Lao PM instructs Bokeo SEZ to use kip in financial dealings

General Vilay Lakhamfong addresses the management of the Golden Triangle Special Economic Zone.

VIENTIANE (Vientiane Times/Asia News Network): The government has ordered that the kip be used in transactions that take place in the Golden Triangle Special Economic Zone in Bokeo province.

Deputy Prime Minister and Minister of Public Security, General Vilay Lakhamfong, issued the instruction during a recent visit to the Golden Triangle Special Economic Zone in Tonpheung district, Bokeo province.

He advised the Zone’s Management Board to use kip when buying, selling, exchanging or paying for goods and services in the Golden Triangle Special Economic Zone.

He also stressed the need for problems arising in the Zone to be resolved in line with the guidance given by higher authorities.

The Deputy Governor of Bokeo province, Kheuanphet Vongchanh, who is the Head of the Administration and Management Organisation of the Golden Triangle Special Economic Zone, along with members of the Board of Management and related parties were present to hear General Vilay’s instructions.

The Dok Ngiew Kham Group, which operates the Golden Triangle Special Economic Zone, recently issued a notice saying that shops in the Zone must display signs in both Lao and Chinese, provided by the Special Economic Zone Promotion and Management Office. The notice was issued following the order from the Deputy Prime Minister.

All businesses in the Zone are now required to accept only kip for payments. For many years, the Chinese yuan and Thai baht have been the currencies used in the Golden Triangle Special Economic Zone.

General Vilay also advised the Administration and Management Organisation and the Special Economic Zone Management Committee of Bokeo province to speed up the publication and implementation of the Law on Foreign Currency Management within the Golden Triangle Special Economic Zone, and to switch to the use of the kip in the purchase and sale of goods and services, as part of government efforts to strengthen the value of the kip.

In addition, General Vilay stressed the need to register workers in the Zone, to manage Lao and foreign workers in a systematic and clear manner, and to allocate more jobs to Lao people. Above all, he emphasised the importance of maintaining peace and security.

He advised the Zone’s management to take action to counter human trafficking, prostitution, cybercrime, illicit Internet operations, and the management of vehicles.

Motorbikes and cars must be registered in line with Lao law, and all regulations complied with to ensure order, peace, security and unity throughout the country.

Managers of the concession area of the Golden Triangle Special Economic Zone were instructed to ensure that all forms of development took into account the environment and ecosystems, in the interests of environmental protection, and that infrastructure be improved to ensure safety, comfort and beauty.

Head of the Special Economic Zone Management Board in Bokeo province, Bounthong Sengkongsy, said that the Bank of the Lao PDR is establishing regional offices and is taking steps to fulfil its scope of rights and duties across all areas of its operations.

The bank is improving financial transactions concerning the import and export of capital and is expanding the branches and service units of commercial banks.

It will publicise any new regulations and fiscal and monetary management and the import of capital will be improved, Bounthong said.