Latest news with #ChanthoneSitthixay
The Star
26-05-2025
- Business
- The Star
Laos and Malaysia establish strategic rail-sea trade link
VIENTIANE (Vientiane Times/ANN): Laos and Malaysia have established a strategic partnership to boost cross-border trade via a rail-sea route, with the exchange of a Memorandum of Cooperation between Penang Port Sdn Bhd (PPSB) and Thanaleng Dry Port (TDP) in Malaysia on Sunday. The document was exchanged between MMC Port Holdings Sdn Bhd Chief Executive Officer Datuk Azman Shah Mohd Yusof and PTL Holding Co., Ltd. (PTLH) Chairman and Founder, Dr Chanthone Sitthixay, witnessed by Prime Minister Sonexay Siphandone and his Malaysian counterpart Datuk Seri Anwar Ibrahim, Bernama reported on the day. The Lao Prime Minister is in Malaysia on an official visit that includes attending the 46th Summit of the Association of South-East Asian Nations (Asean) and related meetings, scheduled to take place on May 26-27, at the invitation of PM Anwar. The partnership between the two companies is part of the broader effort to bolster economic ties between the two Asean members and the rest of the region. PPSB is a subsidiary of MMC Port, while PTLH is the parent company of Vientiane Logistics Park Co., Ltd., which manages the Thanaleng Dry Port - Laos' integrated logistics centre and the single window customs clearance point on the Laos-China Railway. The partnership is part of a broader initiative under the regional Pan-Asia Railway Network, integrating the China-Laos Railway to create a strategic trade route linking southern China through Laos and Thailand, to Malaysia's west coast. Thanaleng Dry Port managing director Sakhone Philangam told Bernama that the collaboration marked a significant milestone in transforming Laos into a key logistics player, building on its landlocked status. He expected that the partnership would benefit Laos economically, as the country's small-scale economy needs to rely on higher trade volumes through cooperation with regional players like Malaysia and China. 'In logistics, you need agglomeration and massification. We don't have that volume, so this partnership will enable us to tap into a larger logistics network,' he was quoted as saying. The collaboration will involve the sharing of operational knowledge, joint marketing efforts, system integration, simplification of documentation processes, harmonisation of infrastructure, and short-term personnel exchanges. MMC Port is a holding company that operates five ports across Peninsular Malaysia, namely the PPSB, Port of Tanjung Pelepas, Johor Port Bhd, Northport (Malaysia) Bhd, and Tanjung Bruas Port Sdn Bhd, making it Malaysia's largest port operator. Meanwhile, PTLH is a major Lao conglomerate that operates a wide range of businesses including logistics, finance, railway, industrial and investment zones, and gold (Bullion Bank). Azman Shah said the initiative, which is aligned with efforts to enhance ASEAN connectivity, will reduce transit times and logistics costs, improve supply chain efficiency, and boost regional economic growth. 'We are pleased to contribute to Thanaleng Dry Port's efforts to realise Laos' national strategy to transform from a land-locked country to a land-linked nation,' the CEO was quoted as saying. This is the second partnership that the Thanaleng Dry Port has secured with a Malaysian company. Earlier, it signed an agreement with Mutiara Perlis Sdn Bhd to facilitate inland port services, leveraging the existing multimodal integration including the rail network of which the TDP is a vital part. Containing the standard-gauge Laos-China Railway and the one-metre gauge Laos-Thailand rail track that run side by side to enable seamless connection, Thanaleng Dry Port has facilitated rail freight expresses linking Malaysia to several Chinese cities, bolstering cross-border trade. In 2024, total bilateral trade between Laos and Malaysia exceeded US$43 million, up from just US$30 million in 2023, according to the Lao Ministry of Foreign Affairs. Malaysia is Laos' fourth-largest foreign investor, with total investments amounting to US$946 million across 88 projects, in sectors including renewable energy, transport, telecommunications, construction, banking and hospitality. - Vientiane Times/Asia News Network
The Star
10-05-2025
- Business
- The Star
Laos sets sights on becoming Asia's gold trading powerhouse
