value of exports is expected to reach US$4.081 billion or 10.29 percent over the plan while the value of imports is expected to reach US$4.008 billion, or 76 percent of the plan, according to ….
The Bank of the Lao PDR has permitted commercial banks to release loans in foreign currency to importers, including those who currently have no income in foreign currency.
The central bank issued a decision recently to relax borrowing restrictions, which previously allowed only those having income in foreign currency to borrow in ….
The government is set to raise the issue of Laos’s value-added tax (VAT) in a joint discussion with Lao counterparts, fearing the new tax measure may cripple growing border trade.
Thailand will ask for leniency and a spending ceiling from Laos during the meeting, which is expected to be held soon.
Laos has begun collecting VAT on products imported from abroad, starting at the …..
The global economic recovery since the 2008 crash has failed to reach all levels of society and inequality continues to grow, according to a major report.
Credit Suisse’s Global Wealth Report 2016 identified Russia as the world’s most unequal country, with a staggering 74.5 per cent of the nation’s wealth controlled by the richest 1 per cent of people.
In India and Thailand, the top 1 per cent own nearly 60 per cent of the wealth, while the …..
Amendments to the Investment Promotion Law has shortened investment concession periods to ensure closer scrutiny of investors’ operations, Lao state-run daily Vientiane Times reported on Monday.
A draft amendment to the law, which was passed by Lao National Assembly (NA) last week, shortens the investment concession period from 99 years to 50 years, a change that was widely welcomed by NA members during ….
A Chinese developer plans to invest US$80 million to construct a water theme park next year at the That Luang Marsh Specific Economic Zone in Vientiane to attract domestic and foreign tourists.
The concept is to capture a slice of the increasing foreign visitor market to Laos while enticing domestic tourists and discourage them from travelling to neighbouring countries for their …..
Trillions of kip have been lost due to the continued violation of financial regulations by ministries, government agencies, and state enterprises.
These include losses due to tax discounts and exemptions on the import and export of goods, the illegal transfer of state property, and other financial …..
Illegal financial institutions that have sourced funds by offering abnormally high interest rates will face legal measures, the governor of the central bank has warned.
Governor of the Bank of the Lao PDR, Dr Somphao Phaysith, told the ongoing ordinary session of the National Assembly (NA) that 24 institutions have been found acquiring deposits illegally. He said the bank has issued a notice instructing these institutions to …..
Many people want to buy foreign currencies especially dollars and baht for transactions including the import or purchase of foreign goods but currently customers are confused as to the current situation regarding foreign exchange.
Customers who need kip to buy dollars or baht at the Banque Pour Le Commerce Exterieur Lao Public (BCEL) can only ….
One of the biggest local investors in the region, Krittaphong Group Co., Ltd. is pouring capital into various mega projects to build stronger business capacities in Laos, a developing nation in Asean and the world.
In Vientiane, major properties belonging to it include the Landmark Mekong Riverside Hotel, the five-star …..
Commercial banks in Laos have lowered the interest rates charged on loans and offered on kip accounts in line with a recent decision made by the Bank of the Lao PDR, hoping to stimulate economic activity.
Conversely banks have raised the interest rates offered on Thai baht and US dollar deposit accounts hoping to build up …..
Business leaders share views on roadmap to success; Christine Lagarde, Managing Director of IMF, discusses economic development at ASEAN Business Investment Summit 2016
Regional broadcaster, Channel NewsAsia, brought together business leaders and the government sector for two forums held during the ASEAN Business and Investment Summit (ABIS) 2016, at ….
Laos is not at risk of developing into a bubble economy despite the apparent ongoing building boom particularly in the capital, according to leading economists on Tuesday.
This is because overall growth in the real estate sector is actually quite sluggish and most investment is from overseas interests, mainly China and Vietnam.
Another factor preventing the forming of a Lao asset …..
Lao economists are optimistic that economic cooperation between Laos and Republic of Korea will surge after eight cooperation documents were signed by the two countries last week.
The agreements relate to industry and commerce, energy and mining, employment, social welfare, grant aid, construction of eco-friendly energy villages, healthcare and …..
All people who enter Laos bringing with them goods items valued at over US$50 will have to pay 10 percent of the goods value to the government as Value-Added-Tax(VAT), with the decision already in force.
Through this decision, the minister has tasked the customs sector to implement the levy on all Lao and foreign passengers entering the country via border crossing points and international airports, while all citizens are ….
The Taxation Department of the Ministry of Finance is aiming to introduce new land and road tax rates to boost government revenue for next fiscal year.
According to the Taxation Department’s report for the first seven months of the 2015-2016 fiscal year they were yet to determine what the percentage increase would be for the numerous categories of land and road tax.
