Laos-Vietnam insurance joint-venture company opened

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% of which came from the Foreign Trade Bank of Laos (BCEL), while 51% 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% of the insurance market in Laos by 2012, becoming one of the two biggest insurance companies in the country.