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Thursday, July 4, 2024

Laos Adopts New Laws to Boost Socio-Economic Growth

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The National Assembly (NA) of Laos has officially adopted 13 laws aimed at enhancing the country’s socio-economic growth. This decision followed extensive debates among NA members regarding the effective implementation of these legislations.

The approval encompasses two new laws and revisions to 11 existing laws. The newly introduced legislations include the Cooperative Law and the Law on Medicinal Resources.

The new Cooperative Law aims to empower farmers by improving their access to international markets, thereby supporting agricultural growth. Meanwhile, the Law on Medicinal Resources addresses several issues including the unregulated collection and distribution of medicinal materials. It also aims to integrate traditional medicine into the national health system for sustainable practices.

Other revised laws are the Anti-Corruption Law, Environmental Protection Law, National Assembly Law, Provincial People’s Councils Law, Election Law for National Assembly and Provincial Council Members, HIV/AIDS Prevention Law, Value-Added Tax Law, Fire Prevention Law, Investment Promotion Law, Tourism Law, and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Law.

Vice President of the NA and Chairman of the Lao Law Committee, Chaleun Yiapaoher, announced this on 1 July.

The Law Commission will further collaborate with relevant bodies to refine and finalize the new regulations. Once this process is complete, the Standing Committee of the NA will review the amendments before recommending them for official promulgation by the President.

According to Chaleun, these laws are designed to strengthen state, economic, and social management, and establish a comprehensive system that protects the rights of all citizens and legal entities in Laos.

To ensure effective implementation, Chaleun urged all sectors, including government ministries, officials, state employees, private enterprises, and the public, to familiarize themselves with these laws. He stressed the importance of active participation from all sectors to achieve tangible results and foster a culture of compliance across Laos.

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