Applications are now open for the ASEAN Business Awards Laos 2020, with awards to be presented at a gala event held in Vientiane on 25 September.
First introduced in 2016 by the Lao National Chamber of Commerce and Industry (LNCCI), the ASEAN Business Awards Laos is a sub-initiative of the larger, regional ABA competition. It is aimed at recognizing outstanding Lao enterprises and empowering them to inform the business sector about the ASEAN Economic Community.
The awards are supported by the Regional Economic integration of Laos Into ASEAN, Trade and Entrepreneurship Development (RELATED) Project of the Lao-German Development Cooperation, which provides strategic orientation and technical advisory to the LNCCI.
The ASEAN Business Awards Laos aims to inspire and rally Lao businesses to participate in the integration process and become key players in the ASEAN market, according to Vice President of the Lao National Chamber of Commerce and Industry and ASEAN Business Advisory Council Member for Laos, Mr. Thanongsin Kanlaya.
Mr. Thanongsin says that the awards are open to all businesses from across every business sector in Laos, with a requirement for all awards that the business is officially registered and 40% Lao-owned (except for the Friend of Laos award), with a minimum of two years in operation.
“Business sectors representing different scales of small or large sizes are warmly welcomed to apply for these awards,” he added.
This year, a total of 26 awards will be awarded to winners under various categories, including Priority Integration Sector, SME Excellence, Young Entrepreneur, Women Entrepreneur, Friend of Laos, Sustainable Social Enterprise, Family Business, Startup Enterprise, and Green Enterprise.
The SME excellence category features a new award this year, the Digital Transformation award, which will help to distinguish small and medium-sized enterprises that have demonstrated their ability to integrate digital technology into all areas of their business, resulting in fundamental changes to how their business operates and how they deliver value to their customers.
The introduction of this new award comes at a crucial time and is no coincidence. In the wake of the global Covid-19 pandemic, Lao businesses must navigate the financial and operational challenges of the coronavirus while rapidly addressing the needs of their employees, customers, and suppliers, highlighting the need for Lao businesses to begin a digital transformation.
Meanwhile, foreign-owned enterprises can apply for the Friend of Laos award, provided they see at least 40% revenue from operations in the Lao PDR.
All enterprises registered and operating in Lao PDR are invited to send in their nominations. Interested applicants can download the application forms and access more detailed information on the ABA Laos categories, eligibility criteria, and application process on the official ABA Laos website at https://lncci.la/aba2020/.
All nominations must be received on or before 14 August 2020. Winners will be announced on 4 September and the traditional awarding ceremony – the ABA Laos Gala Night – is set to take place in Vientiane Capital on 25 September.
As in previous years, the awards are expected to be handed over by the leadership of the Lao PDR.