July 16, 2015
– The Laotian National Assembly approved on July 16, 2015 a Business Competition Law, with which it aspires to guarantee fair participation in the market that boosts economic growth.
When presenting the proposal previously in the ninth period of full sessions, the vice minister of Industry and Trade, Bounmy Manivong, said it was the time for the country to have this kind of legislation.
So far, development of business was ruled by a decree issued by the prime minister on Trade Competition that was promulgated in 2004 and just had five chapters and 17 articles, different from the law recently voted, which includes nine parts, eight chapters and 84 articles.
Bounmy said that expansion of the Laotian economy intensified competitiveness, but many operators complained about lack of equality in the participation.
The Laotian legislative version defines principles, measures and regulations,and fosters rights and legitimate interests of the State, businesspeople and clients.
(Prensa Latina News)