Dear , August has been another interesting and happening month for AustCham Lao. Here’s some of our highlights: EVENTS Our thanks to Ambassador Paul, who hosted AustCham's Sponsors for an afternoon tea, discussing business and joint support of advocacy efforts towards capacity building and greater business ease. The recent surge in Covid-19 cases as well as new restrictions announced by the GoL has brought us back to online events and forced us to hold off on our Golf Day and Annual Ball, which we’d been scheduling for October and November respectively. We will continue to monitor the situation and when we can once again start meeting in person. Please keep joining our online events and activities as we 'connect for growth!' BUSINESS UPDATE AustCham was pleased to receive the World Bank’s new Lao Economic Monitor issued in August and titled 'A path to Recovery'. While the key message is that "the economic recovery in 2021 is likely to be slower than previously anticipated”, there are some bright points for Laos’ economic recovery. Moving onto ASEAN updates, the sixth edition of the AustCham ASEAN Australian Business in ASEAN Survey 2021 has now been released and highlights that the shift towards economic nationalism and protectionism is starting to bite Australian businesses in ASEAN. Likewise, that international Australian businesses are also impacted by Australia's protectionist approach (i.e. border). Interestingly, in Laos one third of survey respondents reported improved profitability in the past 12 months, with just 22% experiencing deteriorating profitability. Both reports, including their key findings and download links, available under the Business Update section of this newsletter. NEW MEMBERS We are glad to welcome new Bronze Sponsor, Phongsavanh Bank. Phongsavanh Bank is one of the leading private commercial banks in Laos and serves more than 350,000 retail, SME, corporate and institutional customers through 45 branches. We would also like to welcome our new corporate Member AMATA CITY LAO SOLE, leading developer and operator in industrial estates who's developing smart and eco-cities in Luang Namtha and Oudomxay provinces. You can hear more about the group and their projects joining our upcoming webinar - Trends and Opportunities in Laos: Activating Smart Cities, Underpinned by 5G. I hope you enjoy the newsletter and look forward to seeing you at our upcoming event. See you online!
Cheers, Alessia
AustCham Executive Director |
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| PAST MATE TO MATE INTERVIEWS |
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Watch last month's episodes of MATE to MATE, AustCham's topical interview series on our members' Covid-19 emergency response. |
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Mate to Mate ‘A Diverse Workplace’ with Andrew Andrew Moncrieff, Phu Bia Mining Human Resources Manager. Hear from Andrew which strategies Phu Bia Mining is putting in place to promote a diverse and more inclusive workplace.
Click on "read more" to play the interview! |
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Mate to Mate ‘A Diverse Workplace’ is with Souvanane Keothammavong, Head of Sustainability at Mekong Timber Plantation. Hear from Souvanane Keothammavong which strategies the MTP is putting in place to promote a diverse and more inclusive workplace.
Click on "read more" to play the interview! |
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Mate to Mate ‘A Diverse Workplace’ is with Emma Pelletreau, Managing Director at Civitas Consulting. Hear from Emma the strategies Civitas Consulting is putting in place to promote a diverse and more inclusive workplace.
Click on "read more" to play the interview! |
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| AFTERNOON TEA WITH THE AUSTRALIAN AMBASSADOR & AUSTCHAM'S SPONSORS |
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Friday 13th of August, The Australian Ambassador to Lao PDR, hosted AustCham’s sponsors for an afternoon tea at the Embassy Recreational Club. Ambassador Paul Kelly gave an update on the Embassy activities and agenda while our President Carli Renzi shared insight from the recent LBF Forum where she presented the issue from the Financial Sector Working Group in front of the GOL (Government of Laos) including Prime Minister Phankham. The meeting continued with our Gold, Silver and Bronze sponsors’ representatives giving an overview of their companies and sharing constraints they are facing with their operations.
It was a very interesting afternoon where we got to hear from different perspectives on operating a variety of businesses in Laos in a Covid-19 environment, sharing points of view, insights and constraints.
These meetings are important to build up AustCham advocacy capacity jointly with the Australian Embassy and work towards common goals. Thank you very much to Ambassador Paul and to the Embassy Staff for accommodating these meetings throughout the year! |
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On Tuesday 31 August, AustCham Lao, Cambodia, Myanmar, and Tilleke & Gibbins hosted an event on E-commerce Law in Cambodia, Laos, and Myanmar.
