The matter is not yet clearly defined. In a related issue, they are looking into the feasibility of a legal basis and the matter is under discussion. It would be welcome news however it would not be completely permitted in all areas.
Firstly, foreigners must be able to invest at least $500,000 and high taxes might be levied at a higher rate compared to local people. Additionally in an effort that seems geared to encourage foreign investors to outlying areas.
Tax rates may be applied differently, depending on the locality, industrial area, or the form of investment.
It has not been finalized yet, however it seems that lao government is attempting to develop the more remote parts of the country by drawing foreign investment. There has been an ongoing discussion of the details including ownership of land and application of tax free status.
The lao government would take action to limit the possession of land in metropolitan areas by charging very high taxes. Please watch this page for updates regarding the confirmation of article 59 of the new investment law.