Phongsavanh Group, Singapore businesses seek partnership
Phongsavanh Group, Singapore businesses seek partnership
Singapore firms and local Phongsavanh Group are seeking potential business cooperation between two sides.
Delegates from the Singapore Chinese Chamber of Commerce and Industry (SCCCI) and Phonsavanh Group recently met in Vientiane during their business mission to Laos and Cambodia from May 22-27.
The delegation was led by President of SCCCI Mr Ronald Ng and welcomed by Phongsavanh Group and the Management of Phonsavanh Bank.
The business mission to Laos and Cambodia was organised by the Singapore Chinese Chamber of Commerce and Industry, together with the Royal Embassy of Cambodia, Singapore and the Embassy of the Lao PDR, Singapore.
The objectives are to gain an in-depth understanding of the investment environment and first-hand information on doing business in Cambodia and Laos, discover business opportunities and visit the up-and-coming industrial sites and special economic zones; network with key government agencies, business leaders and business associations; to understand Cambodia’s and Laos’ current economic and investment climate and policies, and find partners for meaningful collaborations between Singapore and these countries.
“Today’s discussion will be able to give all delegates some insight and inspiration to want to do business in Laos, a country that is on a positively exciting journey. For PSVG, especially Phongsavanh Bank, we hope that we can also be of your service as far as financial needs and facilities are concerned when you decide to do a business here,” Managing Director of Phongsavanh Bank Mr Bounthan Vongsouli said.
“In fact, we have been doing businesses with our counterparts in Singapore for many years. Through working with them, we have learnt and always admired Singapore as a smart nation with smart, hardworking people practicing good business ethics,” he added.
Mr Bounthan noted that Laos has been growing at a rate of 7.5 percent a year and the government had made significant progress in implementing economic and trade reforms assisting private sector development along with improvements in foreign investment laws to facilitate and promote trade expansion.
With all this effort the macroeconomic situation in Laos had improved significantly over recent decades.
Even though the population of Laos was just over 7 million, the economy was growing steadily and many foreign investors had come in recent years. Moreover, the political landscape in Laos was very stable, therefore, it was a good time for businesses to invest in Laos, he said.
“As for our Phongsavanh Group, over the last 30 years, we have been constantly improving ourselves to respond to the needs of the market. This can be seen by the various domestic, regional and international recognition the bank has received so far,” Mr Bounthan said.
