Malaysia Gold Association (MGA) has signed a Memorandum of Understanding (MoU) with Lao Bullion Bank (LBB) and the Gold Jewelry and Gem Association of Laos (LGA), marking the first-ever gold industry alliance between Malaysia and Laos.
The agreement was formalised during the inaugural Lao Gold Festival 2025 in Vientiane, witnessed by Laos Prime Minister Sonexay Siphandone. MGA was represented by its president, Dato’ Seri Louis Ng, while LBB was represented by deputy chief executive officer Souphaphone Souannayong and LGA by its president Phouvong Phamisith.
The tripartite partnership aims to advance bilateral trade, knowledge exchange and joint market development. It brings together Malaysia’s role as a leading jewellery exporter with Laos’ growing position in the regional bullion market.
During the four-day visit, MGA also held discussions with Laos’ Ministries of Industry and Commerce, Technology and Communications, and Finance, as well as the Geology and Mine Department. The meetings covered regulatory developments and explored opportunities for deeper cross-border collaboration in the gold sector.
Malaysia’s gold ecosystem is among the most developed in the region, with annual domestic demand averaging about 50 tonnes, jewellery fabrication of 40 tonnes, and exports to international markets. It benefits from exemptions on import and export duties, Sales and Services Tax (SST), and Value-Added Tax (VAT) on bullion and jewellery.
MGA is also working with the World Gold Council on a Malaysia Best Practice Framework to strengthen responsible sourcing and governance standards, supporting Malaysia’s position in the global gold industry.
Dato’ Seri Louis Ng said the partnership with LBB and LGA marked a historic milestone, noting that the collaboration set the foundation for ASEAN to build a stronger role in the global gold market.
The MoU commits all parties to transparency, ethical conduct and sustainable growth, while positioning ASEAN for greater integration in the international precious metals sector.