The online sale of goods and services was already an essential part of consumers’ daily lives in ASEAN before the COVID-19 crisis and has accelerated dramatically during the past 18 months. In fact, online shopping is becoming easier, faster, and more convenient at such a rapid pace that national regulators can sometimes struggle to keep up. Even with new regulations being promulgated regularly, there are still many gray areas in the regulation of e-commerce operations, which results in novel business operations being required to operate under a regulatory framework designed for very different business models.
To equip digital entrepreneurs in Cambodia, Laos, and Myanmar with the knowledge needed to comply with the latest e-commerce laws in their jurisdictions, regional Southeast Asian law firm Tilleke & Gibbins has teamed up with the Australian Chambers of Commerce in the respective jurisdictions, to host a webinar addressing these issues.
Click "read more" to play the recording! |
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| BUSINESS ENVIRONMENT & INFO |
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The World Bank has released the new Lao PDR Economic Update “A Path to Recovery”.
Below is a recap of the main key findings:
The economic recovery in 2021 is likely to be slower than previously anticipated, mainly owing to containment measures introduced to tackle a second wave of COVID-19. - GDP growth will rebound to 3.6 percent in 2021.
- Services — especially hospitality, transport and other tourism activities — are struggling to recover.
- The fiscal deficit is expected to narrow slightly to 4.7 percent in 2021.
- Total public and publicly guaranteed debt has reached critical levels, jeopardizing macroeconomic stability.
- External debt distress risk remains high.
- The current account deficit should widen slightly in 2021.
- A weakening kip is fueling domestic inflation.
- The economy is expected to gradually recover in the medium term.
- To benefit from new infrastructure and trade agreements, momentum on business reforms and trade facilitation needs to increase enough to boost private investment and exports.
- Significant downside risks remain, including slower-than-projected growth among trading partners, and delays in the international vaccination rollout needed to restore tourism and foreign investment.
Click on 'Read More' to access the report |
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| REVISED LAW ON CUSTOMS OFFICIALLY TRANSLATED TO ENGLISH |
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The Customs Department has published the official English translation of the revised Law on Customs for dissemination among foreign business operators. Please click here to read the document.
This law provides the principles , procedures and measures related to the management of the import-export, transit and movement of goods, means of transport and passengers through customs border checkpoints to facilitate trade, promote investment and international integration and connectivity with an aim to strengthening the Customs Administration, ensuring revenue collection in a complete and timely manner, protecting the interests of operators, security and social stability of the State and contributing to the social and economic development of the State.
We also would like to bring to your attention the AEO Programme (Authorized Economic Operators), which will facilitate high-compliant importers and exporters with pre-declaration, priority check at the border, prior deferred payment of duties. Click here to read the documentation in Lao language. |
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| This sixth edition of the AustCham ASEAN Australian Business in ASEAN Survey 2021 has now been released!
The results of this Survey provide the most current and comprehensive insight into the present composition of Australian firms across the ASEAN region, and arrive at a critical moment for ASEAN’s Australian business community as business looks to opportunities in the region, and governments look to formalise policy to assist with post pandemic recovery.
Australian businesses have endured significant disruption and upheaval since our last survey in April 2020. However, opportunities to induce a broad-based recovery exist, and achieving this requires policy makers’ commitment to partnering with business to create an economic environment that enables all ASEAN business to thrive.
Click on "read more" to access the survey report |
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| CROWNE PLAZA VIENTIANE NOW OFFERS SOPHISTICATED RESIDENCES |
| Crowne Plaza Vientiane offers sophisticated residences complete with five-star services, amenities, and unrivaled facilities for a refined city living in Vientiane.
Experience the best of both worlds as residents at Crowne Plaza Vientiane where award-winning five-star services meet first-class living comfort. As a Crowne Plaza Vientiane resident, you’ll reap the benefits of our Global Brand Hallmark from Business Ready Services, Sleep Advantage® Program, Fitness and Wellness to Fast & Fresh Food and Beverage options.
RESIDENCES STARTS FROM 2,100 USD PER MONTH
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| On the 18th of August last week, the Seminar on "Raising Awareness of AML/CFT Compliance and the FATF Regime" was successfully conducted in cooperation with ILSTA’s key partners, namely the Lao Bankers’ Association, Anti-Money Laundering Intelligence Office, and UNODC.
