Joint business signal between BIC and Lao Airlines begins

Joint business signal between BIC and Lao Airlines begins

 By Vinnaly

 (KPL) Civil Aviation Department and Lao Airline visited headquartre of Bank for Investment and Development of Vietnam (BIDV) Insurance Joint Stock Corp (BIC) in Hanoi, last week to bid bilateral cooperation in future business.

Lao delegation was co-led by Deputy Director of Civil Aviation Department, Mr. Somboun Daosavanh and General Director of Lao-Vietnam Insurance (LVI), Mr. Vu Minh Hai.

Deputy Director of Lao Airline, Mr. Somsamay Visonnalath who is in-charge of technique and insurance work has highly assessed the previous achievements of BIC in Vietnam and praised the output performance of LVI in Laos.

After a bilateral meeting, two sides would better understand each other, which is a favourable for development and cooperation in business operation in the future.

Mr. Somboun has pledged to continue providing more convenient conditions and special policy for LVI and Vietnamese cooperation partners to join the insurance of Lao Airline.

Acting General Director of BIC, Mr. Ton Lam Tung praised an efficiently bilateral cooperation previously between the Civil Aviation Department and Lao Airline and the BIC and LVI, based on a wide open policy on insurance business to overseas market.

Now, the BIC, a sole company in Vietnam runs their business in Indochinese peninsular, a branch in Laos, name �LVI� and a branch in Cambodia was Cambodian-Vietnamese Insurance. Both of them are classified the leading companies for air insurance.

The LVI, a joint venture company between BIC and Banque pour le Commerce Exterieur Lao and Lao-Vietnam Bank was established in 2008.

After a three-year operation in Laos, the LVI had market share, the second rank out of six insurance companies in Laos earned a surpass income of 200 % yearly.

So far, the LVI has made insurance for two Airbus A320 of Lao Airline, amounting to US$850 million and the LVI has also signed an insurance contract with the Lao Air, in amount of US$200millon.

The visit of Lao delegation to Vietnam, representing the Civil Aviation Department and Lao Airline has had a meeting with executive board of BIDV and a Vietnamese joint venture company for airplane rental (this company has been established by a joint investment between BIDV and Vietnam Airlines).

The bilateral meeting made a satisfactory interesting for BIDV to join investment in the development of Lao Airlines through the approach of financial support, borrowing of airplane and enhancement of existing cooperation on airplane insurance.