Laos finance ministry sets revenue collection target of US$2 billion

VIENTIANE (Vientiane Times/ANN) – Revenue collection in the first 11 months of 2019 reached 77.89 per cent of the annual plan, while domestic revenues touched 82.76 per cent or a 3 per cent increase compared to the same period last year.These figures were part of ...

News Desk

New guidance requires state investment projects to undergo bidding

VIENTIANE (Vientiane Times/ANN) – State-funded projects must be allocated through a bidding process when it comes to hiring consulting companies and firms to carry out feasibility studies, surveys and project designs, to ensure effective use of government money, a new regulation requires.Minister of Planning and ...

Souksakhone Vaenkeo

Laos’ current account deficit remains high

VIENTIANE (Vientiane Times) – Laos’ current account deficit is expected to widen to 12 per cent in 2019 as imports are projected to grow faster than exports, according to a recent report from the World Bank.The rising trade deficit is driven by strong demand for ...

Somsack Pongkhao

Lao govt to allocate more funds to repay debts owed to companies

VIENTIANE (Vientiane Times/ANN) -The amount owed by the government to private enterprises has been put as high as 10.14 trillion kip, putting considerable pressure on the government to address this issue and sustain economic growth.Now the government has pledged to allocate more funds to repay ...

Somsack Pongkhao

Lao Govt seeks to minimise budget burdens and debt distress 

The government has outlined measures to boost national revenue for 2020 while ensuring the effectiveness of state investment projects.The Prime Ministerial Order recently instructed the relevant sectors to tighten budget expenditure by trimming their administrative budgets, with non-essential development projects to be postponed.More ...

Somsack Pongkhao

Lao Govt on track to achieve revenue collection target

The government is on track to achieve 49 percent of its annual revenue collection plan by the end of this month despite facing a number of economic challenges, according to a new official report.The Minister of Planning and Investment, Dr Souphanh Keomixay, this week unveiled ...

Ekaphone Phouthonesy

Lao Govt struggles to address budget deficit

The government has projected that the country’s budget deficit for the first six months of this year could increase to as much as 1.16 trillion kip, intensifying budgetary tension against the backdrop of continuing revenue shortfalls.  If the money to pay the principal amount owed to ...

Somsack Pongkhao

Law amendment aims to boost Lao national revenue

The government has highlighted the need to modernise the tax collection system and enhance transparency in the financial sector to boost national revenue, a senior official has said. Deputy Prime Minister and Minister of Finance, Somdy Duangdy presented a draft amended law relating to tax management ...

Somsack Pongkhao

Lao Govt details measures to control, repay public debt 

The government will reduce the budget deficit to zero by next year to ensure that the country’s high level of public debt can be repaid as p romptly as possible, Deputy Prime Minister Somdy Duangdy told the National Assembly (NA) last week.Mr Somdy, who is ...

Souksakhone Vaenkeo

Public debt ‘manageable’, Lao PM says

VIENTIANE (Vientiane Times/ANN) – Public debt is ‘manageable’ because the government has measures in place to effectively cope with it, Prime Minister Thongloun Sisoulith said in an interview with the Nikkei Asian Review last week.The prime minister, who was visiting Japan for the Future of ...

Souksakhone Vaenkeo

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