Month: October 2016

Govt Seeks to Increase Bank Deposits to 84 Percent of GDP

[:en]The government has announced its intention to increase deposits in commercial banks to 84 percent of Gross Domestic Product (GDP) by 2020, up from the 57 percent expected in 2016, in a bid to meet growing development needs. Additionally, every effort will be exerted to increase the total credit in commercial banks to 74 percent of GDP by the end of 2020, an increase on the 50 percent expected by the end of 2016.[:]

CLMV leaders push border trade in local currencies

[:en]Business leaders in Thailand and the CLMV countries are urging their governments to use local currencies for trading along borders instead of the US dollar to facilitate business and cut costs. Businesses from Thailand, Cambodia, Laos, Vietnam and Myanmar will propose the plan to their governments today at the seventh Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (Acmecs) summit in Vietnam.[:]

PM Announces Continued Suspension of Mining Concessions

[:en]Prime Minister Thongloun Sisoulith said yesterday the government will maintain the moratorium on new mining concessions because it needs more time to inspect a number of operations. The prime minister was speaking at a three-day conference taking place at the National Convention Centre for mining sector officials from around the country and private investors in the industry.[:]

Appointment of New Country Manager for Lao PDR

[:en]Arion Legal is pleased to announce the appointment of Steve Goddard as new Country Manager effective from 17 October 2016. Steve replaces Kate Baillie who is relocating to Myanmar next year but will be consulting to the firm until the end of November.[:]

VAT Collection (On Imports) To Start Next Month

[:en]The Customs Department of the Ministry of Finance will begin collecting Valued Added Tax (VAT) payments next month with the department readying equipment and human resources. β€œAt the beginning we will be collecting VAT at the first Thai-Lao Friendship Bridge between Nong Khai Province and Vientiane followed by the other international border crossings,” Acting Director-General of the Customs Department, Mr. Bounpaseuth Sikounlabout told local media during a press conference on Friday.[:]

Arion Legal Joins Nextlaw Global Referral Network

[:en]Arion Legal today announced it has joined Nextlaw Global Referral Network, enabling it to connect its clients to high-quality lawyers around the world. Nextlaw Global Referral Network is the largest legal referral network in the world, with 283 member firms, 18,600 lawyers covering 160 countries.[:]

Consultation of the Draft Law on Investment Promotion held on 29 September 2016 at the Lao Plaza Hotel

[:en]Mr Manothong Vongsay, Director General of Investment Promotion Department, Ministry of Planning and Investment and Madame Valy Vetsaphong, Vice President of LNCCI led the consultation session on the Draft Law on Investment Promotion on 29 September 2016. During the session the latest draft of the Law on Investment Promotion was presented to members of the business community, including representatives from the foreign business chambers, AustCham and ECCIL, with attendees invited to provide their comments and feedback in relation to the draft law and its application.[:]



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