(English) 2017 trade balance surplus details released

(English) The trade balance surplus in Lao PDR reached USD 9,345 million in 2017.

The Department of Import-Export, Ministry of Industry and Commerce, has reported that in 2017 the industrial processing sector has expanded to a value of worth 8,942 billion kip, an increase of 4.15% compared to the year 2016.

(English) Update on Draft Civil Code

(English) After promulgation, the upcoming Civil Code currently being drafted by the Government of Lao PDR (the “GOL”) will replace the Property Law; Contract and Tort Law; Family Law; Heritage and Basis of Inheritance; Secured Transaction Law; Nationality Law; Enterprise Law; and others. It aims to homogenise and clarify the legal concepts expressed in different, and sometimes contrary, ways across the scope of numerous laws.

Abol

(English) The Ministry of Industry and Commerce (“MOIC”) recently released a Notification (No. 2633/MOIC dated 7 November 2017) (the “Notification”) regarding the abolishment of the minimum registered capital requirement for foreign investors in general business companies.

(English) Update on the Revision of Lao Law on Minerals

(English) 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.

(English) Suspension of investment in financial institutions

(English) 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.