Prime Minister Sonexay Siphandone meets with representatives of contributing businesses and government officials during the handover ceremony in Vientiane.

Businesses contribute 55 billion kip to boost production, exports

Twenty-one businesses have contributed 55 billion kip to support the government’s efforts to improve the quantity and quality of Lao goods, enabling them to compete in international markets.
Prime Minister Sonexay Siphandone presided over the handover ceremony, which was attended by Minister and Head of the Prime Minister’s Office, Mr Bouakhong Nammavong, Minister of Home Affairs, Dr Vilayvong Bouddakham, Minister of Finance, Mr Santiphab Phomvihane, and Minister of Industry and Commerce, Mr Malaythong Kommasith.
Deputy ministers, board chairmen, directors, and representatives of contributing businesses and related sectors were also present.
The funds provided aim to strengthen enterprises, promote sustainable growth and enhance the competitiveness of Lao brands. The contributions support the government’s resolution to build an independent economy and self-reliance while ensuring funds are used effectively for the greatest benefit.
The Ministry of Industry and Commerce will manage the funds in collaboration with the Prime Minister’s Office, the Ministry of Finance, and the Bank of the Lao PDR. These bodies will establish legislation and regulations, consulting with businesses to create clear guidelines for efficient implementation.
Prime Minister Sonexay praised the businesses for their patriotism and commitment to national development, saying their contributions demonstrate a shared desire for Laos to achieve true progress.
The contributors include ST Bank, which contributed 6 billion kip. PT Sole Company, Phongsupthavy company, LDB Bank, JDB Bank, Petroleum Trading Lao Public Company, Lao Green Development Company, AIF and AIDC Companies, and CK Group contributed 5 billion kip each.
Sisaket Construction Company contributed 2 billion kip, while Sokxay Company, Ratsavong Development Company, Xaysomboun Chaleunsap Company, Khounkham Company, and Bouathip Company contributed 1 billion kip each.
Other contributions include 500 million kip each from the Duangchaleun Group, Nixon Mining Development Group, and Phousy Construction Group. Phanthamith Company and HKS Company gave 200 million kip each, and 3S Company contributed 100 million kip.
The government recently provided 152 billion kip in financing to small and medium enterprises (SMEs) through its SME Promotion Fund.
These funds are distributed via six commercial banks, including LDB, Sacombank Lao, LaoVietBank, Maruhan Japan Bank Laos, Vietinbank Lao, and Banque pour le Commerce Exterieur Lao Public (BCEL).
This financing, which includes low-interest loans, aims to address economic challenges such as inflation and fluctuating exchange rates, while helping small businesses expand their agricultural activities and reduce reliance on imports.
These initiatives highlight the combined efforts of the government and the private sector to foster sustainable economic development in Laos.

By Times Reporters
 (Latest Update January 8, 2025)