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Laos, Vietnam links see airline insurance take off
A delegation from the Lao Department of Civil Aviation and Lao Airlines last week visited the Bank for Investment and Development of Vietnam (BIDV) Insurance Corporation (BIC) in Hanoi, Vietnam.
The delegation was accompanied by the General Director of Lao Viet Joint Venture Company (LVI) Mr Vu Minh Hai, and BIC staff working at LVI.
Lao Airlines Vice President Mr Somsamay Visounnarath, who is in charge of technical issues and insurance at the airline, expressed his appreciation for the warm welcome from BIC.
He congratulated BIC on its success in the Vietnam market and LVI for its success in the Lao market and discussed the potential opportunities created by the cooperation between Lao Airlines, BIC and LVI.
Deputy Director General of the Lao Department of Civil Aviation, Mr Someboun Daosavanh, said that aviation would continue to create advantageous conditions for LVI and other Vietnamese partners to join the aviation insurance market in Laos. He also expressed his hope that the cooperation between LVI and Lao Airlines would continue in 2012.
BIC Acting General Director Mr Ton Lam Tung thanked the delegation for the success of the cooperation between the Lao Civil Aviation Department and Lao Airlines with BIC and LVI in recent years.
He also said that the company aims to expand further into foreign markets, and that BIC is now the only Vietnamese insurance company that has a network covering all of Indochina.
Both of BIC's joint ventures - LVI and the Cambodia-Vietnam Insurance Company (CVI) - have attained leading positions in the aviation insurance markets of Laos and Cambodia and provide insurance services to most airlines operating in the two countries.
In the future, as well as the commercial presence of the Bank of Investment and Development of Vietnam, BIC will continue to increase its market share and expand its brand to the Indochina market in general, particularly Laos.
The Lao delegation also met with the management of the bank and Vietnam Aircraft Leasing Company which was established by BIDV and Vietnam Airlines. The meeting opened up the prospect of BIDV entering the development of the aviation sector in Laos through financing, leasing aircraft and promoting cooperation in the aviation insurance sector.
LVI is a joint venture company established by BIC, BCEL and the Lao-Viet Bank in 2008.
After three years of operations, LVI now ranks second among the top six insurance companies in Laos with annual revenue growth of over 200 percent.
LVI now has nine representative offices in the nine biggest towns in Laos and 134 agents. Recently, LVI signed a US$850 million contract to insure two Lao Airlines A320 Airbus planes.
Prior to this, LVI also signed a US$200 million aviation insurance contract with Lao Air. The two contracts helped LVI become the leading company in the aviation insurance market in Laos.
T he visit has affirmed the role of LVI in the aviation insurance market of Laos and demonstrated the spirit of friendship and cooperation of Lao aviation agencies with LVI and its parent company BIC.
vientiane times
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