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Former Vang Vieng Airport to Become Tourist Destination

By
Laotian Times
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Former Vang Vieng Airport
Former Vang Vieng Airport

Earlier this week, Vientiane Province signed an agreement with Yijin Engineering & Construction Lao Company, authorizing the latter to invest USD $200 million into developing the former Vang Vieng airport into a tourist destination. Attending the signing ceremony were Vidong Sayasone, Vientiane Province Governor, Vientiane Province Planning and Investment Department Director Soukun Vilayrath, Ichin Engineering & Construction Lao Company President Liu Phuc Quang, and other local government officials.

“Immediately after this auspicious signing ceremony, our firm is already preparing to contract a company capable of designing an entire commercial tourism space consisting of a 5-star hotel, a hospital, a tourism academy, and a multi-ethnic cultural theater, among others. The site of the project will be the former Vang Vieng airport, covering a land area of 16.24 hectares. The construction is expected to take 5 years, out of an overall 50-year concession from the government with an investment total of USD $200 million,” says Liu Phuc Quang.

“We expect tourism to boom in Vang Vieng when the Laos-China railway is complete. Travelers from China will be able to conveniently reach Vang Vieng since there will be a station here. We want to capitalize on this future market by investing in something that will attract their attention,” says Quang.

Source: Mahason Magazine

Lao-Japanese Friendship Bridge Opens in Xekong

By
Laotian Times
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On the 12th of February, an official ceremony was held inaugurating the opening of the Lao-Japanese Friendship Bridge (over the Xekong River) connecting the Districts of Lamam, Dakcheung and Kaleum in Xekong Province. Attending the ceremony were high ranking officials, namely Deputy Prime Minister Bounthong Chitmany, Transportation and Public Works Minister Bounchan Sinthavong, Planning and Investment Minister Souphan Keomixay, Japanese Ambassador to Laos Takeshi Hikihara and JICA Laos Office Chief Yoshiharu Yoneyama, JICA representatives and other Xekong Senior Provincial Officials.

Financed by the Government of Japan with a grant of USD $16.20 million, the Lao-Japanese Friendship Bridge is 300m long and has a weight capacity of up to 800 tonnes. It is set to greatly aid in the socio-economic development of Xekong by providing its inhabitants with better infrastructural access to educational, health and other commercial services. Xekong is home to some of the poorest districts in Laos.

Moreover, the Friendship Bridge is expected to become absolutely essential in its ability to connect Laos’ southernmost provinces to the Danang Port in Vietnam.

Source: Lao Economic Daily

2018 Road Tax Now Due and Payable

By
Laotian Times
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2018 road tax Laos

The Ministry of Finance has called upon vehicle owners to make payment of the 2018 road tax, which is now due and payable.

After multiple setbacks in issuance and collection of the 2017 road tax payment, the deadline for the 2018 road tax payment has been extended to June 30.

Meanwhile, for motorists who have not yet paid the 2017 road tax, the deadline has been set at March 31. Those who fail to meet this deadline will face fines of up to 40 percent of their unpaid road taxes for each offence.

The road tax system was rescued by commercial bank BCEL last year when the bank set up a road tax collection system via its ATM network and online banking service, BCEL One.

The BCEL road tax collection system has been instrumental in effectively and transparently collecting the road tax fees, with 100% of funds being transferred tot he national budget.

The Ministry of Finance set a target of 60 million kip in road tax collection for 2017, with 40 billion kip having been collected so far. With the collection system now simplified, the onus is on authorities to ensure vehicle owners make their tax obligations.

According to statistics from the tax department, as reported by the Vientiane Times, there are approximately 1.8 million vehicles registered in Laos, with only 30 percent of these paying road taxes each year.

Vientiane Capital boasts some 843,500 registered vehicles for a population of around 800,000; almost one motor vehicle per person.

 

2018 Road Tax Fees

 

2-3 Wheeled Motorbikes

Engine Type Fee
<110cc 15,000 KIP
111cc-150cc 20,000 KIP
151cc-200cc 30,000 KIP
>200cc 100,000 KIP

 

Privately owned Sedans, SUVs, Vans and Pickups

Engine Type Fee
<1000cc 100.000 KIP
1001cc-1600cc 150.000 KIP
1601cc-2000cc 200.000 KIP
2001cc-2500cc 250.000 KIP
2501cc-3000cc 300.000 KIP
30001cc-4000cc 350.000 KIP
4001cc-5000cc   400.000 KIP
>5001cc 500.000 KIP

 

 

Sepon and Phu Bia Mines Set to Close Operations by 2020

By
Laotian Times
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Sepon is an open-pit copper mine in the Savannakhet Province, southern Laos
Sepon is an open-pit copper mine in the Savannakhet Province, southern Laos

Energy and Mines Minister Khammany Inthilath, in his address to the National Assembly, stated that since 1990, the Lao Government has had an open policy to attract domestic and international investors to invest in mining operations. Since that time, a total of 229 companies have been authorized to perform mining operations in the country. Among these, 96 are licensed to survey and explore, 52 are permitted to do technical and economic feasibility studies, and 81 are allowed to do excavation and production. There are a total of 18 minerals of interest, including gold, silver, lead, zinc, lignite, barite, and bauxite, among others.

At the provincial level, 443 companies are authorized to perform mining operations involving 21 minerals.

From 2005 to 2015, the aforementioned companies have completed their financial obligations to the government in the form of taxes, royalties and concession payments amounting to USD$ 1.89 billion.

However, the country’s income from mining has dropped significantly due to the severe drop in world prices of minerals in 2016-2017 and also due to the fact that two major projects (Sepon and Phu Bia) are approaching their final stages and will close their respective mines by 2020.

