The Lao government and Korean investors plan to construct a golf course and resort on an island in the Mekong River in Vientiane Capital in a bid to attract more international tourists. (more…)
On September 27, Lao Bullion Bank celebrated its eagerly awaited Soft Opening Ceremony at its headquarters in Phonsay village, Xaysettha district, Vientiane Capital. This event marked a pivotal moment in Laos’ financial sector, showcasing the government’s strategic initiatives to bolster the nation’s economic stability.
The ceremony saw the attendance of key figures such as Santiphab Phomvihane, Minister of Finance; Atsaphangthong Siphandone, Mayor of Vientiane Capital; Vatthana Dalaloy, Acting Governor of the Bank of Laos; Thongphat Inthavong, Deputy Minister of Energy and Mines; and Chanthone Sitthixay, Chairman and Founder of PTL Holding Co., Ltd. Their presence underscored the widespread support for this new financial institution. The inauguration of Lao Bullion Bank represents a significant milestone in the country’s broader objective of ensuring economic resilience and securing its gold reserves. As the first institution of its kind in Laos, Lao Bullion Bank is poised to play a crucial role in stabilizing the Lao kip’s value and enhancing the government’s capacity to manage its reserves.
Vatthana Dalaloy, Acting Governor of the Bank of Laos, emphasized the launch’s significance, noting that Lao Bullion Bank is integral to the nation’s economic development and financial stability. She highlighted the institution’s alignment with the strategic goals of both the government and the party.
Chanthone Sitthixay, Chairman and Founder of PTL Holding Co., Ltd., expressed confidence in the bank’s forthcoming operations, set to commence by the end of September 2024. He highlighted the collaborative efforts with the Ministry of Finance and the Bank of Laos, ensuring the institution is fully prepared to fulfill its commitments to the public.
In addition, the soft opening also introduced the bank’s initial key services, including Gold Savings Accounts and Gold Vending Machines. The Gold Savings Accounts, available to customers from the launch date, offer a secure and efficient method for managing personal gold investments. However, due to the bank’s early-stage operations, the number of accounts is limited to 50 per day, ensuring careful management during this initial phase.
With the establishment of Lao Bullion Bank, Laos makes a significant stride towards enhancing its financial system, ensuring the stability of the national currency, and promoting long-term economic growth.
Source: https://laotiantimes.com/2024/09/28/lao-bullion-bank-soft-opens-in-vientiane/?fbclid=IwY2xjawFnOu5leHRuA2FlbQIxMAABHckaCt-kmoXodwApZjBcS5IKWElmCDoF8DMi4yrMV3Gy9tih0jHCvbddWQ_aem_8U6kGMskh4X-uHjc9gX0LQ
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Times Reporters
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Work has begun on a $550m logistics park in Laos following an official groundbreaking ceremony held on Friday, the Star newspaper reports.
The project is being built on a 327ha site in Vientiane, close to the Laos-Thailand Friendship Bridge over the Mekong River. When complete, it will be a central element in the Lao Logistics Link, which is made up of the Thanaleng Dry Port and the Vientiane Logistics Park.
The facilities are intended to take advantage of the rail link that connects Laos and China, and in the future will connect with the Bangkok–Nong Khai high-speed railway in Thailand.
Speaking at the ceremony, Chanthone Sitthixay, the chair of the Vientiane Logistics Park Company, said the project was part of an effort to capitalise on Laos’ improved communications with regional and world markets to transform the country from a landlocked backwater to a Southeast Asian trade hub.
He said: “Once construction of the logistics complex is fully complete, I believe it will generate significant benefits for Laos’ socio-economy and people.”
In March, Sitthixay told the project’s investors that he expected the park to swell Laos’ $15.5bn GDP by 20%.
The scheme is being jointly developed by the Lao investment company PTL Holdings, which holds a 70% stake in the scheme, and the Lao and Vietnamese governments.
The park will have seven zones, including a quarantine facility for plants and animals, a tank farm to store liquids, an export processing centre, a 20ha container yard, free trade zone, technology and halal hub, and an administrative area.
Construction of the logistics complex is expected to take up to three years.
Further reading:
Maiden voyage completed on new $6bn China-Laos railway
Laos commissions new feasibility study into rail link with Vietnam
(Global Times) — The cargo transportation volume of the China-Laos railway passed the 10-million-ton benchmark on Monday after achieving a capacity increase for several consecutive months since its launch last December, according to China Railway Kunming Bureau Group.
The launch of the 1,035-kilometer-long transportation line came in response to the need for a logistics upgrade not just between China and Laos but the whole region, and its capacity escalation is direct evidence of its success.
So far, 25 cities and provinces in China have opened transportation service lines for the China-Laos cargo train, and the number of two-way trains dispatched has expanded from just one train per day to six trains, according to the Kunming Bureau Group.
The Lancang-Mekong Express freight train has a speed of 120 kilometers per hour. It departs from Wangjiaying West Station in Southwest China’s Kunming, and arrives in Vientiane, the capital of Laos, in 26 hours.
As an upgrade of the transportation line, the express freight train is more efficient in terms of transportation and can offer reliable arrival times. The cargo delivered by the train now covers Southeast Asian countries including Laos, Thailand, Myanmar and Cambodia.
The goods delivered have also increased from more than 100 types to over 1,200, ranging from electronic devices to fruits, with the cross-border trade value exceeding 12 billion yuan ($1.66 billion).
Source: Vientianetimes Nov 11, 2022 (more…)
