Vientiane (VNA) – 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 charter 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.