Mrs Inpeng Samuntee is granted a Lao Business Leader Award 2022 at a ceremony held in Vientiane recently.

Businesswoman earns at least US$50m for Laos annually

President of Salavanh Development Export-Import Sole Co.,Ltd, Mrs Inpeng Samuntee, has won a Lao Business Leader Award 2022 for her outstanding business performance and her contribution to national development.
“The value of my company’s exports of agricultural produce exceeds US$50 million annually and most of that money is brought into Laos,” she said.

Mrs Inpeng Samuntee wins a Lao Business Leader Award 2022 for her outstanding business performance.

A ceremony is held in Vientiane to establish the Lao Cassava Association.

Mrs Inpeng Samuntee assists villagers as she places great emphasis on corporate social responsibility.

Mrs Inpeng is also President of Pakxong Development Export-Import Sole Co., Ltd, President of Lao Cassava Association, President of Saravan province Chamber of Commerce and Industry, Board of Directors of Lao National of Chamber of Commerce and Industry and Advisory Chairman of Paksong Thai Agriculture Co., Ltd.
She was granted a Lao Business Leader Award 2022 for four specific reasons:
First, her business operations support the government’s policy to boost exports and earn foreign currency to bolster dwindling reserves of the foreign currencies needed to import essential goods.
“The foreign currencies earned from my company’s exports go into the Lao banking system. I withdraw this money in kip based on the official exchange rate,” she said, adding that she uses the official exchange rate to help the government overcome the current economic challenges.
Secondly, she strongly encourages people to grow crops such as bananas, sweet potatoes, peanuts, tamarind and cassava on a commercial basis.
While encouraging farmers to grow crops for market, she pursues the ‘2+3’ principle promoted by the government. Under this principle, her company provides funding, materials and technical support to farmers and markets while farmers provide the land and labour required.
Her company first provides financial support amounting to 30 percent of farmers’ expected output so they can invest this in crop growing. This money is provided to growers free of interest.
“As the buyer, my company guarantees the price paid for crops grown by farmers at 500-650 kip/kg for unprocessed cassava and 1,200-1,500 kip/kg for dried cassava,” she said.
“If the market price of the crop falls below the guaranteed price, my company will buy the harvest at the guaranteed price, not the lower market price.”   
“But if the market price rises above the guaranteed price, my company will buy the crop at that price.”
Mrs Inpeng said her company provides free training for farmers to ensure their crops are grown using the proper techniques.
Thirdly, her company fulfils its tax obligations to the government including paying transport fees, profit tax and value-added tax.
“We usually pay all our taxes electronically before the export of our products starts,” she said.
“I don’t have an issue with currency exchange rates. I withdraw my money in kip to buy crops from farmers. If I want to buy agricultural equipment for them, I will make deals or ask my trading partners in foreign countries for help to import the equipment.” 
She said her company does not import fertiliser because she teaches farmers to produce organic fertiliser using natural materials.
“The yield of crops grown using organic fertiliser is 10-20 percent less than that of crops treated with chemical fertiliser. But farmers accept the lower yield as they understand that organic fertiliser is better for their health and for consumers as well, and its use helps to lower production costs,” she added.
Farmers are happy because the sale price of crops cultivated using organic fertiliser is higher than if chemical fertiliser is used.
Fourthly, she places great emphasis on corporate social responsibility by using some of her earnings to help people in need.
During the Covid-19 pandemic, her company provided face masks, Antigen Rapid Test kits and hand sanitiser to villagers and hospitals. The company also provided cash to support district authorities in the southern provinces of Saravan, Xekong, Attapeu and Champassak in their battles against Covid-19.  The company also provided funding to assist villagers affected by flooding and other disasters. 
The Lao Business Leader Award 2022 is the eighth award Mrs Inpeng has won since 2012. She has received awards at both the national and Asean levels for her outstanding business operations in association with environmental protection.
 “I’m proud of the success I’ve achieved so far and my contribution to the nation and to society, which is accepted by people at large,” she said.
“Although I have grown my business operations to a certain level, I will not stop there. I will work hard to help farmers find markets for other crops so they can boost their incomes and rise above poverty.”

By Advertorial Desk
 (Latest Update February 2, 2023)