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
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