Sepon is an open-pit copper mine in the Savannakhet Province, southern Laos. The registered name of the operating company is Lane Xang Minerals Limited (LXML), of which MMG owns 90% and the Lao Government owns 10%. The operation commenced production in 2005.

Phu Bia Mining, PanAust’s Lao-registered company, has a Mineral Exploration and Production Agreement (MEPA) with the Government of Laos that regulates exploration and mining within the Phu Bia Contract Area, which is more than 2,600 square-kilometres. Their flagship operation comprises an open-pit mine feeding ore to a conventional milling and flotation operation which produces a copper and precious metals concentrate for export to custom smelters mainly in Asia.

Source: Lao Economic Daily

ANZ Bank to Close Retail Services in Laos

By
Laotian Times
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ANZ Laos Close

ANZ has announced the closure of all retail products and services in Laos following the sale of its retail and wealth businesses across the region.

The bank will officially close all retail accounts and cease offering retail services as of March 30 this year.

Citing a review of its business, ANZ Laos says it wishes to ensure it is aligned with the bank’s global strategy to focus resources on its institutional business in the Asia Pacific region, supporting customers with regional trade and capital flow movements, and connecting them with business opportunities within Laos and across its global network.

The announcement follows the sale of the bank’s retail and wealth businesses in Singapore, Hong Kong, China, Taiwan, Indonesia, and Vietnam, and the closure of its retail business in the Philippines.

Retail customers will be given until March 30 to close accounts, and the bank will waive any early termination fees for term deposits.

In its letters to retail account-holders, ANZ Laos has provided an option for its retail customers to open accounts with Banque Pour Le Commerce Exterieur Lao Public (BCEL), saying it can connect retail customers with representatives at the state-owned bank, where former ANZ retail customers will be offered some discounts.

 

Chinese Investors Urge Lao Government to Improve Visa Procedures

By
Laotian Times
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Chinese Investors in Laos

Chinese investors have urged the Lao government to improve visa issuance procedures, saying that the current system is unsuitable and sluggish.

The concerns were raised when Lao and Chinese investors took part in a meeting under the theme of “Promoting Financial Cooperation, Build Together Laos-China Economic Relations,” on February 3, as part of the Laos-China Belt and Road Cooperation Forum (Feb 2-3) held in Vientiane.

Chinese investors say they are currently required to complete a lengthy application process in order to obtain a visa, according to the President of the Chinese Chamber of Commerce in Laos, Boulapha Santikhongkha.

The Chinese investors brought up a range of other issues at the meeting, including the need for better tourism services, such as hotels and apartments, to accommodate the increasing number of Chinese visitors to Laos.

They also asked the government to consider the possibility of allowing foreign investors to purchase real estate in Laos.

Five documents were signed at the meeting, including cooperation on money transfer, loans, business representation, logistics facilities, and education.

The current visa process for investors involves entering the country on a tourist visa, submission and request of a temporary Labor Visa (B2), exit and re-entry of the country, and then issuance of a one year B2 Labor Visa or Investor Visa (NI-B2). This can take up to one month to complete, and the full visa is only applicable for those whose investments have already been approved.

Source: KPL

Laos May Get Free Public WiFi System

By
Laotian Times
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Business Korea Magazine reported that the South Korean Ministry of Science and ICT has announced on the 6th of February that the latter’s information and communications technology (ICT) including free public WiFi system construction constitutes this year’s special contribution project of the Asia-Pacific Telecommunity (APT) and collaboration projects will be launched with Laos, Vietnam and Nepal in that framework.

The ministry plans to launch a free public WiFi system construction project in Laos, an augmented reality (AR) tourism content development project in Vietnam, and a digital disaster communication system construction project in Nepal.

The duration of the special contribution project is from March this year to February or August 2019. The budgets required for the subprojects range from US$30,000 to US$55,000.

Established in 1979, the APT is an international council for telecommunications development in the Asia-Pacific region. The purposes, among others, of the special project include technology transfer to APT member countries and the overseas expansion of South Korean business interests. The project will be based on the ministry’s fund specially allocated for the APT.

Source: Business Korea

First Chinese Language Newspaper Soon to Be Launched in Laos

By
Laotian Times
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KPL Director General Sounthone Khanthavong (left) next to President of Chinese Chamber of Commerce in Vientiane Boulapha Santikhongkha (photo credit: KPL)
KPL Director General Sounthone Khanthavong (left) next to President of Chinese Chamber of Commerce in Vientiane Boulapha Santikhongkha (photo credit: KPL)

The Lao News Agency (Khaosan Pathet Lao or KPL) has signed a joint agreement with the Chinese Chamber of Commerce in Vientiane to co-operate the first ever Chinese-language newspaper.

The newspaper will be published twice a month to facilitate access to reliable and accurate information for the numerous Chinese nationals living in Laos, especially in the capital city.

KPL Director General Sounthone Khanthavong (left) next to President of Chinese Chamber of Commerce in Vientiane Boulapha Santikhongkha (photo credit: KPL)
KPL Director General Sounthone Khanthavong (left) next to President of Chinese Chamber of Commerce in Vientiane Boulapha Santikhongkha (photo credit: KPL)

A signing ceremony for the Chinese newspaper took place on the 2nd of February in Vientiane Capital on the sidelines of the Laos-China Belt and Road Cooperation Forum, Feb 2-3, between the Director General of the Lao News Agency Sounthone Khanthavong and President of the Chinese Chamber of Commerce in Vientiane Boualapha Santikhongkha.

Source: KPL
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