Stock market promises fair recruitment process

Stock market promises fair recruitment process

Mr Dethphouvang Moularat

“The recruitment of support staff must be transparent and fair otherwise no one will trust the operations of the stock market,” the joint venture Chairman and CEO Mr Dethphouvang Moularat told Lao media in Vientiane last week.

He made the comment after being asked by many people to accept their children or other relatives for jobs in the Lao Securities Exchange, a joint venture of the Lao government and Korean Exchange, even though they failed the qualifying exam and were unable to meet the job's minimum requirements.

Mr Dethphouvang said government leaders had advised the exchange to select support staff in accordance with their ability to work in the modern IT equipped facility, so it can deliver high quality services.

Lao and Korean shar eholders have agreed to carefully select support staff and anyone who works in the exchange must have the skills to do the job and be able to perform their dut ies well, he added.

“The market is looking for 17 support staff to work in IT, the legal department and accounting. We need more staff because of the growing number of transactions taking place,” he said.

The deadline for applications will be extended to July 8 so that new university graduates can take the recruitment exam. The stock market expects to hold the exam on July 16 and announce the results on August 1.

The examinees will be able to review the results of their test to ensure the transparency of the exam.

Those who pass will attend a short training course in South Korea before they begin work.

The exchange opened for trading in January this year. Currently just two public companies - BCEL bank and EDL Generation – are listed, though the market expects to add at least one more company at the end of this year.

The number of traders has also increased after the Lao Securities Exchange Commission relaxed its restriction on foreigners buying and selling BCEL shares.

Mr Dethphouvang said the minimum salary paid to staff is 3.2 million kip (US$400). Many people consider employment in the stock market to be highly desirable as it is owned by the government and its Korean partner.

The exchange has also a strong job retention policy, meaning firings will be few and far between.

vientiane times