[:en]Banks in Laos have implemented stricter controls on foreign currencies notably the Thai baht and US dollar in a move to stabilise exchange rates and sustain the country’s economy. Speaking to Vientiane Times on Wednesday, bankers attributed the move to falling foreign currency reserves because businesses constantly required Thai baht and US dollars to import goods.[:]
[:en]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 reserves of these currencies amidst rising demand for the baht and US dollar. Banks informed Vientiane Times yesterday that lowering the interest rates on Kip accounts and loans was intended to encourage people to spend Kip and boost economic productivity.[:]
[:en]Arion Legal is excited to announce the arrival of its newest Senior Legal Advisor, Steve Goddard. Steve is a qualified Australian Lawyer with several years’ experience specialising in foreign direct investment under the Cambodian, Myanmar and Lao PDR legal frameworks.[:]
[:en]Arion Legal’s engagement with the legal community in the Lao PDR has developed further recently with members of our Vientiane office visiting the local Lao People’s Court Zone IV and speaking with judicial officials, including the Deputy President, Mr. Somphavanh Rardsavong, regarding some of the challenges of practicing law in Lao PDR.[:]
[:en]Several years ago, the Lao government introduced a policy to reward qualified foreign expatriates in Laos with citizenship if they so desired. Laos also gives family books and ID cards to foreigners who do not want to denounce their original citizenship (permanent residence).[:]
[:en]Chinese telecom equipment maker, Comba Telecom Systems Holdings, recently announced its plans to buy a 51% stake in Laos’ state-owned telecom carrier, ETL, for $91.8 million.[:]
[:en]The government has ordered some 1,154 family-unit furniture plants across the country to shut down their illegal operations, a government spokesman announced yesterday. Additionally, more than 20 wood processing plants located in or near conservation and protected forests areas were also ordered to close down. The order was approved at the meeting between Prime Minister Thongloun Sisoulith and his deputies that took place on August 29 when the Task Force Committee reported its findings in relation to the illegal operations.[:]
[:en]All people who enter Laos bringing with them goods valued at over US$50 will have to pay 10 percent of the goods value to the government as VAT, with the decision already in force. This is in line with an order by the Deputy Prime Minister and Minister of Finance Mr Somdy Duangdy, dated 30 August 2016.[:]
[:en]The Lao Securities Commission Office is advising people considering making deposits with financial institutions to make a careful assessment before going ahead. Various financing companies in Laos are encouraging people to deposit with them by offering a higher rate of interest than that provided by banks but despite the glowing promises of financial gain made by such companies, their long-term viability is uncertain, the securities office warned.[:]
[:en]Lao PDR remains one of the most underdeveloped countries in Southeast Asia. But according to the ADB, the Lao economy is poised for growth thanks to strong performances in several sectors including construction, services and electricity exports. The Lao legal market is also in the developmental stage, being relatively small compared to neighbouring countries such as Thailand, Vietnam and Myanmar. The number of legal professionals in Laos is also small.[:]
Copyright 2024 McDonald Patafta & Associates Lawyers. All rights Reserved.
Click one of our representatives below to chat on WhatsApp or send us an email to enquiries@mpalawyers.com
Recent Comments