VIENTIANE (Laotian Times): Laos has set a big goal: to become the main centre for buying, selling, and processing gold in Asia within the next five years. At a high-profile meeting on 02 May, the Lao Bullion Bank (LBB) presented its ambitious strategy to position the country as a regional leader in precious metals. At the gathering, Chanthone Sitthixay, Chief Executive Officer of LBB, outlined the bank's vision to establish economic and financial stability by transforming Laos into a gold trading hub and a frontrunner in precious metal refining across Asia by 2030. Laos stands as one of South-East Asia's most gold-rich nations, currently ranking third in gold production among Asean countries and sixth across Asia. Initial surveys have revealed an extraordinary potential, between 500 to 1,000 metric tons of untapped gold reserves scattered throughout the country. Once confirmed and certified by international geological and mining standards, these reserves could translate into national gold stockpiles valued at an estimated US$50 to US$76 billion. This would provide Laos with a substantial strategic reserve, boosting the country's financial security and capacity for economic growth. Since its launch in December 2024, Lao Bullion Bank has advanced its mission by supporting sustainable economic development through gold-based financial services, including gold deposit accounts, gold-backed loans, and gold deposit certificates that can be used as collateral. - Laotian Times
Arabian Post
08-05-2025
- Business
- Arabian Post
Laos Charts Bold Course to Lead Asia's Gold Trade
Laos has unveiled an ambitious plan to transform itself into a central hub for gold trading and refining in Asia by 2030, spearheaded by the Lao Bullion Bank . This initiative aims to bolster the nation's financial stability and elevate its standing in the global precious metals market. At a strategic meeting held on 2 May, LBB's Chief Executive Officer, Chanthone Sitthixay, detailed the bank's vision to establish Laos as a leader in the precious metals sector. The plan encompasses the development of comprehensive gold trading platforms, refining capabilities, and secure storage solutions, aligning with international standards to attract both regional and global investors. The Lao Bullion Bank, officially launched in December 2024, represents a significant step in the country's economic strategy. The bank's establishment is a collaborative effort between the Lao government and PTL Holding, with the government holding a 25% stake and PTL Holding owning the remaining 75%. This partnership underscores a commitment to enhancing the nation's gold reserves and stabilising the local currency, the Kip. Since its inception, LBB has introduced various services, including gold deposit accounts, loans backed by gold collateral, and gold vending machines. These offerings aim to integrate gold more deeply into the financial system, providing citizens with alternative investment options and contributing to economic resilience. To strengthen its position in the regional market, LBB has entered into strategic partnerships with key industry players. In October 2024, the bank signed a Memorandum of Understanding with the Singapore Bullion Market Association , focusing on knowledge exchange and regulatory collaboration to enhance Laos's bullion market infrastructure. Additionally, a partnership with StoneX APAC was established to leverage technological expertise and develop new financial products tailored to the precious metals sector. In March 2025, LBB further expanded its network by partnering with Samlane Jewelry, a prominent local gold retailer. This collaboration aims to standardise gold trading practices within the country and facilitate smoother transactions for investors and consumers. As part of this initiative, a promotional campaign was launched, offering incentives to customers who deposit gold with the bank, thereby encouraging public participation in the formal gold market. The bank's efforts are also directed towards refining unmined gold ores, transforming them into valuable assets that can contribute to the national budget and reserves. By doing so, Laos seeks to maximise the value derived from its natural resources, ensuring sustainable economic growth and financial independence. LBB's establishment and its subsequent initiatives reflect a broader governmental strategy to integrate Laos more fully into the global financial system. By positioning itself as a central player in the precious metals market, Laos aims to attract foreign investment, enhance its economic stability, and offer its citizens diversified financial services.
