02 Dec, 2024

Lao Bullion Bank Officially Opens Its First Financial Institution in Laos

On 2 December, a ceremony was held to celebrate the official launch of Lao Bullion Bank at the office building in Ban Phonxay, Xaysettha District, Vientiane Capital, with the participation of Sonexay Siphandone, Prime Minister of the Laos, and leaders of the Party and State, representing various ministries and organizations, along with the leadership and all responsible parties of Lao Bullion Bank, who jointly participated in organizing and celebrating this important ceremony.The official opening of the Lao Bullion Bank is an important step in contributing to the organization and implementation of the determination of the Lao Party and Government to have a strong bank to fulfill its role in reserving gold to ensure stability and create financial and treasury liquidity, guarantee the value of the Kip currency at a stable level, and contribute to raising Lao industrial standards up to international standards, increasing the value of resources to maximize value and benefits, and creating economic stability for the Laos to become stronger and develop sustainably and civilize.Chanthone Sitthixay, Chief Executive Officer of Lao Bullion Bank, said: The official opening of Lao Bullion Bank demonstrates the strong commitment and solidarity between the Party, State, and the Lao people in focusing on solving the economic and financial difficulties that our country is facing, gradually easing and eliminating them in the future. To ensure standard and professional services, Lao Bullion Bank has collaborated with relevant government departments, especially the Ministry of Finance and the Bank of the Laos, as well as trade partners from both domestic and international, including banks, financial institutions, and precious metals enterprises, to be fully equipped in terms of management and modern equipment in accordance with internationally accepted standards. Lao Bullion Bank is ready to provide a variety of products and services that are easily accessible to everyone, such as gold deposit accounts, loans, issuing certificates to be used as collateral, accepting gold deposits with secure storage rooms and high-end safes, transporting valuables, even gold vending machines, and others.In addition, it is ready to provide a variety of products such as gold trading services on an international digital platform (International Gold Trading), gold refining, and valuation of unmined gold ores to be valued as assets for the government budget and gold reserves for the nation in the future.After the ceremony at the Bank of Laos office building, the official opening ceremony continued at the Landmark Riverside Hotel, with the honor of being witnessed by Saleumxay Kommasith, Deputy Prime Minister of the Laos, and Party and State leaders representing ministries and organizations, as well as leaders representing banks, enterprises, and entrepreneurs who are partners of Bank of Laos from both domestic and foreign countries, as well as customers of Bank of Laos who enthusiastically participated.Lao Bullion Bank has signed business and strategic cooperation agreements with banks, financial institutions, and precious metals companies to jointly create factors and cooperation mechanisms to serve as an important foundation for contributing to the country’s future development.Vathana Dalaloy, Acting Governor of the Bank of Laos, commented that the Lao Bullion Bank is important in the economic system, so she agreed to allow it to operate a gold bank business as an element of the financial-monetary system, contributing to maintaining financial stability and socio-economic development of the Laos. The Bank of Laos is the macro-regulator of gold banks under the Law on Commercial Banks. Based on the law, the Bank of Laos issued an Agreement on the Business of Gold Banks that sets out the principles, regulations, and measures for the business operations of Gold Banks to serve as a basis for providing Gold Bank products efficiently and transparently and growing strongly to contribute to the continuous development of the financial and socio-economic institutional system of the Laos.The official opening of the Lao Bullion Bank is an important milestone that demonstrates the will, commitment, and joint efforts to contribute to the development of a strong financial and treasury system capable of regional and international integration, as well as to promote economic activities to grow continuously and sustainably in line with the Party and Government’s socio-economic development policies, which are the national agenda, to increasingly become a reality.

27 Nov, 2024

Laos Earns Over 200 ASEAN Tourism Awards, Global Acclaim

Laos continues to shine on the global tourism stage, earning 219 ASEAN Tourism Standards Awards for its dedication to sustainability and exceptional travel experiences. On 26 November, Minister of Information, Culture, and Tourism Suansavanh Viyaket announced these achievements, highlighting areas such as green hotels, clean tourism cities, and community-driven tourism.The prizes include 113 ASEAN Green Hotel Awards, 12 People’s Homestay Awards, 10 Communities’ Participatory Tourism Awards, Seven Clean Tourism City Awards, 34 Event Venue Awards, 12 Spa Awards, 22 Public Toilet Awards, and six Sustainable Tourism Awards.In addition, The country has graded 151 accommodation facilities, including five-star hotels and local guesthouses, while over 1,300 businesses have been certified under the LaoSafe hygiene and safety program.Adding to its accolades, Lonely Planet recently ranked Laos 4th among its Top 30 Places to Visit, spotlighting its natural beauty, rich culture, and eco-friendly tourism efforts.