At present tax is collected for land and vehicles at many different rates depending …..
A US$65-million-plus Mekong River Integrated Management Project in Pakse town, Champassak province is set to begin construction at the end of this year, officials in charge of the project have confirmed.
The project comprises four components including the construction of an embankment along the Mekong and Xedon rivers which totals over ….
Asia Aviation Capital Limited stands poised to benefit from parent company AirAsia Berhad’s recent deal for 100 Airbus A321neo aircraft, with 30 percent of the order expected to be allocated to the wholly-owned leasing unit.
The aircraft order, valued at $12.6 billion based on list prices, was announced at Farnborough Airshow last week. It is the first order placed by AirAsia Berhad for the ….
A slowing in China’s economy is having rippling effects on Laos, which has been described by the World Bank as having “once of the fastest growing” economies in the East Asia and Pacific region.
A decade long mining boom, combined with a rapid development of hydropower, has seen Laos’ growth rate reach over 7 percent a year, allowing national output to more than double, generating some ….
For five years, this remote town on the China-Laos border has lived in the shadow of more prosperous times.
On the main street, weeds grow where bustling shops and restaurants once stood. Old nightclub signs blister and peel in the tropical climate. Around town, abandoned multistory hotels loom like decaying sentinels, colonized by armies of jungle insects.
About a half-dozen years ago, Boten was a casino boomtown, a pinprick of neon amid thickly forested hills. Its gold-rush economy revolved ….
The prices of vehicles in Laos remain high even though import tariffs on many products including vehicles have been reduced to five percent, much to the disappointment of recent purchasers.
Deputy Director of the Foreign Trade Policy Department, Mr Saysana Sayakone told Vientiane Times recently that the prices of vehicles will remain rather high as buyers still have to pay consumer tax.
He explained that the Lao PDR had begun to reduce …..
Promoted as one of Laos’ tourism destinations, Luang Prabang is angling for investors from Asean, including Thailand, by offering waiver of corporate income tax for up to six years as bait.
Luang Prabang has prioritised the tourism industry to drive its growth and lift Laotians from poverty under the 2020 strategic development plan, Governor Khamkhan Chamthavisouk said. “In general, Asean investors will be allowed to hold a 100-per-cent stake in …..
The government has reaffirmed its commitment to giving the green light to foreign businesses seeking opportunities for investment in the country.
This was the statement made by Deputy Prime Minister Dr Sonexay Siphandone during the launch of the 4th China-South Asia Expo and the 24th China Kunming Import and Export Commodities Fair on June 12.
In his opening remarks, Dr Sonexay said that although Laos does not share a border with the sea, based on….
Already one of the most popular quick-service restaurants in Asia, Texas Chicken recently finalised a deal that will increase the brand’s exposure in the Southeast region of the continent.
The deal, which features seven planned restaurants over the next few years, will make Texas Chicken the …
To enhance people to people contact between two South East Asian neighbours, India and Laos will soon have a direct flight connectivity as part the initiatives to increase cultural exchange and bilateral trade between two countries.
“Direct flight connectivity between the two countries is in final stage of approval and very soon India and Laos will have ….
All companies carrying out projects in Laos which resulted in deforestation are required to plant trees to offset the loss, forestry officials and researchers have stated.
But less than 10 percent of companies in question pursued the country’s laws and regulations, causing great loss in forestry resources over recent ….
More and more Japanese companies are investing in Laos given that the country is integrating with the region and the world and is improving its investment climate.
As of last month, the number of Japanese companies in Laos had climbed to 132, which is double the figure recorded in 2012, according to ….
The Lao Government ‘slipped through’ a revised tax law recently (Amended Tax Law No. 70/NA, dated 15 December 2015), with the law set to take effect next week on 24 May 2016. But fear not: much of the revised law is similar to the law it replaces, the Tax Law (2011), with a few new inclusions, revisions and corrections.
That said, one glaring adjustment is the insertion of a new article on profit tax withholding for foreign entities deriving income from ….
The Taxation Department reported recently that tax payments across the country had decreased 5.1 percent during the first seven months of the 2015-16 fiscal year, in comparison to the previous year.
Tax collection in the first seven months of 2015-16 reached 4,678.67 billion kip or 46. 4 percent of the target.
Meanwhile at the provincial level, tax authorities were able to collect …..
The National Assembly (NA) approved the state budget plan for the next five years (2016-2020) last week, which will include a budget deficit of 27,119 billion kip.
The deficit is in line with the parliament’s approval of the five-year plan that sets the deficit at 3.6 percent of Gross Domestic Product (GDP) with the maximum deficit not to …..
