Kip Weaker Against Thai Baht, US Dollar
There is growing concern about the strengthening of the Thai baht and US dollar against the Lao kip.
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Investments
Ministry To Coordinate Setting Up Of Model Restaurants
The Ministry of Industry and Commerce plans to establish model restaurants in the Lao capital of Vientiane that will serve single dishes at prices set by the authorities.
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LDB Partners Everex To Facilitate Blockchain-Based Cross Border Payments
Lao Development Bank (LDB) and Singapore-headquartered blockchain-based fintech Everex have signed Memorandum of Understanding (MOU) on the initiative.
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Dramatic Upturn In Business Environment Expected: PM
The business environment is expected to improve dramatically in the coming years as the government intensifies action to better facilitate business
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China-Laos Railway Marred By Compensation Issues And Pollution
The new China-Laos railway is spanning the Mekong River and drilling through mountains. So far, many local Laotians are seeing more trouble than benefits from the project.
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1,285 People Involved In Corruption With 999 billion Kip Lost
Some 1,285 people have been found to be involved in corrupt practices, defrauding the government of 999 billion kip
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Lao Trade Figures Struggle To Reach Target
Laos’ combined exports and imports for this year are struggling to achieve the target
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J&C Services To Provide Health Insurance For PACTEC
J&C Services is proud to be the new health insurance provider for all local staff of PACTEC Laos.
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Private Sector Hopes For Easier Business Operation Through Int’l Evaluation
The private sector in Laos is optimistic that trade and investment will be made easier by the public sector following the application of international evaluation standards.
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J&C Services Signs Strategic Partnership Agreement With APA Insurance
The agreement was signed by the APA CEO, Mr Dominick Williams, and founder and CEO of J&C, Mr Stephan Aeschbach, on Friday in Vientiane.
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Telecom Operators Eye Potential Of 5G Network
The Department of Radio Frequency under the Ministry of Post and Telecommunications continued discussions on a roll-out of the 5G network in Laos with internet service providers yesterday.
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Thailand Resisting Falling Into Rail Debt Trap
Despite Thailand’s vow to rely on domestic funding as it expands its network of high-speed railways, it could soon accept the offer of a low-interest loan from the Export-Import Bank of China (CEXIM), raising concerns about whether the country is on the verge of falling into a debt trap.
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Laos’ Trash Problem Is An Ecological Time Bomb
In Laos, newly-empowered consumers are basking in the benefits of the polymer industry without knowing the consequences of their consumption on marine ecosystems.
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Laos’ Eonomic Growth Outlook Stable For 2019, 2020
Economic growth in Laos is expected to remain stable this year and next, supported by the expanding agriculture, energy, industry and services sectors, says a new Asian Development Bank (ADB) report.
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Lao Inspection Reveals 1,002 Cases of Corruption in 2018
As many as 1,225 state investment projects have been implemented unlawfully over the past years, the Government Inspection Authority (GIA) reported this week.
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China’s US$7 Billion Railway Link To Laos Is Almost Half Done, On Schedule To Begin Service In 2021
The 414km railway from Yunnan’s provincial capital of Kunming to the Laotian capital of Vientiane would cut travelling time to three hours, from three days
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Lao Government Considers Tax To Protect Environment
Industries that produce pollution may have to pay more taxes now that the Lao government has embraced the National Green Growth Strategy.
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Lao Banking Industry Updated On Financial Regulations
Source: Vientiane Times The Lao banking sector is working to improve regulations and update preparations for implementing the Basel II
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PM’s visit: Germany Pledges To Help Laos Banish Poverty
Source: Vientiane Times Germany has pledged to increase assistance to Laos for the development of agriculture and the processing industry,
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Laos Expected To Benefit From US-China Trade War
Laos is one of the Southeast Asian nations that may benefit from the ongoing trade dispute between the US and China, but the government should also take steps to improve the investment environment.
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Governmental Decree Stipulates Safe & Healthy Workplaces
Workers have the legal right to require their employers to ensure occupational health and safety, a new governmental decree stipulates.
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Inactive Investors To Lose Land Concession Licences
The government has given the green light for state agencies to revoke land concession licences held by investors who fail to develop state land in accordance with agreements.
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Laos Seeks To Become Electricity Transmitter
AOS is developing a strategic plan to become the network centre for a regional electricity transmission system by 2025.
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Laos Eliminates Tariffs On Most Asean Goods
LAO authorities have reduced import tariffs on 8,536 items to zero as part of national efforts in establishing the Asean Free Trade Area, according to a government report.
