Decree on the Promotion Fund for Micro, Small, and Medium Enterprises
关于微型企业、中小企业促进基金的法令
ດຳລັດ ວ່າດ້ວຍກອງທຶນສົ່ງເສີມ ຈຸນລະວິສາຫະກິດ, ວິສາຫະກິດຂະໜາດນ້ອຍ ແລະ ກາງ
Summary
This Decree stipulates principles and regulations for the establishment, management, use, and supervision of the Micro, Small, and Medium Enterprise Promotion Fund (referred to as the 'Promotion Fund'), aiming to raise and accumulate funds to support the development of micro, small, and medium enterprises, managed and supervised by the Ministry of Industry and Commerce and the Ministry of Finance.
Articles
Article 1
Purpose. This Decree stipulates the principles and regulations regarding the establishment, management, utilization, and supervision of the Micro, Small, and Medium Enterprise Promotion Fund, in order to provide funding for policies supporting micro, small, and medium enterprises, enabling them to develop, grow, and expand, with the aim of enhancing commodity production, commerce, and services, expanding the income base, laying the foundation for gradual industrialization and modernization, and participating in national economic development and poverty eradication.
Article 2
Micro, Small and Medium Enterprise Promotion Fund. The Micro, Small and Medium Enterprise Promotion Fund, abbreviated in Lao as "ທສວ" and in English as MSMEPF, is a fund established to raise and accumulate capital from various domestic and international sources, aiming to ensure sufficient and revolving funds for extensive, continuous, stable, and effective support of micro, small, and medium enterprises, and is under the supervision and oversight of the Ministry of Industry and Commerce and the Ministry of Finance.
Article 3
Definition of Terms. The terms used in this Decree shall have the following meanings: 1. Micro-enterprises and Small and Medium Enterprises (SMEs) refer to business units legally established and operated in accordance with laws and relevant regulations, whose scale is determined by the average annual number of employees, total asset value, and total annual operating revenue (as specified by the government in each period), collectively referred to as "MSMEs" (ຈນກ); 2. Start-up refers to a new type of enterprise or business project that utilizes various technologies and innovations and has a rapidly scalable business model; 3. Innovation refers to the new creation, development, and introduction of products, processes, or services aimed at improving efficiency, effectiveness, and competitiveness.
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