Laos strengthens management of special economic zones

SGGP 06/22/2023 06:03

In order to strengthen the management of special economic zones, the Lao Government has just instructed the use of kip in transactions taking place in the Golden Triangle Special Economic Zone in Bokeo province (Northern Laos), replacing the Chinese yuan and Thai baht that were previously commonly used.

Golden Triangle Special Economic Zone in Bokeo Province (Northern Laos)

This is the directive of Deputy Prime Minister and Minister of Public Security of Laos, General Vilay Lakhamfong.

He requested the implementation of the Foreign Currency Management Law in the Golden Triangle Special Economic Zone and the switch to using the kip to enhance the value of the kip.

In addition, Deputy Prime Minister Vilay also requested the management units of the special zone to register workers in the zone, manage Lao and foreign workers systematically and clearly, and allocate more jobs to Lao people; requested the management board of the special zone to take action to combat human trafficking, prostitution, cybercrime, and illegal Internet activities; required motorbikes and cars to be registered under Lao law and comply with all regulations to ensure order, peace , security, and unity throughout the country.

Source