Vientiane:The 2nd Ordinary Session of the 10th National Assembly has concluded, approving key government reports on economic performance, public finances, and monetary policy, along with eight draft laws designed to strengthen governance and update the country's legal framework.

According to Lao News Agency, the closing ceremony, held at the National Assembly on October 21, was attended by President Thongloun Sisoulith, Prime Minister Saleumxay Kommasith, National Assembly members from across the country, government officials, diplomatic envoys, and business representatives.

National Assembly President Sonexay Siphandone announced that the session reviewed and approved reports on the 2026 National Socio-Economic Development Plan, the State Budget Plan, and the Monetary Plan, alongside targets for 2027. These approvals establish a framework for the government's next phase of work, focusing on economic development, public financial management, and monetary policy.

During the session, lawmakers elected the President of the National Assembly of the 10th Legislature and the Prime Minister of the Lao PDR, aiming to ensure continuity in state leadership and advance the country's development goals.

The Assembly also approved reports from the State Audit Organization, covering its 2026 work plan, proposed activities for 2027, and audit findings from the 2025 final State Budget. These reports aim to enhance the oversight of public finances and assess the management and use of state funds.

Additionally, lawmakers endorsed performance reports and 2027 work directions submitted by the National Assembly, the State Inspection Authority, the Supreme People's Prosecutor, and the Supreme People's Court.

A significant outcome of the session was the approval of eight draft laws, including a new Law on Deposit Protection and amendments to seven existing laws. These amended laws pertain to the Government, Lao People's Army Officers, Lao People's Public Security Forces, Civil Aviation, Road Traffic, Cybercrime Prevention and Countermeasures, and Alcoholic Beverage Control.

This legislative package addresses a wide range of issues, including public administration, national security, transport, digital safety, and financial protection. The new deposit protection law is notably significant for the financial sector, while the amendments aim to modernize legislation governing key institutions and public activities.

The Assembly emphasized the need to address legal exemptions affecting budget revenue collection and to accelerate efforts to manage public debt and outstanding debts linked to state investment projects. It also urged the government to review mineral extraction concession agreements to enhance contractual requirements and ensure the transparent, complete collection of all applicable fees and obligations.

These outcomes highlight the National Assembly's role in scrutinizing government performance, overseeing public finances, and shaping legislation to advance Laos' socio-economic development. The session concluded with a focus on maintaining stability, promoting economic growth, and gradually improving living standards across the country.