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Structure Of The Banking And Finance System In Laos

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After commencing economic reform towards a more liberalized system, the Lao Government tried to bring the banking and finance system in line with the demands of the economy.

Since 1988, periodic reforms have been made as required under Ministers Council Resolution II/PSL, of 12 March 1988, which stated that the national bank would be managed independently as a commercial entity and the entire banking system adopt a commercial stance.

In mid 1990, a law to establish the Bank of the Lao PDR was enacted. The law determines the role of the bank under the new system.

At the beginning of 1992, provisions were made to protect the gradual evolution of the banking and financial sector until they were able to accept autonomy on the same basis at the international banking and finance community.

Business Registration Procedures in Laos

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The Lao Government encourages domestic and foreign persons, either individuals or legal entitles, to do business or to invest capital in all fields of lawful economic activities, such as agriculture and forestry, industries, energy, mineral extraction, handicrafts, communication and transport, construction, tourism, trade, services and others.

Before commencing operations, all enterprises (domestic, foreign, state, private, joint venture, etc.) must be registered, in conformity with the Lao law on business operations, with the Ministry of Commerce’s Trade Registration Department: at provincial level, with the trade registration service: and at district level for small size investments.

The Political Regime of Constitution of Laos

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CHAPTER I
THE POLITICAL REGIME

Article 1. The Lao People's Democratic Republic is an independent country with sovereignty and territorial integrity covering both territorial waters and airspace. It is a unified country belonging to all multi-ethnic people and is indivisible.

Article 2. The state of the Lao People's Democratic Republic is a People's Democratic State. All powers are of the people, by the people and for the interests of the multi-ethnic people of all strata in society with the workers, farmers and intellectuals as key components.

Article 3. The rights of the multi-ethnic people to be the masters of the country are exercised and ensured through the functioning of the political system with the Lao People's Revolutionary Party as its leading nucleus.

The Preamble of Constitution of Laos

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The multi-ethnic Lao people have existed and developed on this beloved land for thousands of years. More than six centuries ago, during the time of Chao Fa Ngum, our ancestors, founded the unified Lane Xang country and built it into a prosperous land. Since the 18th century, the Lao land had been repeatedly threatened and invaded by outside powers. Our people had enhanced the heroic and unyielding traditions of their ancestors and continually and persistently fought to gain independence and freedom.

Over the past 60 years, under the correct leadership of the former Indochinese Communist Party and the present Lao People's Revolutionary Party, the multi-ethnic Lao people have carried out difficult and arduous struggles full of great sacrifices until they managed to crush the yokes of domination and oppression of the colonialists and feudalist regime, completely liberated the country and established the Lao People's Democratic Republic on 2 December 1975; thus opening a new era – an era of genuine independence for the country and freedom for the people.

Constitution of Laos

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The constitution Of The Lao People's Democratic Republic Adopted by The 6th Session of the People's Supreme Assembly (2nd Legislature) in Vientiane, August 13-15, 1991. The 1991 constitution, which contains elements of an earlier revolutionary orthodoxy, is clearly influenced by the economic and political liberalization within Laos, as well as by the dramatic changes in the socialist world and the international balance of forces. The constitution specifies the functions and powers of the various organs of government and defines the rights and duties of citizens. Several chapters prescribing the structure of the state define the function and powers of the National Assembly (the renamed SPA), the president, the government, the local administration, and the judicial system. The constitution has little to say, however, about the limitations on government. In foreign policy, the principles of peaceful coexistence are followed.

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