Japanese Ambassador Koizumi Tsutomu, Assoc. Dr Dexanoulath Sendouangdeth, Ms Kobayashi Miyako and Prof. Dr Phout Simmalavong (centre) attend the handover of newly built laboratories.

Lao Bullion Bank’s public awareness sessions to drive economic stability

The Lao Bullion Bank (LBB)  organised a public awareness and mobilisation meeting in Vientiane that focused on the successful establishment and ongoing development of the bank.
The public awareness meeting held on May 2 also aligned with an important directive issued by President Thongloun Sisoulith in July 2024 for reducing foreign currency usage and promoting gold as a national reserve.
The high-level event, which was presided over by the President of the Lao Front for National Development (LFND), Dr Sinlavong Khoutphaythoune, was aimed at promoting understanding of, and encouraging public participation in, the newly established Lao Bullion Bank’s operations.

Dr Chanthone Sitthixay.

Dr Sinlavong Khoutphaythoune.

The meeting drew a wide range of stakeholders, including representatives from key government bodies such as the Office of the Lao Party Central Committee, the National Assembly, the Prime Minister’s Office, the Ministry of Finance, and the Bank of the Lao PDR (BOL).
Officials and representatives of the Ministries of Industry and Commerce and Planning and Investment, the Vientiane Capital Administration Office, the Lao National Chamber of Commerce and Industry (LNCCI), commercial banks, gold traders and business entities also attended the event.
The meetings primary objective was to elaborate on the successful establishment and development of the LBB, which aligns with the important directive issued by President Thongloun during the government’s expanded meeting in July 2024.
This directive emphasised the urgent need to reduce foreign currency usage, promote gold as a national reserve, and establish a Lao Bullion Bank as a key measure to ensure national economic stability.

Dr Sinlavong underscored the government’s commitment to strengthening the national monetary system and fostering sustainable economic growth through the gold bank initiative.
He highlighted the collaborative efforts of the government, represented by the Ministry of Finance and the Bank of the Lao PDR (BOL), and PTL Holding Co Ltd in realising this vision.
The LBB is meant to unlock financial potential, bolster the Lao kip, mobilise capital and enhance liquidity for national development projects.
Key areas of focus include infrastructure, agriculture and industry. The bank aims to elevate Laos’s gold management practices to international standards, offering services such as gold deposit accounts, gold-backed loans, and gold certificates.
This is expected to enhance the country’s gold industry, making it a competitive player regionally and internationally, and attracting domestic and foreign investment.
The LBB officially launched its services in Vientiane in December 2024 and is working towards its goals of accumulating gold reserves and supporting sustainable economic development.
The bank’s offerings include gold deposit accounts, gold loans, and gold certificates that can be used as collateral.
During the meeting, Dr Sinlavong called on the LFND to actively support the gold bank by raising public awareness and understanding.
He urged the public to actively participate in gold and emphasising its role in national economic stability.
The session featured open discussions and inquiries regarding the bank’s operations, reflecting strong interest from various sectors. Participants engaged in a constructive dialogue and shared the common goal of ensuring the success of the LBB.
A key message conveyed at the meeting was the importance of public trust and confidence in depositing gold with the bank, and assurances were given that its operations are transparent and in line with the Laos’s banking laws, thus offering a secure alternative to storing gold privately.
The establishment and successful operation of the LBB are seen as pivotal in stimulating Laos’s economic growth by creating a national gold reserve, developing the gold industry and market, and positioning Laos as a regional and international hub for gold trade and investment.

By Times Reporters
 (Latest Update May 6, 2025)