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Pakxong Strawberry Farm Has Tasty Treats In Store
Pakxong district in Champassak is one of the few places in Laos that has a temperate climate. The relatively high altitude means the area is suitable for growing a wide range of crops that thrive in cooler weather.
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Australia Approves AUD4.5 Million For Business, Trade Improvement
Laos is now actively working to improve the business environment and facilitate trade as part of supporting the government’s policy to improve the ease of doing business.
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Central Bank Urged To Stabilise The KIP
The Bank of the Lao PDR must introduce more concrete measures to keep the value of the kip stable, otherwise the country will face a big challenge in keeping the cost of living at an acceptable level
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Hairdressing Jobs Earmarked For Lao Citizens Only
The government insists that jobs relating to hair styling for men and women will remain the preserve of Lao nationals as designated by law, despite the many establishments currently being operated by foreign nationals.
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Which Is The Best Country To Start A Business In Asia?
Cambodia, Laos, Myanmar and Bangladesh are the lowest ranked Asian countries in the ease of doing business report
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Laos’ First Ever Specialized Real Estate Investment Show Launches This 1st & 2nd March!
Laorealestate.la, in partnership with the Lao National Chamber of Commerce and Industry (LNCCI) and Laos’ leading online marketplace, www.yula.la, is excited to announce it will be hosting the country’s first real estate investment expo at Don Chan Palace Hotel on Friday & Saturday, the 1st and 2nd of March, 2019.
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New Amended Law On VAT
The key important points to note from the Amended Law on VAT are summarized in this alert.
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Pay The Minimum Wage Or Face Legal Action, Employers Told
Employers in Laos will be subject to legal action if authorities discover they are failing to pay their workers the minimum wage.
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Garment Industry In Laos Continues To Face Challenges
Shortage of skilled labour is chronic, resulting in the reduction of garment exports
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Govt Announces List Of Controlled Businesses
Prime Minister Thongloun Sisoulith has approved a list of businesses that are subject to government control, while also stating that types of business not on the list would find it easier to operate.
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Party Adopts Nine Urgent Measures To Drive Economy
The Central Committee of the Lao People’s Revolutionary Party recently adopted core and urgent measures to drive the macro economy which is currently encountering some difficulties.
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Laos’ Garment Industry Faces Severe Labor Shortage
Garment factories in Laos are experiencing labor shortages as workers are looking to Thailand for greener pastures, sources say.
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Laos Expects More Private Investment In 2019
The Lao government expects domestic and foreign private investment to climb to 23,086 billion kip (over 2.72 million U.S. dollars) in 2019
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Govt Places Focus On Tackling Business Constraints
Improving the investment climate, and building a state governed by the rule of law will be the main focus of government activities in the first month of 2019.
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Corruption Still Rife in Laos Despite Continued Crackdown Efforts
The government of Laos says it has been ramping up its efforts to battle corruption over the past two years, but NGOs say that the situation in Laos is getting worse.
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Laos not fully benefiting from regional economic integration: think tank
Laos has not fully benefited from the recent regional economic integration as its share of trade with ASEAN nations has declined, according to the National Institute for Economic Research (NIER), a Lao think tank.
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Electronic Signature Law Will Boost E-Commerce
The government has told the National Assembly (NA) that Laos needs to have an electronic signature law in place to boost E-commerce and facilitate E-governance.
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Private Investment Remains Strong In Laos (Government Report)
Private investment prospects in Laos remain robust despite the nation’s drop in ranking on the World Bank’s Ease of Doing Business Index, according to a government report.
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Villagers Warned Not To Swim In River Near Vientiane
Chemicals released into a river by a Chinese-owned banana farm near the Lao capital Vientiane killed over 300 kg of fish in November, prompting warnings by authorities to local villagers not to bathe or fish in the polluted stream, sources in the country say.
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Chinese-Owned Cement Factories Pollute Lao Villages
Two Chinese-owned cement factories in the Vang Vieng district of Laos’ Vientiane Province are covering approximately 900 local families in at least four villages with dust and smog, threatening their health, local sources say.
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Laos Jails ‘Pyramid Scheme’ Company Owners For 15 Years
A court in the Lao capital Vientiane today handed 15-year prison terms to the owners of a company accused last year of defrauding investors of thousands of U.S. dollars in personal savings, a Lao source says.
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SMES To Be Subject To VAT
Small and Medium Sized Enterprises (SMEs) in Laos must prepare for a new challenge when the government enforces the Law on Value Added Tax (VAT) next year.