On 30 March, the Australian Chamber of Commerce held its debut event, the Savannakhet Sundowner in Savannakhet. Austcham has recently expanded its network to Savannakhet and will be the first foreign Chamber of Commerce in …..Read more
The government is taking a tough stance on financial transparency as well as crime prevention, especially in the area of money laundering, to help encourage foreign direct investment in Laos.
As part of government’s efforts to bring the country’s financial standards in line with international systems, the Bank of the Lao PDR (BOL)’s Anti-Money Laundering Intelligence Unit yesterday signed a Memorandum of Understanding (MoU) with the ….
The local garment industry has contracted in the wake of labour shortages, the Association of the Lao Garment Industry has reported.
From 2003 to 2011, the garment industry expanded but since 2012 a downward trend has prevailed. “Labour shortage issues have caused new investors to lose interest in Laos, instead shifting their capital to neighbouring countries, especially Cambodia, …….
International Monetary Fund (IMF) chief Christine Lagarde has lauded Laos’ economic achievements while cautioning that more work is needed to consolidate stability as the nation transitions from low-income country status.
Ms Lagarde is believed to be the first IMF chief to visit Laos since the country joined the ….
A Chinese national was killed and three others wounded in an attack in Laos, state media reported Wednesday, the second time this year workers from China have been targeted in the resource-rich nation.
The assault took place late Tuesday on property belonging to ….
The capital of Laos is a low-rise, low-key city, especially when compared with the hulking high-rises and bustling streets of better-known Southeast Asian cities such as Bangkok, Kuala Lumpur and Singapore.
But this once-sleepy city is fast shedding its sedate reputation due to a building boom ahead of international summits that will bring U.S. President Barack Obama, Chinese President Xi Jinping and a host of other world leaders to visit in ….
Despite the fact that the Bank of the Lao PDR (BOL) recently declared a lower interest rate for deposits and loans, many banks in Laos believe the number of depositors and borrowers will not decrease in the years to come.
ACLEDA Bank Lao Ltd. is one of several banks that have expressed confidence that the lower interest rate will not cause a decrease in …..
The newly-amended constitution passed recently by the National Assembly (NA) has allowed the establishment of provincial assemblies (PAs) for the first time, which are set to function in an NA-like role as local parliaments.
The constitution also stipulates, for the first time, that the president can hold office for not more than …..
The role of China in the Greater Mekong Subregion (GMS) is directly linked with the North-South Corridor, a transportation route where the improvement of regional infrastructure and road construction has instigated extensive cross-border movement of goods, people and capital.
The prominent role of China is apparent from an investment in the construction of a ….
The dual-tranche issuance was rated “BBB+” by Tris Rating on December 9. The maturities are 10 and 12 years and the coupons are six-month Libor (London Interbank Offered Rate) plus 3.38 percentage points and 3.48 percentage points.
The notes were distributed to institutional investors under the …..
Banks officials are reminding ATM users to be alert to thieves trying to steal information from their credit and debit cards, otherwise known as ‘skimming’.
Officials from a Vientiane bank and the Vientiane Police Office spoke to Vientiane Times yesterday about thieves stealing card data from ATM users and then later using the information to illegally withdraw money.
Police said they recently arrested a foreign national who was ……
The Hongsa Power Plant (3x626MW), which was constructed by China, was inaugurated in Laos’ northern Xayaboury Province on Wednesday.
The project is currently the first and largest coal-fired power plant project in Laos, which comprises coal mines, transmission lines and power plant. The inaugural ceremony was ….
As Southeast Asia’s energy demands grow, Laos is banking on increased electricity exports to shore up its economy. The tiny country, which has a population of just under 7 million, has been opening a string of large-scale hydropower stations that will boost its total generation capacity by an estimated 70% by the end of the year compared to 2014.
Laos plans to sell 80% of the power it generates to neighboring countries in a bid to achieve ……
Founded in 2011 with the support of South Korea’s stock exchange (which owns 49%), the Laos Securities Exchange occupies a five story ultra-modern glass building in the capital city of Vientiane
The four companies listed are: Banque Pour Le Commerce Exterieur Lao (BCEL), EDL Generation (EDL-Gen), Lao World (LWPC), and Petroleum Trading Lao (PTL). Needless to say the stocks don’t trade daily, however ….
Many people in Vientiane have begun to request the newly made Value Added Tax (VAT) invoices after learning the receipts may contain prizes, with tax officials hoping that the new incentives will boost revenue collection.
“I’d like a VAT invoice because I may win a prize,” said a customer at a small barber shop in Phontong village, Chanthabouly district, Vientiane last weekend. “If this invoice really contains prizes, it is better than……
ON THE Bolaven Plateau, Bounthong Thepkaisone waded through his 5-hectare coffee plantation in Mai village, Pakxong district, in Laos’ Champasak province.
