Law on Investment Promotion (Amended Version) becomes effective
Updated on : 19-04-2017
National Assembly issued Law on Investment Promotion (Amended Version) No. 14/NA, dated 17th November 2016 to replace the previous Law on Investment Promotion No. 02/NA, dated 8th July 2009.
The Law on Investment Promotion (Amended Version) consists of 13 parts and 109 articles. To compare to previous version, there are changes to 62 articles and adding 32 articles which specify principles, rules, and measure on the support, the management of domestic and foreign investment, aiming to make investment convenience, fast, transparence, correct and be protected by the State. It intends to guarantee rights and benefits of investors, State, collective, people and to be able to integrate with regional and international, contribute to continuously develop national economy-society in green and sustainable way.
The law becomes effective on the signatory date of presidential degree (16th December 2016) and after publishing on Lao Official Gazette (4th April 2017) for fifteen days, which is 19th April 2017.
Investors, developers and enterprises who gain benefits from previous version of this law and the previous signed agreement with the government shall effect no change until the termination date of the contract. For investors, developers and enterprises who wish to gain investment promotion policy based on this law can submit their proposal to relevant sectors within 120 days, after that, relevant sector shall response to the proposal for implementation.
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