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China Pushes Free-Trade Zone in Mekong Region with Thailand, Laos
The free trade zone will also be a way for Thailand and the Mekong countries to profit from China’s flagship Belt and Road initiative.
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Collapsed Lao Dam ‘Was Built On A Sinkhole’
That is the claim of a Stanford University engineering expert who has scientifically analyzed the site of the disaster that likely killed hundreds of Lao villagers
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PM Urges Central Bank To Facilitate Access To Finance
Prime Minister Thongloun Sisoulith has urged the Bank of the Lao PDR (BOL), the nation’s central bank, to pay serious attention to implementing Order No. 02/PM on improving the climate for doing business.
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Asia, Europe Should Cement Cooperation To Narrow Development Gap: Laos
Asia and Europe should strengthen cooperation to narrow the development gap that remains wide, Laos has told the 12th Asia-Europe Meeting (Asem12) in Brussels, Belgium.
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Did Korean Builder’s Corner-Cutting Lead To Lao Dam Disaster?
South Korean lawmaker and liberal newspaper allege that SK E&C altered original plans to maximize profits
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Inflation Rate Climbs Above 3 Percent
The Lao inflation rate continued to increase above 3 percent in September despite the government introducing a number of measures to control the price of goods in local markets.
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China’s Belt and Road Hits Bumps in Laos
Chinese economic development strategies need fine-tuning
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Lao Airlines Service Set For Take-Off As Flag Carrier Shifts Focus
Lao Airlines has shifted its primary focus from searching for a business partner to improving service in a bid to make the national flag carrier more competitive
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Provincial SME’s Need Regulatory Burden Relief, Swifter Tax Registration
Authorities need to reduce the regulatory burden or “red tape” that businesses face in conducting their activities due to rules and regulations so that their compliance costs can be cut to increase their efficiency.
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Improved Business Environment To Support Sustainable Growth In Lao PDR
Lao firms and households are expected to benefit from a new US$13-million project, which will promote reforms to the business environment, for instance reducing the number of days needed to start a business.
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Vientiane Airport: International Expansion As China Tourism Booms
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.
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First UK English Language School Opens In Vientiane
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.
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New Internet Service Provider To Expand Network
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.
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Laos Continues To Be Target For Money Laundering
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).
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PM Orders Top Officials To Ramp Up Economic Growth
Prime Minister Thongloun Sisoulith has ordered ministers, the Vientiane mayor and provincial governors to implement eight measures to stimulate economic growth.
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Laos Announces Adoption Of New Asean Tariff Code
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.
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The ‘Battery of Asia’ Could Face A Short-Circuit
Shaken by a deadly dam collapse, Laos needs to reconsider its long-term strategy
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Laos’ Main Airport Got Huge Expansion
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.
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Excise Tax On Internet Use A Barrier, Business Insists
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.
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Central Bank Faces Challenge In Stablising Exchange Rate
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.
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Laos Registers 570 New Businesses To Half Year
The number of newly registered and expanded businesses in the capital increased almost threefold during the first six months of the year.
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The Great Rail Dilemma Of Laos
Laos having regrets as China’s grand Pan-Asia railway dream sours
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Major To Open New Cinema In Laos
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.
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Pullman Debuts In Laos
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.
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Debt-Ridden Laos Living On Borrowed Money
Public debt is estimated at around 68 percent of GDP and almost half of the money is being borrowed from one source – China.
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Laos’ Tiny Bourse Still Struggles After All These Years
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.
New Decree Offers Tax Breaks For Investors in Lao SEZs
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.
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Chinese Constructors Complete Foundations Of Mekong River Rail Bridges
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.
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Inspection Ordered As Road Toll Bites In Champassak
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.
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Billions Allocated To Small, Medium Enterprise Promotion
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.
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PM Urges Strengthening Business Sector Through Law Improvement
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.
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Can Laos Realize Its Coffee Dream ?
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.
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Laos Sees Growth In Non-Resource Sector
Laos has begun to witness improvements in non-resource exports amid declining mining output and a government policy to boost growth in the manufacturing sector
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Central Bank Removes Foreign Currency Borrowing Restrictions
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.
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MMG Out Of Sepon
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.
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Amended Law Offers No Exception To VAT Charge
All enterprises that have been registered and have obtained a tax ID will have to comply with the Value Added Tax Law.
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Laos Announces Fourth Mekong Dam Amid Fears Of Ecological Disaster
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.
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Laos Stresses The Need To Borrow As West Raises Debt Alarm
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.
