The Law on Investment Promotion No. 14/NA (LIP) became effective in Laos on April 19, 2017, and aims to support both domestic and international private investors by providing a more seamless process for business applications, licensing, and government approvals. Changes in the LIP are applicable to all investors, regardless of nationality, but do not apply retroactively to businesses currently operating in the country. Indeed, every benefit granted and contract entered into under the old law remain applicable until the end of their contractual terms.