On July 13, 2023, the Central Bank of Myanmar (CBM) lowered the percentage of export income in foreign currency that must be converted into Myanmar kyat (MMK) within one day of receipt. The changes are contained in CBM Notification No. 15/2023, which took effect immediately. The notification specifies that only 50 percent of export income in foreign currency must be converted into MMK at official CBM rates within one day, in accordance with Myanmar’s requirement to convert foreign currency transfers and balances. The remaining 50 percent of the export earnings must be converted into MMK if the exporter does not use it within 30 days. The 50 percent requirement is a relaxation from the previous rules in CBM Notification No. 36/2022, under which 65 percent of income received from exportation needed to be converted into MMK within one day. Therefore, the new requirement grants a certain amount of flexibility to exporters in Myanmar regarding the currency conversion requirement. For more details on these foreign exchange developments, or on any aspect of financial regulations in Myanmar, please contact Tilleke & Gibbins at [email protected].

Following Laos’ announcement requiring importers and exporters to register with the Ministry of Industry and Commerce (MOIC), the MOIC has released a comprehensive list of products that are subject to the registration requirement. Traders that import or export goods on the list, which was finalized on June 9, 2023, and made public on June 28 in MOIC Notification No. 1224, must register with the MOIC by August 31, 2023, to obtain a certificate authorizing their import or export activities. The notification specifies four main categories of goods for which importers and exporters must register with the Department of Import and Export (DIMEX) of the MOIC: agricultural products, construction materials, and edible and nonedible consumer goods. The exact products in each category are listed below, along with the corresponding Harmonized System codes from the World Customs Organization: Enterprises engaged in the import and export of the goods listed in the table above must complete registration by August 31, 2023. Imports and exports of the listed goods by any enterprise not registered with the DIMEX will be prohibited after the deadline. The MOIC is also expected to add certain goods to the list in the future, but information on the timing and content of these additions is not yet available. Enterprises that have completed registration must also ask the Bank of Lao PDR (BOL) to certify their accounts held at commercial banks, after which they must ask the relevant commercial banks to convert their current bank accounts into import-export accounts. For more details on Laos’ new registration rules for importers and exporters, or on any aspect of international trade involving Laos, please contact Tilleke & Gibbins at [email protected].

Practitioners from Tilleke & Gibbins’ Vietnam offices contributed content for the latest edition of the Practical Law Life Sciences Global Guide. The guide provides a comparative overview, in Q&A format, of laws and regulations on pharmaceuticals, medical devices, and other life sciences products in dozens of jurisdictions around the world. The Life Sciences Global Guide is divided into two sections: Regulation (see more details here) and Commercialization, which covers the following topics: Overview of the life sciences sector Pricing, government funding, and reimbursement: National health care system, price regulation and reimbursement Distribution and sale Cross-border trade and parallel imports Advertising to the public and engagement with patient organizations Advertising to healthcare professionals and organizations: Gifts and incentives and transparency and disclosure Patents: Conditions for patentability, registration, length of protection, infringement, international treaties Trademarks: Requirements, registration Competition law issues: Authorities and legislation, commercial contracts and competition law, licensing approvals and formalities Product liability: Regulators, medicinal product liability law, liable partners, defenses, product liability claims, remedies Practical Law, produced by Thomson Reuters, is the world’s leading legal know-how resource for business lawyers, publishing a huge range of guides covering hundreds of jurisdictions and practice areas. The full “Life Sciences Commercialization in Vietnam” section can be found on the Practical Law website.

On May 25, 2023, Laos published Decision on the Registration of Importers and Exporters of Goods No. 0752, which requires importers and exporters to register their activities and the related goods with the Ministry of Industry and Commerce (MOIC). The MOIC’s goal is to create a database to monitor imports and exports and collect data on the flow of goods in and out of Laos. The decision also aims to regulate the import and export of goods to and from Laos by foreign traders who do not have a local presence. Once the decision takes effect on July 6, 2023, import and export of goods will be possible only upon registration by the importers or exporters with the MOIC. This registration requirement is in addition to the current mandate that importers and exporters operating in Laos obtain a Business Operating License from the MOIC. Activities Subject to the Decision Under the decision, the obligation to register applies to individuals and entities that import or export goods for which the revenues and payments are controlled by the government as well as “goods that have a quick impact on the lives of the population.” Although it is not yet clear which products the MOIC has in mind, further clarifications are expected. Under the current regulatory framework in Laos, some goods need an import-export permit prior to crossing the Lao border, in accordance with a 2022 regulation listing goods subject to the permitting requirement. It is possible that the goods regulated by the new decision could be the same as those defined in the 2022 list (see here for a Lao-language list)—such as drugs, medical products, land vehicles, petrol, and hazardous chemicals—but further confirmation and clarification will be necessary to determine this. Importers and Exporters Subject to the Decision The decision applies