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New Laos IP Law Is A Significant Step Forward For Domestic And International Brands
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.
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New Kasemrad International Hospital To Begin Construction
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.
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New Flights To Boost Links Between Laos and China
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.
Govt Urged To Speed Up Privatisation Of Unprofitable Enterprises
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.
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Bank Credit Injection Into Lao Economy In Decline
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.
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Eyeing Business Potential In Laos: Indonesia
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.
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Lao Government Launches New Push Against Corruption
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.
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Vientiane-Vung Ang Railway To Cost More Than US$5 billion
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.
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Four-Month Revenue Collection Amounts To Only 20 Percent Of 2018 Target
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.
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Economic Growth ‘Manageable’ Despite Possible Impact Of China Slowdown: Analysts
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.
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Vangvieng Slated To Become Official Tourism Town In 2020
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.
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Laos Needs To Prepare For LDC Graduation: Economists
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.
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Govt Approves Minimum Wage Increase
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.
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Laos Loses Millions Of Dollars Due To Overvalued Projects
The construction cost of many projects with State investment have been found to be too expensive and exceeding the realistic value, inspectors have confirmed.
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Energy And Mines Growth Boost Laos
The Lao government says the country will earn increased revenues from the energy and mines sector this year on the back of continued growth.
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Laos On A Fast Track To A China Debt Trap
Beijing-backed US$6.7 billion high-speed railway project threatens to bust the small nation’s already fragile finances
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Inland Container Depot Opens In Northern Laos To Facilitate Trade With China
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.
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Is Hermetic Laos Poised For More Openness?
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.
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Despite Impressive Economic Growth, Investment Climate In Laos Remains Challenging: World Bank
In the 2018 Doing Business report, Lao PDR was ranked 141 out of 190, down from 139 the previous year.
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Laos’ Investment Outlook for 2018
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.
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Lao Gov’t Promotes Investment In Potential Projects
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 cities
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Rule Of Law Key To Strengthening Laos’ Competitiveness
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.
Tourism And Development Threaten Laos’ French Traditions
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.
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Lao Firms Identify High Tax Rates As Investment Constraint
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.
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Green Light For Tourism Complex Development In Vangvieng; Casino Pending Approval
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.
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Lao Factory Owners Say Proposed Wage Hike Will Shutter Businesses
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.
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Japan Still Beating China in Southeast Asia Infrastructure Race
Source: Bloomberg China may steal all the headlines when it comes to its infrastructure push across Southeast Asia, but data
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22 Companies Invest in Thakhek Specific Economic Zone
Twenty two local and foreign companies have signed agreements with relevant authorities to invest in the Thakhek Specific Economic Zone (TSEZ) since 2012.
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Chinese Investors Need Visa Issues Addressed
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.
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Debt-Ridden Laos Living On Borrowed Money
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.
Laos-China Railway ‘20.3 Percent Complete’, Compensation Still Unpaid
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
Remove Unnecessary Barriers To Improve Business Climate
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.
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How To Protect Your Intellectual Property In Laos
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.
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Vientiane Vows To Improve Investment Climate To Drive Growth
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.
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BigBlue Wins Contract For Visit Laos Year 2018
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.
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Will Costs Continue To Cage Laos’ Regional Connectivity?
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.
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China Pours Billions In Aid And Investment Into Laos
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.
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Public Park Planned For Vientiane City’s Riverside
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.
Laos Dances To Survive Between China and Vietnam
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.
Chinese Investors Launch Multimillion Dollar Real Estate Project
Source: KLP Two Chinese companies Wen Hao and Zhongtuo Guangfu have launched a multimillion dollar real estate project which will
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Vientiane Seeks Investors To Build Expressway
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.
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Cabinet Orders Urgent Action To Improve Investment Climate
The government cabinet has ordered authorities in charge to speed up streamlining procedures to ease business operations and improve the investment climate.
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Minimum Investment Requirements Eliminated On Foreign Owned Business
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.
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Chinese Developers Abandon International Airport Project in Laos
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.
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American Pacific Resources Partners with Lao Company to Develop a 67,000-acre Gold Mining Project
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.
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Heavy Debt Load In Laos
Slowing economic growth and mounting financial obligations have the communist country’s foreign debt distress risk running on high
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Chinese President Xi Jinping To Visit Laos
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.
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Tackling Power Blackouts Key For Growth Of Business Sector
Economists have called for the government to address power failures and blackouts in a move to further improve the business environment in Laos.
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Holiday Inn & Suites Vientiane To Open 2019 In Laos
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.
