Consultation Meeting with Private Sector on the Implementation of the Law on Enterprise (2013)
Vientiane Capital, 19 November 2021. The Ministry of Industry and Commerce (MoIC) organized a consultation meeting to brainstorm ideas, seek views and discuss the practical experience among the private sector with the aim to contribute to the revision of current Law on Enterprise (2013). The Meeting was held at the MoIC, and chaired by Mr. Bountheung Duangsavanh, Deputy Minister of Industry and Commerce, and co-chaired by Dr. Xaybandith Rasphone, Vice President of Lao National Chamber of Commerce and Industry (LNCCI). Approximately 50 participants attended the event from both government and private sectors namely: Department of Enterprise Registration and Management (DERM), the Enterprise Law Revision Secretariat, representatives from LNCCI, banking sector and legal consulting firms.
In his opening remarks, Mr. Bountheung Duangsavanh, Deputy Minister of Industry and Commerce addressed the objectives of the meeting and confirmed the submission timeline of the final version of the revised Law on Enterprise to be considered at the 4th Plenary Session of the 9th Legislature of National Assembly in late 2022. In addition, Deputy Minister Bountheung stressed that the amendment needs to be in alignment with existing economic related laws and regulations as well as international good practices; therefore, the assessment of benefits and drawbacks shall be considered.
Dr. Xaybandith, Vice President of LNCCI, expressed his appreciation to the MoIC for its strong effort in reviewing and streamlining of various regulations to facilitate and shorten period of enterprise registration. He also stressed, however, the MoIC still need further to cooperate with other line agencies to collect views and recommendations in order to address key constraints for enterprise registration and incorporation in order to attract more quality investment through improving business environment and investment climate.
During the consultation, the participants raised various issues to be considered including but not limited to, shorten processes for enterprise registration, redefine of vocabularies, reconsider the need for internal regulation of the certain enterprises, the use of e-signature, issues related between processes between DERM and Tax Department after the registration, punishment measures, business dissolution and liquidation, etc.
Lao Competitiveness and Trade (LCT) project is a multi-donor project funded by the World Bank Group, Australian Aid, Irish Aid, and USAID, which implementing at the Department of Planning and Cooperation, Ministry of Industry and Commerce. LCT project aims to eliminate the barriers to private sector-led growth by improving the regulatory environment, lowering trade costs and raising firm-level competitiveness.