Laos-Vietnam insurance joint-venture company opened

The Laos-Vietnam Insurance Joint-venture Company (LVI) was officially opened in Vientiane on June 21, nearly three months after a joint-venture agreement was reached in March.

LVI has an initial chartered capital of 3 million USD, 29 percent of which came from the Foreign Trade Bank of Laos (BCEL), while 51 percent from the Vietnam Development and Investment Banking Insuring Ltd., Co (BIC).

The same day, LVI held a ground-breaking ceremony to build its headquarters in Vientiane.

LVI said it targeted to hold 30 percent of the insurance market in Laos by 2012, becoming one of the two biggest insurance companies in the country.

VNA

>   Official affirms no depreciation of currency (22/06/2008)

>   Plans market operations, refinancing to slow inflation (22/06/2008)

>   Foreign powerhouses poised for local M&A (22/06/2008)

>   State Bank allows JV bank to raise capital (22/06/2008)

>   Gold, greenback prices unexpectedly plunge (20/06/2008)

>   Central bank plans further monetary policy tightening (20/06/2008)

>   Standard Chartered to expand services (20/06/2008)

>   Banks afraid to declare profit (20/06/2008)

>   Gold price changes 5 times within an hour (19/06/2008)

>   Gov’t warns banks on exchange rates (19/06/2008)