Phongsavanh Group receives high-level development awards from government
Phongsavanh Group receives high-level development awards from government
The Lao government has praised the Phongsavanh Group for effectively contributing to national socio-economic development, improving the quality of life of citizens nationwide, playing a vital role in national economic growth, and contributing significantly to various aspects of societal well-being.
“The Group has contributed to national revenue annually and increasingly and has developed business cooperation with other countries,” Deputy Prime Minister Dr Sonexay Siphandone said, speaking at the 35th anniversary ceremony of the foundation of the Phongsavanh Group in Vientiane on Thursday.
Attending the ceremony were officials and representatives from government organisations, embassies to Laos and the private sector, from both Laos and overseas.
At the ceremony, Dr Sonexay Siphandone presented the Order of National Development to Group President Prof. Dr Od Phongsavanh. The Group also received Class 1, 2 and 3 Labour Orders and other medals and certificates of congratulations from the government.
Group representative Mr Chanthone Sitthixay said that over the past 35 years, under the direction of the Lao People's Revolutionary Party and state management, the group was established and performed continuous business, and has been able to achieve many multi-sectoral activities to develop the country.
These achievements resulted from the change in regime and the declaration of the Lao People's Democratic Republic in 1975, in response to the demands of the Party and government to support its strategy of “Protecting and Developing the Country”.
“In the beginning, we faced a lot of problems and faced a high risk with business investment, life insurance and assets, but we definitely decided to make an investment. Initially, we developed from the retail of household utensils and food to serve government staff, the military, police, and especially people living in northern and central Laos,” Mr Chanthone said.
After that, from 1980 onwards, based on the new direction of the government, the Group has developed continuously by increasing the capital of funding step by step, with coordination from its partners.
Over the past three decades, the group has grown step-wise under the founder's vision of conducting a profitable business enterprise, juxtaposed by bettering people's quality of life and consolidating economic expansion. The group has grown remarkably since it diversified into various business sectors of the wood industry, telecommunications, trading, construction, banking and financial institutions, mineral mining, oil and petroleum products, airlines, franchise, innovation, convenience stores, logistics and insurance.
Among the sectors, the wood industry emphasised the export of processed wood, which was closed in 2008 “to follow the direction of the government policy and for the natural preservation and forestry preservation,” Mr Chanthone said.
The Group has participated in the socio-economic development of the country progressively, paying taxes to the government annually. In addition, it is a donor to ministries, organisations and the grass-roots level and has assisted in times of natural disaster such as drought, flooding, national sports activities and important events.
To apply the national policy to the Three Builds initiative, the Group supported the directive by providing loans at low interest rates to farmers to reduce the level of poverty. So the people are happy with the activity and it gives more confidence to the government.
Regarding coordination with foreign countries, the Group has good coordination with Vietnam, Cambodia, China, Russia and Dubai, in the exchange of merchandise and in investment.
“Actually, we have representative offices in Vietnam, China, Thailand, Singapore, Malaysia and Myanmar which have helped Laos to become well known in the region and at the international level,” Mr Chanthone said.
In 2013, the government agreed to establish the basic Political Party of Phongsavanh Group officially and functioning under our respective role. Some comrades are key persons who can give directions on their respective company.
The number of staff and technicians is now over 2,000, which provides more work to young people and to citizens. So these people can participle in the development of the country in accordance with government policy.
“Because of the successful achievement of our activities in the past, the group has received medals and congratulations certificates from the government, especially the Order of National Development,” Mr Chanthone said.
The main cause of achievement comes from respect for the government direction on the promotion of an adequate multi- sectoral economy, particularly the promotion and protection of private enterprises and private individuals. We have had good cooperation and support from ministries, from organisations and from local communities, decision making, overcoming the difficulties facing the group, and support from countries in the region and worldwide.
“Thanks to the cooperation and support from the Party and the government,” Mr Chanthone added.
“In the next coming years, we would like to increase our awareness of the achievement of our objectives and our important plans. For example, from now until 2025 we will provide dif ferent kinds of merchandise to the people, emphasise the promotion of the wide range of the purchase and sale and encourage more people from foreign countries to visit Laos, to establish the complex industrial zone, to perform the commercial products to provide more commercial products to the people and for export, to give more jobs to the community, and to enhance the capability of the technicians.”
