On 11 May 2017 the Draft Amended Law on Water Resources was adopted by the National Assembly and is currently under committee review.
In accordance with the 5 Year Work Plan for the Creation and Revision of Laws of the VIII National Assembly (2016-2020) the Law on Minerals is currently under revision to be submitted to the Prime Minister’s Office for submission next month.
All business relating to financial institutions (including deposit/non-deposit-taking micro financial institutions, credit unions and savings, leasing companies, pawn shops, money transfer companies, etc) is subject to temporary suspension from 1 March 2017 until 28 February 2019.
PM Thongloun Sisoulith told the NA that the government will employ a number of measures to spur economic growth amid the current economic and financial constraints. The government pledged to ensure a stable and steady macro economy through the harmonised implementation of financial and currency policies and measures to ensure annual economic growth of at least 7 percent. The PM committed to closely follow up the implementation of tax and customs policies and regulations as well as amending them appropriately in order to promote investment and business operations.
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.