The Lao Development Bank and the Sacombank Securities of Vietnam inked here last Friday an agreement on establishing the Lane Xang Securities Public Company.
The move is said to prepare for the competition of stock market in Laos in the near future.
Signatories to the agreement were Director of the Lao Development Bank, Mrs. Bounta Dalavy, and President of the Sacombank Securities(Sacombank -SBS), Nguyen Thanh Hung. The Vietnamese company holds 51 percent of the newly established securities company meanwhile the LDB takes the rest 49 percent.
Bank of the Lao PDR Governor, Mr. Phouphet Khamphounvong, said that the possible securities company would play as a key element in the Lao Stock Market. The Lao Stock Market is reportedly to open in January next year.
"The LDB is glad to cooperate with the Sacombank Securities of Vietnam, which is the first securities company of Vietnam. Its service is most reliable to Vietnamese people and it has capital and technological stabilities," said Mrs. Bounta.
"After the signing, both sides are going to form a committee responsible for establishing the Lane Xang Securities Public and the committee will prepare relevant legal documents and submit them to the government for consideration", add Mr. Bouneta.
The signing was witnessed by the Vietnamese Ambassador, Mr. Ta Minh Chau, and relevant officials of both sides./.