LVMCHoldings "KoraoDeveloping Selected as Laos Excellent Taxpayer in 2020"

[Asia Economy Reporter Yoo Hyun-seok] LVMH Holdings announced on the 26th that its Laos consolidated subsidiary, Korao Developing, was selected as an excellent taxpayer in Laos for the year 2020.

Korao Developing, which started its business in Laos in 1997, is the largest private company in the country. As of last year, it holds a 35% market share in the automobile sector. This is the largest sales volume among companies ranked first in market share.

The company explained that this excellent taxpayer selection is an example demonstrating the transparent management of the Korao Group, known as the "Samsung of Laos," which pays taxes amounting to 11% of the Laos government budget. A company official stated, "Despite the impact of COVID-19 last year, Korao Developing paid taxes exemplary," adding, "This is the result of the Korao Group's management philosophy of growing together with the nation and its people."

Recently, Laos elected a new president and prime minister in March and announced a five-year economic development plan. The plan aims to reduce the fiscal deficit and public debt to 2% and 55% of GDP respectively by 2025, and to increase trade transactions to 70% of GDP, achieving corporate-centered economic growth. Additionally, a 110km section of the 440km highway under construction connecting China and Laos, linking Vientiane and Vang Vieng, was recently opened.

Moreover, the railway construction connecting Laos and Kunming in Yunnan Province, China, is scheduled to complete the Laos section by December this year. Laos, aspiring to become the logistics hub of ASEAN, is creating new opportunities by combining its strategy with Chinese capital, while the Korao Group also plans to grow alongside.

This content was produced with the assistance of AI translation services.