Due to COVID-19 restrictions, 50 participants including international experts and Mr. Geoff McAlister, Chief Risk Officer from Phongsavanh Bank participated in this event, sharing the PSVB AML Governance Framework and joining the panel discussion. The seminar aimed to strengthen the capacity of the financial sector in preparation for the AML/CFT international assessment that will take place later this year. We thank the organizers for a successful event.
Call Center: 1188 YouTube: Phongsavanh Bank Facebook: Phongsavanh Bank Website: Phongsavanhbank.com |
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Banque Franco Lao (BFL) is pleased to announce that Stephane Urbain has been appointed as the BFL’s Chief Executive Officer, effective August 2, 2021. Stephane brings a wealth of experience to this role, having served in senior leadership capacities for more than 25 years, and he has been working with BRED for more than 14 years. In his extensive experience with BRED, he has been appointed to manage and lead many international subsidiaries of BRED outside France.
In this role, he will be responsible for driving the strategic direction of the company and overseeing the success of the business entity. This leadership transition occurs as BFL, the first European bank in Lao P.D.R continues to take a leading role in supporting a complete range of financial and transactional solutions, building long-term partnerships with our local and international clients, and ensuring sustainable development in Lao P.D.R.
Stephane succeeds Arnaud Caulier, who has served as CEO since 2017. “On behalf of the entire team, I would like to thank Arnaud for all he has done for BFL. With his support, BFL has established a strong reputation for business”, Stephane said. “I am honored to assume the role of CEO of BFL, we are focused on positioning BFL for a return to growth and long-term success as we continue to provide creative solutions to our customers and partners. We are working hard to deliver new digital products and capabilities”.
Stephane continued, “We are very fortunate to be part of BRED group that takes a long-term view. We have financial strength, even in these uncertain times. We believe in Lao’s potential. We want to accelerate, that means we have to invest in people, in new tools, and in our branch network.” |
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Jaguar Land Rover Laos launched the new all-electric Jaguar I-PACE premium performance Sport SUV on Saturday 28th of Aug 2021 at the National Convention Centre (NCC), Vientiane Capital.
This event presented officially to the Lao Business Community the new Jaguar I-pace, electric premium sport SUV in Laos.
The fully electric Jaguar I-PACE is a new and unique concept in the automotive sector, especially for two top-end brands Jaguar and Land Rover. The electric Jaguar I-PACE also shapes the future of the Lao mobility solutions and trends.
The launch ceremony was attended by the Deputy Minister of Energy and Mines, H.E Dr. Sinava Souphanouvong, the UK Ambassador to Laos, H.E John Pearson, the Indian Ambassador to Laos, H.E Dinkar Asthana, the Automotive Managing Director of Lao Ford City, Mr. Wayne MacIntosh and the General Manager of Jaguar Land Rover Laos, Mr. Biju Narayanan, along with government officials and members of the business community.
In terms of performance, I-PACE is a Jaguar above all else – a true driver’s car, with its powerful electric motor. |
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| The unexpected circumstances during this time is greatly affecting the way we live our lives. We understand the needs of our people wanting to protect their families and loved ones during this difficult time.
PRUDream Protector is designed to create financial peace of mind during these challenging times. This product comes in 3 different plans where you can apply accordingly to your protection needs.
The bronze plan starts from LAK947 a day and gets protection paid out more than LAK25,000,000 where the Silver plan starts from LAK2,000 a day with an extra coverage up to 15% from LAK50,000,000 to LAK57,500,000 and the Gold plan starts from LAK3,000 a day with an extra coverage up to 15% from LAK80,000,000 to LAK100,000,000 in case of unfortunate events happen during this time.
For more information on PRUDream Protector, please visit www.prudential.la or contact our financial consultants at +856 21 211 123>
Click on 'Read More' to see more
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Prudential Life Assurance Lao Company Limited (“Prudential Laos”) is pleased to be named “Domestic Life Insurer of the Year” by The Insurance Asia Award 2021. The company was recognized for launching its all-in-one digital health and wellness application Pulse by Prudential (Pulse) to help Lao people take charge of their health and wellness. The prestigious award also applauded the community engagement initiatives rolled out by Prudential Laos in response to the COVID-19 outbreak.
Veejay Madhavan, Chief Executive Officer of Prudential Laos said: “We are proud to be named the ‘Domestic Life Insurer of the Year’, which is a testament to the dedication and hard work of our employees to meet the health and protection needs of the Lao community.
