The recent 7th Meeting of ASEAN Ministers Responsible for Culture and Arts in Banda Seri Begawan, Brunei Darussalam has endorsed the Vientiane Declaration on Reinforcing Cultural Heritage Cooperation in ASEAN , said Deputy Minister of Information, Culture and Tourism, Mr. Savankhone Razmountry, head o f the Lao delegation to this meeting.
More funds for That Luang Restoration
The Vientiane authority is continuing efforts to mobilise additional funds and gold for the fourth That Luang Stupa restoration project in the capital to bring the revered monument back to its traditional glory in readiness for its 450th anniversary.
Lao-Jinchun Vehicle Trade Launched in Vientiane
The Lao-Jinchun Vehicle Trade Company last Friday launched in Vientiane Capital to promote trade and investment in Laos.
Toyota and Daehan Dominate Laos Auto Market
Laos Auto Market in first half of 2016 hit record sales and production. The market is dominated by Toyota and Daehan while the most of new vehicles registered are commercial.
Market Outlook
Laos’s economy lost some steam in 2015 due to weak global demand for commodities, which is still keeping rubber prices down and affecting farmers’ incomes. Commodity exports, especially mineral ores and rubber, are one of the main drivers of growth for Laos. Ten years ago, farmers turned their farmland into rubber tree plantations to take advantage of the high prices of rubber.
However, latex prices declined severely in 2015-2016 and production has become unprofitable. Further, growth in the agricultural sector, which plays an essential role in Laos’s economic and social development, could be constrained as a consequence of weak agricultural investment.
The automotive sector is keeping its fast track with record sales and production hit in the first half that project 2016 to be the sixth record year in a string.
Indeed, during this first half vehicles sales grew at 20.325, almost doubling from the previous year.
Market leader was Toyota with 8,198 sales and 40.3% of market share.
The local commercial vehicles producer, Daehan, was second with 4,688 units with no other player above the 1,000 units threshold.
Source: Focus 2 Move
Laos Minister Frets Over ‘Too Many Foreign Language Signs’ In Capital
Vientiane still has many advertising hoardings written in foreign languages and authorities need to work harder to address the issue, Laos’ Deputy Minister of Information, Culture and Tourism Bouangeun Xaphouvong said last week at a meeting to mark Constitution Day.
BFL Receives UN Support For Female-run Businesses
Banque Franco Lao Ltd (BFL) has been awarded a grant by UNCDF’s SHIFT Challenge Fund’s Second Window for Women’s Financial Inclusion, funded by the Australian Government.
Ministry Amends Law On Single Window Service For Investors
The Ministry of Planning and Investment is amending the law on the single window service and its management in a bid to streamline the process of registering and setting up a business in Laos.
Lao Small Businesspeople Invest In Foreign Countries
While still small in number, the number of Lao businesses investing in other countries of Asean is increasing.