For Bounthong, producing coffee is his present and future. The same can be said for many of the 1,855 farmer families in his community that make up the Bolaven Plateau Coffee Producers Cooperative (CPC), an organisation of ….
Foreigners are prohibited from operating trading outlets or shops whose investment cost is less than 8 billion kip (US$983,380), so that small-scale businesses are reserved solely for Lao nationals, according to a new regulation.
Under the ruling, foreigners are prohibited from investing in a specific trading shop, convenience store, mini-mart, wholesale or ……
The Bank of the Lao PDR looks set to be in a strong position to secure sufficient supplies of US dollars for goods importers despite a rising demand for the currency in the country.
Value of foreign reserves in the country has been growing over the past several months thanks to the imposition of an appropriate monetary policy.
Foreign reserves rose to US$994 million in August, which made the country able to …..
The Bank of Thailand will issue a new 1,000 baht banknote later this week, one that celebrates the many contributions made to the country by King Chulalongkorn, who reigned from 1868-1910.
The first 100 million of the new banknotes will be put into circulation on Friday, central bank governor Prasarn Trairatvorakul said on Monday.
The new note will eventually replace the …..
The Ministry of Finance expects to have widened the availability of modern tax payment systems via private banks in Laos, seeking to make it easier for business operators to meet their tax obligations.
The project shall help prepare towards the AEC while the tax and duty collection sector requires modern services systems to improve accountability and make it easier for …..
The government has set an economic growth target of 7.5 percent for this and next year in an attempt to decrease the trade deficit.
The government measures to meet the planned target received support from the National Assembly (NA) at its ordinary session which concluded last week.
In the session’s draft resolution on approving the government plan, the assembly expressed support for the government targeting 102 trillion kip (around US$12.74 billion) in gross domestic product (GDP) to be created and 14.9 million kip of income per capita this fiscal year which ….
The calculation of severance pay, the use of foreign labour, and many other matters stipulated in the newly amended Law on Labour needed explanation to ensure the law was effectively enforced.
These issues were discussed on Friday in Vientiane between employers, government officials, and international experts to test the Lao National Chamber of Commerce and Industry (LNCCI) labour code guides and training material.
The calculation of severance pay that is fixed to 10 percent of previous ……
The National Assembly (NA) yesterday passed the Business Competition Law in a move to ensure that competition between businesses in Laos is carried out in a fair and just manner to boost economic growth.
The decree has only five chapters with 17 articles, while the draft law comprises of nine parts, eight chapters and 84 articles. “Therefore, there is a need to upgrade the decree into law. The content of the law is comprehensive and covers all areas of …..
Quiet Lao bourse looks to attract more companies, possibly with the help of dual listings.
Having been open since October 2010, the slow-moving Lao Securities Exchange (LSX) is looking to raise the number of listed companies to about 25 by 2020 from the six that are now trading.
“Our aim is to have a least 25 companies listed by 2020 and we are looking at encouraging many state-owned enterprises and private-sector companies to be on the ……
To celebrate the party’s achievements in the past 60 years, a large gathering of senior party leaders and high-ranking party officials was held at which party secretary-general and president of the Lao PDR Choummaly Sayasone delivered the keynote address.
He asserted that the party has remained relevant because it adopted the policy of “self-construction and self-improvement to enhance its strength with endless flexibility.” He cited the so-called renovation policy of 1986 which “replaced the bureaucratically centralized economic mechanism and subsidy-based administration with a ……
President of Laos Choummaly Sayasone and President of Myanmar U Thein Sein on Saturday officially opened the Laos-Myanmar Friendship Bridge, creating a road link across the Mekong River.
Speaking at the opening ceremony, Deputy Prime Minister and Minister of Foreign Affairs Mr Thongloun Sosoulith said the bridge was a symbol of the close cooperation between Laos and Myanmar. It also reflected the friendship, good relations, solidarity and mutual understanding between the ……
The Ministry of Finance still has a difficult task in collecting revenue as per the plan approved by the National Assembly for fiscal year 2014-15, a senior government has noted.
“In the past six months of the fiscal year, we’ve been able to collect 13,000 billion kip. This means that we have to collect 17,000 billion kip in the last six months of the year in response to ……
People in Vientiane are facing a long queue when they go to pay road tax this year as they need to register the vehicle’s information.
The new service for paying road tax began in the middle of last month in each District Finance Office in the city plus a road tax centre in Naxay village of Xaysetha district.
“Many people are complaining about the long queues as last year there was much less …..