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Trillion Kip Spent Unlawfully: State Top Auditor
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.
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Laos Prints Its Largest, Longest Sovereign Bond Issue
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.
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More Investment In Human Resources Needed: Laos
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.
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B Grimm Goes Big With Power Projects In Laos
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.
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Kolao Breaks Ground With Thai Bond Issue
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.
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Chinese Firm To Build US $40 Million Elephant Conservation, Breeding Center In Laos
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.
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Chinese Investor Acquires Majority Stake In ETL
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.
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Phu Bia Mining Continues Impressive Production
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.
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Lao Airlines shares for sale ?
Lao government says it is ready to recruit new stakeholders for Lao Airlines as part of its efforts to overhaul state-owned enterprises.
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The Lao-Singapore Tax Treaty/DTA is Now Effective
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.
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Bank Credit Growth Slowdown Due To Dawdling Construction Sector
Business loans given to private companies have not increased this year since the government limited finance granted to developers for carrying out infrastructure projects.
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Logistics Giant Linfox Signs With Vientiane
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.
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Arbitration in Laos
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 ….
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Sell Baht Now: Credit Suisse
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.
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Laos Cuts Maximum Concession Period To 50 Years
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 …
New Investment Law Offers Incentives
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 Top Foreign Investor In 2016
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 ….
Why It’s Time To Comply: Internal Regulations For Workplaces In Laos
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.
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These Are The Fastest Growing Economies In East Asia In 2017
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 …
Young People Line Up For Startup Presentations
Source: Vientiane Times The government is encouraging an increasing number of young people to enter the business world, especially those
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Lao Province Issues Banana Ban
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 ….
China’s New Silk Road Is Getting Muddy
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 …..
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Number Of New Entrepreneurs Drops
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 …..
Lao Amended Investment Law Shortens Concession Period
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 ….
That Luang Marsh Developer To Build Theme Park
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 …..
Krittaphong Group’s Businesses Growing In Laos
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 …..
Banks Cut Interest Rates On Kip Accounts, Raise For Foreign Currencies
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 …..
Top Leaders Discuss How Businesses Can Succeed In ASEAN Developing Economies At Channel NewsAsia Forums
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 ….
Real Estate Growth Sustainable But Sluggish, Experts Say
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 …..
Economists Predict Laos-South Korea Economic Boom
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 …..
US$65-Million Riverside Project Set To Begin Construction: Pakse
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 Poised To Benefit From AirAsia’s Airbus A321neo Order
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 ….
Slowing China Economy Ripples Into Laos
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 ….
The Rise, Fall and Possible Renewal of a Town in Laos on China’s Border
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 ….
Luang Prabang Lures Foreign Investors With Tax Incentives
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 …..
Laos Gives Green Light To Foreign Investors
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….
Texas Chicken Expands To Laos: RMA Group
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 …
Direct Flight Between India and Laos soon
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 ….
Companies Failing To Replace Trees Felled During Projects
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 ….
Number Of Japanese Investors In Laos Surges As Country Integrates With Region
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 ….
Lao Garment Industry Shrinks Amid Labour Shortage
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, …….
IMF Chief Praises Laos, Warns Of Challenges Ahead
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 ….
One Chinese Dead, Three Wounded In Attack
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 ….
Laos’ Sleepy Capital Awakens To A Construction Boom
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 ….
Laos Issues First US$ Notes In Thailand
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 …..
Laos Inaugurates Largest Coal-Fired Power Plant Constructed By China
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 ….
Laos pins economic hopes on extra electricity
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 ……
Frontier Markets: Laos Rising
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 ….
Laotian Coffee Prepares To Obtain Geographical Indication
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 Banned From Operating Wholesale, Retail Outlets In Laos
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 ……
Govt Sets 7.5 Percent Growth Target
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 ….
Parliament Passes Business Competition Law
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 …..
Taking Stock In Vientiane
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 ……
Laos’ Economic Agenda
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 ……
Laos-Myanmar Friendship Bridge Opens
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 ……
Business Registration Numbers Falling In Laos
The number of people seeking to do businesses in Laos last year fell by more than half compared to the figure recorded in the previous year, according to the Ministry of Industry and Commerce.
The Ministry attributed the shortfall to some difficulties that hindered people from doing businesses and other external factors including the impact from the economic crisis, monetary policy and …..