“Our purpose at Prudential is to help people get the most out of life, and we are fulfilling this purpose by making healthcare affordable and accessible to everyone. With Pulse, Lao people are able to access healthcare and manage their wellbeing on their fingertips. We are also providing cash allowance and free insurance coverage through the Pulse app under our COVID-19 Care Fund to help people safeguard their health and financial security amid the pandemic outbreak.” |
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Banque Franco Lao Ltd (BFL) signed a sponsorship agreement with the Foundation for Assisting the Poor in Lao to provide US$ 50,000 to support the Vientiane Rescue 1623 focusing supporting our community. During this difficult time, Vientiane Rescue and its team of 100% volunteers have worked tirelessly to maintain 24/7 emergency services to help all kinds of victims from accidents on the road, fire, flooding, etc.
with all their heart while supporting the Covid-19 efforts. At a recent ceremony BFL was represented by Mr. Stephane Urbain, the Managing Director of BFL, while the foundation was represented by Mrs. Sisaliao Thammatheva, and Mrs. Phouthone Phoumsavanh, the Presidents of the Foundation for Assisting the Poor in Lao PDR. Mr. Stephane Urbain, the CEO of BFL said: “with this outbreak of the Covid-19 pandemic, we have seen a particularly large number of patients in hospitals in Vientiane and throughout the country. Of all those who have been working in saving lives, we would like to give a special shout out to Vientiane Rescue and all its volunteers who have served in transporting & helping Covid-19 patients as well as in providing first aid response.
BFL would therefore like to play a part in alleviating the suffering and offering encouragement to all volunteers who work tirelessly for our community”. Stephane continued, “To achieve that aim, BFL donated US$ 50,000 to the Vientiane Rescue 1623 under the Foundation for Assisting the Poor in Lao PDR to buy an ambulance to support their emergency services during this hardship period in Laos. BFL continues to support efforts to combat the Covid-19 pandemic in Laos”.
We would like to express our gratitude to all volunteers for their courage, compassion and contribution to the fight against this crisis. BFL team wishes everyone safety from COVID-19 and good health by strictly following the government’s disease control measures, which will be critical in assistant the country in rapidly overcoming the COVID-19 crisis. |
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| APA INSURANCE OPENS YOU THE DOORS TO THE KASEMRAD INTERNATIONAL HOSPITAL |
| Phongsavanh Insurance (APA) be the first insurer in Laos which Phongsavanh health Insurance customers can now use their Medical Cards to take advantage of cashless payment at the first international hospital in Laos, Kasemrad International Hospital Vientiane, Since Day 1 of the official opening on August 19, 2021.
Customers just show their cards to get the high-quality treatment that is covered with our Health Insurance plan.
Start your health protection today to get the benefits:
- Cashless treatment
- COVID covered
- No waiting periods
- Premium starting from LAK 699,000/year.
👉 For more information of product, please contact them via inbox at Facebook page: Phongsavanh Insurance Or call 1677
It's their pleasure to partner with the latest international hospital in Laos. |
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| WHESSOE CHARTERS A FLIGHT TO MANILA |
| Whessoe Lao is chartering a plane to Manila, expected departure during the last week of September once the approvals are complete. There are many seats available. Those interested in getting on board and for more information please contact, Barry (Admin Manager), by email -barry@whessoe.com.my Cost is $500 USD per person. |
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| WELCOME TO OUR NEW SPONSOR & MEMBER |
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AustCham Lao is delighted to welcome its new Sponsors and Members: |
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BRONZE SPONSOR
Welcome to our new Bronze Sponsor Phongsavanh Bank.
Phongsavanh Bank (PSVB) is the leading private bank in Lao PDR, providing a comprehensive range of financial services to over 350,000 retail, SME, corporate and institutional customers through 45 branches and an extensive ATM network.
Established in 2007, PSVB aspires to be the Bank of First Choice, supporting our customers, fostering financial inclusion and contributing to the development of a robust, trusted and internationally aligned financial services sector in Lao PDR.
Follow them on FB at Phongsavanh Bank and on other social media channels at the following links
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CORPORATE MEMBER
Welcome to our new member AMATA CITY LAO SOLE COMPANY LIMITED. Amata is a leading developer and operator of industrial estates. Since 1989, they have helped global companies build an industrial base in Southeast Asia and grow their businesses.
In Laos, Amata is developing smart and eco-cities in Luang Namtha, and Oudomxay provinces among other projects.
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