Laos-Viet Nam insurance JV to set up

Laos-Viet Nam insurance JV to set up

08/01/2008 -- 6:29 PM

Vientiane (VNA) – A principle contract on establishment of Laos-Viet Nam Insurance Joint Venture Company (LVI) was signed in Vientiane , Laos , on January 8.

The signatories include the Bank for Investment and Development of Viet Nam (BIDV), the Bank for Foreign Trade of Laos (BCEL), and BIDV Insurance Company (BIC) and the Laos-Viet Nam Joint Venture Bank (LVB).

Lao permanent Prime Minister Somsavad Lengsavat and visiting Vietnamese permanent Prime Minister Nguyen Sinh Hung also attended the event.

LVI, a step following the success of the Laos-Viet Nam Joint Venture Bank, has an initial charter capital of 3 million USD and an operational duration of 50 years. It provides both life and non-life insurance services.

The insurance joint venture company will initially offer insurance products to Vietnamese businesses operating Laos . It will later provide services for Lao businesses and other investors in Laos.-Enditem

(VNAgency)