Move Over Thailand, the Philippines is Southeast Asia’s Strong Man
With a greater focus on manufacturing, a young population and a president committed to stable growth, the Philippines is pulling ahead
The Philippines is no longer the `sick man of Asia’, Economic Planning Secretary Arsenio Balisacan declared yesterday after the economy grew a better-than-estimated 6.9 percent last quarter from a year earlier. That capped three successive years of above-6-percent growth, placing it well ahead of Thailand, once a growth engine of ….
Executives Must Prepare for SE Asia Corruption Risks
As economies in the West remain shaky, Southeast Asia beckons investors. But alongside some of the world’s fastest growing economies is the risk of corporate corruption in a region where winning deals still sometimes means greasing the right wheels. Last month, the French engineering giant Alstom SA pleaded guilty to …..
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Thailand Places A Coal Plant In Laos
To feed its growing hunger for fuel, Thailand is close to completing one of Southeast Asia’s largest coal-fired power plants. The location? Just over the border in Laos.
The $3.7 billion project can supply power for two million households in Thailand. But heavy resistance to toxic emissions from burning coal, the dirtiest of all fossil fuels, has prompted power companies there to build it in Laos, where standards and opposition are …..
More Than 800,000 Land Titles Issued
The holders of some 806,579 land plots have been issued with land titles, representing 80.66 percent of the five-year plan to issue land titles for 1 million plots by 2015, according to an official report.
Officials in charge will strive to issue 1 million land titles by the end of ….
US Firms Prefer Indonesia, VN and Myanmar; Laos Holds The Least Interest
Indonesia, Vietnam and Myanmar are the top three destinations in Asean for US companies for future expansion despite many challenges, a recent regional survey has found.
Brunei and Laos hold the least interest for respondents in the survey.
The “Asean Business Survey Outlook 2015”, carried out by the American Chamber of Commerce (AmCham) Singapore and the US Chamber of Commerce, revealed dissatisfaction with …..
China’s EximBank Suspends Loans For Roads, Bridges in Laos
Export-Import Bank of China (EximBank), the official export credit agency of the Chinese government, has suspended loans for infrastructure and construction projects in Laos, saying it would prefer to only finance mining and hydro-power ventures, according to Lao sources.
The move is seen by some as an indication of Beijing’s concern over its neighboring communist ally’s ability to repay loans for such projects as roads and bridges in the absence of immediate guarantees.
In the mining sector, for example, natural resources act as ….
Developer Spends US$100 Million On That Luang Marsh SEZ
The Chinese developer has spent over US$100 million to build infrastructure facilities and condos at That Luang Marsh Specific Economic Zone (SEZ) in Vientiane.
The infrastructure projects include a 50-hectare lagoon, road access to the zone, installation of electricity and water supply facilities and a drainage system.
The Chinese developer is now focusing on building 12 condominium blocks with 18 floors. The company is expecting to spend US$14.5 million to build each block and plans to sell them within 5 years after completion for …..
Major Cineplex Group To Open Venue In Vientiane
Major Cineplex Group Plc, Thailand’s largest cinema operator, is looking to expand further in Indochina as the region’s entertainment industry develops.
“Cambodia, Myanmar and Laos are fresh entertainment markets, and we should take this opportunity to establish our presence in these countries before our rivals,” said Major Cineplex chairman Vicha Poolvaraluck.
Its first cinema with five screens would open by the end of this year at the ……
Tourism Potential Draws Top Hotel Chains To Laos
At least 40 hotels, including five international chains, are scheduled to open in Laos over the next five years as the country becomes a more popular tourist destination.
IInternational brands Ramada, InterContinental, Crown Plaza, Sofitel and Marriott are set to open hotels in the capital by 2019. Three global brands – Mercure, Ibis and Best Western – have already opened their doors in Vientiane, and one regional brand has entered the World Heritage Site of Luang Prabang.
Furthermore, 25-30 three- and four-star hotels are set to open in the capital, with some in ….
Ascott Wins First Franchise Agreement In Vientiane
CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured its first franchise agreements in Vientiane, the capital city of Lao People’s Democratic Republic (Laos), and Bali, Indonesia. The agreements are for an operating serviced residence in Vientiane that will be rebranded as a 116-unit Somerset Vientiane in the fourth quarter of ….
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Lao Gov’t Suspends Approval For New Commercial Banks
The Bank of Lao PDR, the nation’s central bank, has announced a suspension of the establishment of new commercial banks in Laos, as it moves to evaluate the current situation in the country’s banking industry.
The suspension applies to investors and legal identities who are not representing an existing bank or group of banking businesses which already have operations in foreign countries. It will be imposed from ….