Laos-Vietnam insurance joint venture set up

Vientiane, Mar 31, 2008 (Asia Pulse Data Source via COMTEX) -- -- ? The Bank for Investment and Development of Vietnam (BIDV) announced on March 31 its establishment of the Laos-Vietnam Insurance Joint Venture (LVI) with Lao partners.

A contract to this effect was signed between the BIDV and the Commercial Bank of Laos and the Laos-Vietnam Joint Venture Bank in Vientiane on March 30.

LVI, the first oversea insurance joint-venture by a Vietnamese company, has a total registered capital of 3 million USD, 51 percent of which was contributed by the BIDV.

LVI will be active in non-life insurance and financial investment. The join venture will initially provides insurance products in services of projects and assets of Vietnamese businesses investing in Laos . It also plans to provide services in the future to other clients such as Lao businesses and individuals.

The joint venture targets to hold 30 percent of market share in Laos by 2012 and become one of the two biggest insurance suppliers in this market while expanding its business to other areas such as finance and real estate.

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