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145710
Tue, 10/12/2010 - 11:24
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https://oananews.org//node/145710
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Lao Securities Exchange opened
VIENTIANE,OCT.11(KPL)- The Lao Securities Exchange (LSX), a newly capital market of the Lao PDR, was officially opened in Vientiane Capital last Sunday, to bring in an enormous financial source for national development in partnership with a half century of existing financial market.
The LSX is located at Phonthanh Neua village, Saysettha district, Vientiane Capital, which will operate transaction in early 2011.
Well-known local companies have already been registered in the LSX such as Electricite du Laos, Lao Telecom, State Fuel Enterprise, Lao Air, Lao Aviation and Enterprise Telecommunication Lao, Lao World Group, Dao Heuang Group and the Lao Brewery Company.
Mr Dethphouvong Mounrath, Chairman of the LSX, has said that the establishment of the LSX started in 1997 and the National Assembly approved the establishment of the LSX in the sixth five national socio-economic development plan (2006-2010).
The establishment of the LSX has been made under the supervision of Standing Deputy Prime Minister Somsavat Lengsavad.
Standing Deputy Prime Minister Somsavat has highlighted the Lao PDR was currently heading towards the realisation of the seventh five-year national socio-economic development plan (2011-2015). The plan’s key objective is to eradicate poverty, fulfil the UN Millennium Development Goals, and create solid prerequisites for lifting the country out of the Least Developed Country Status by 2020 while laying a good foundation for turning the country towards industrialisation and modernisation. In realising the above-mentioned objectives, it is imperative for us to secure huge amount of funding along with highly-human capital. Based on the lessons learned from advanced economies and in compliance with the national empowerment policy coupled with enhancing external cooperation, our government has decided to establish the Security Exchange and considered it is another financing alternative for the national socio-economic development as well as a complementary tool for financial market in Laos to become more inclusive and move along the common trend of our contemporary world.
“In translating the Government’s policy into action, the Prime Minister has issued a decree on the establishment of the Lao Securities Exchange Commission since its conception, the Lao SEC has been working tirelessly with a focus on the research and establishment of relevant bodies to execute different work tasks which include, among others, the drafting of related legislation, the training of personnel both in the country and overseas, the dissemination of knowledge about the Securities Exchange building,” continued Standing Deputy Prime Minister Somsavat.
Over the last few years of preparations, the Lao Security Exchange Commission has also received assistance collaboration and support from relevant governmental and local agencies, and particularly the Bank of the Lao PDR has made a significant contribution to in terms of personnel, budget and premise in favour of our commission, added the Vice-Premier.
The actual business operation of the Securities Exchange will start from 11 January 2011. In this regard, he earnestly hope that Lao companies as well as Lao people and the securities exchange of friendly countries will join and support further development of Lao Security Exchange’s operations thus contributing to the mobilisation of enormous financing for the national development as well as for promotion of mutually-beneficial cooperation for development between the Lao PDR and countries in the region and the world at large.
The Lao Securities Exchange is a joint venture between Laos and the Republic of Korea. The Lao side holds 51 per cent and the rest is of the Republic of Korea.
The LSX is located at Phonthanh Neua village, Saysettha district, Vientiane Capital, which will operate transaction in early 2011.
Well-known local companies have already been registered in the LSX such as Electricite du Laos, Lao Telecom, State Fuel Enterprise, Lao Air, Lao Aviation and Enterprise Telecommunication Lao, Lao World Group, Dao Heuang Group and the Lao Brewery Company.
Mr Dethphouvong Mounrath, Chairman of the LSX, has said that the establishment of the LSX started in 1997 and the National Assembly approved the establishment of the LSX in the sixth five national socio-economic development plan (2006-2010).
The establishment of the LSX has been made under the supervision of Standing Deputy Prime Minister Somsavat Lengsavad.
Standing Deputy Prime Minister Somsavat has highlighted the Lao PDR was currently heading towards the realisation of the seventh five-year national socio-economic development plan (2011-2015). The plan’s key objective is to eradicate poverty, fulfil the UN Millennium Development Goals, and create solid prerequisites for lifting the country out of the Least Developed Country Status by 2020 while laying a good foundation for turning the country towards industrialisation and modernisation. In realising the above-mentioned objectives, it is imperative for us to secure huge amount of funding along with highly-human capital. Based on the lessons learned from advanced economies and in compliance with the national empowerment policy coupled with enhancing external cooperation, our government has decided to establish the Security Exchange and considered it is another financing alternative for the national socio-economic development as well as a complementary tool for financial market in Laos to become more inclusive and move along the common trend of our contemporary world.
“In translating the Government’s policy into action, the Prime Minister has issued a decree on the establishment of the Lao Securities Exchange Commission since its conception, the Lao SEC has been working tirelessly with a focus on the research and establishment of relevant bodies to execute different work tasks which include, among others, the drafting of related legislation, the training of personnel both in the country and overseas, the dissemination of knowledge about the Securities Exchange building,” continued Standing Deputy Prime Minister Somsavat.
Over the last few years of preparations, the Lao Security Exchange Commission has also received assistance collaboration and support from relevant governmental and local agencies, and particularly the Bank of the Lao PDR has made a significant contribution to in terms of personnel, budget and premise in favour of our commission, added the Vice-Premier.
The actual business operation of the Securities Exchange will start from 11 January 2011. In this regard, he earnestly hope that Lao companies as well as Lao people and the securities exchange of friendly countries will join and support further development of Lao Security Exchange’s operations thus contributing to the mobilisation of enormous financing for the national development as well as for promotion of mutually-beneficial cooperation for development between the Lao PDR and countries in the region and the world at large.
The Lao Securities Exchange is a joint venture between Laos and the Republic of Korea. The Lao side holds 51 per cent and the rest is of the Republic of Korea.
