Money

The Difference Between a Gift and a Bribe

The Difference Between a Gift and a Bribe

1 by / on 26/06/2013, 11:47 am / in Business, Money

Phivat Vorachak, attorney of the Lao PDR In response to this question, I have to say that I am also unable to guess people’s real motivations as I see many people, organizations, companies, stores, and restaurants buying flowers and gift baskets as presents for the international New Year or the recent Lao New Year, which raises this question. Gifts and […]

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Students To Use Identity Cards As BCEL ATM Cards

Students To Use Identity Cards As BCEL ATM Cards

0 by / on 27/04/2013, 3:38 pm / in Banking, Business, Money

Students can now use their identity cards to withdraw money from ATMs thanks to cooperation between Banque pour le Commerce Exterieur Lao Public (BCEL) and the National University of Laos (NUOL). An official ceremony to unveil the new cards was held at the university in Vientiane on Wednesday, presided over by the Deputy Minister of Education and Sports, Associate Prof. Dr Kongsy Sengmany and the Vice Governor of the Bank of the Lao PDR, Mr […]

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Ten Woman Entrepreneurs Win MWEC Awards

Ten Woman Entrepreneurs Win MWEC Awards

0 by / on 07/03/2013, 10:26 pm / in Business, Money, Work

You might remember this first article and this later article about the Mekong Women’s Entrepreneurship Challenge (MWEC) which began last year. Ten women entrepreneurs were announced as winners of the Mekong Women’s Entrepreneurship Challenge (MWEC) last Tuesday, with US$10,000 to be awarded to each successful entrepreneur for improving and expanding their businesses. The Mekong Women’s Entrepreneurship Challenge is a competition for highly motivated women who own small to medium sized businesses and are eager to expand. It […]

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Government to Tax Land Title Transfers

Government to Tax Land Title Transfers

0 by / on 30/01/2013, 12:50 pm / in Business, Money, Tax

Laos is in the middle of a property boom, and it has caught the attention of the tax collectors and legislators. The result: a 5% income tax on the sale or transfer of land and/or buildings (real property) introduced in the Amended Tax Law No. 05/NA, dated December 20 2011 (amended tax law). This new obligation takes aim at individual taxpayers; taxpayers which have historically enjoyed tax-free gains on real property […]

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Lao Banks Agree To Share ATM services

Lao Banks Agree To Share ATM services

0 by / on 27/11/2012, 10:52 pm / in Banking, Business, Money

Representatives of eight leading banks in Laos signed a memorandum of understanding last Friday for the creation of a shared, modernised ATM system. Representatives from BCEL, Lao-Viet Bank, Banque Franco Lao, Lao Development Bank, Agricultural Promotion Bank, ST Bank, and Indochina Bank signed the agreement. The banks will jointly develop and upgrade existing ATMs into a “pool system” that will […]

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Public Confidence in Laos Kip Rises

Public Confidence in Laos Kip Rises

0 by / on 15/07/2012, 6:48 pm / in Banking, Business, Money

People are more confident about building their savings in Lao kip now that the value of the national currency has been stable for the past few years. According to an annual report from the Bank of the Lao PDR, the value of kip deposits at commercial banks in Laos reached 9,869 billion kip in December 2011, accounting for about 45 […]

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Plus Cards For PetroTrade Petrol Stations in Laos

Plus Cards For PetroTrade Petrol Stations in Laos

0 by / on 11/07/2012, 8:51 am / in Banking, Business, Money

Petroleum Trading Lao Co Ltd (PetroTrade) and Banque pour le Commerce Exterieur Lao Public (BCEL) signed a Memorandum of Understanding in Vientiane on Monday to start a new customer service initiative called the ‘Plus Card’. The MOU was agreed to after the two parties ran a nationwide trial of the Plus Card, an electronic payment card for fuel purchases, at Petroleum Trading Lao Co Ltd’s petrol stations a few months ago. The signing ceremony was attended by […]

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Ask For A Receipt And Be Rewarded

Ask For A Receipt And Be Rewarded

0 by / on 30/06/2012, 3:38 pm / in Banking, Business, Money

Consumers who keep a receipt after making a purchase will be rewarded, Minister of Finance Mr Phouphet Khamphounvong announced this week. Speaking at the Third Ordinary Session of the Seventh Legislature of the National Assembly on Monday, Mr Phouphet said the ministry would attempt to bolster government revenue by encouraging shoppers to ask for receipts. Shoppers would be motivated to do this by knowing that their receipt could […]

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Bank in Yuan at ICBC Bank, Vientiane, Laos

Bank in Yuan at ICBC Bank, Vientiane, Laos

0 by / on 22/06/2012, 4:44 pm / in Banking, Business, Money

Industrial and Commercial Bank of China (ICBC), China’s largest lender by market value, which said Wednesday that its Vientiane branch has been approved as Laos’ sole yuan-clearing bank. The decision, made by the Bank of Lao PDR, indicates that ICBC’s Vientiane branch can openyuan accounts for banks, enterprises and individuals in Laos, and it will be responsible for clearing yuan transactions between Laos and China, according to a statement on the ICBC’swebsite.

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Lao Stock Market to Begin Online Trading in August

Lao Stock Market to Begin Online Trading in August

0 by / on 16/06/2012, 12:41 pm / in Business, Money, Stock

The Lao stock market is to begin online trading in August. The Lao Securities Exchange (LSX) expects to allow people to purchase and sell stocks over the internet in August, after being unable to offer online trading in the first quarter of this year. “The online service will take effect in August. We are ready to offer this service now but we […]

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