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)

Viet Nam, Laos ink deal on oil exploration

Viet Nam, Laos ink deal on oil exploration

08/01/2008 -- 8:07 PM

Vientiane (VNA) – Viet Nam and Laos have signed a contract on oil exploration in Lao southern provinces of Champasak and Salavan.

Vietnamese Permanent Deputy Prime Minister Nguyen Sinh Hung and his Lao counterpart Somsavad Lengsavat witnessed the signing ceremony held in Vientiane on January 8.

The PetroVietnam Oil Exploration and Production Corporation (PVEP) will be responsible for the exploration work, which covers 14,140sq.km of the two provinces.

PetroVietnam’s Chairman of Management Board Dinh La Thang pledged to cooperate closely with Lao relevant agencies and authorities to successfully implement the contract.-Enditem
(Agency)