Foreigners will be able to own condominiums in Laos once the authorities enforce the newly revised Law on Land, the Vientiane Times reported on September 22.
Vientiane (VNA) - Foreigners will beable to own condominiums in Laos once the authoritiesenforce the newly revised Law on Land, theVientiane Times reported on September 22.
The Lao Official Gazette, a government website that publishes statelegislation, has posted the latest version of the Law on Land, which permitsforeigners to own condominiums.
Under Article 132 of the law, foreigners can now purchase and own condominiumsin Laos.
Under the revised law, foreigners can also own land use rights under land leaseand concession agreements with Lao citizens and the government. However, landownership rights are limited to 30 years and 50 years respectively.
Land leases and concessions may be renewed with the consent of the government,National Assembly or provincial People’s Council, according to articles 117 and120 of the law.
Officials from the Lao National Chamber of Commerce and Industry say said thegovernment’s decision to allow foreigners to own condominiums will be a majorboost to the real estate market.
In the past, foreigners faced difficulties in purchasing real estate as therewas no supporting legislation.
This slowed the development of the real estate market, they said, adding thatsome foreigners bought property using a Lao proxy.
“The new legislation will give foreigners confidence about buying real estatein Laos as there is now legal backup for such transactions,” the Vientiane Times cited the Managing Director of RentsBuy, HoumphanhSalyalath, as saying, adding that there was a brightfuture for the real estate business./.
Deputy Foreign Minister of Laos Thongphane Savanphet has spoken highly of Vietnam’s organisation of the 53rd ASEAN Foreign Ministers Meeting (AMM 53) and related meetings, saying despite their virtual form, all discussions took place frankly as held directly.
Economic expansion of Laos is forecast to contract this year for the first time since 1980s due to impacts of the COVID-19 pandemic, but the economy will recover in 2021, according to the Asian Development (ADB)’s recent report.
Lao Prime Minister Thongloun Sisoulith has sent a message of sympathy to PM Nguyen Xuan Phuc over serious human and asset losses in Vietnam’s central region caused by storm Noul.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Illustrative image (Photo: laotiantimes.com) 
