Saysamone Chanthachack, Laos

Deputy Secretary-General, Securities and Exchange
Commission of the Lao PDR (SECO), Bank of the Lao PDR
Public Policy Program (’98)

Ms. Saysamone Chanthachack was appointed as Deputy Secretary-General of the Securities and Exchange Commission (SECO) of Lao PDR in early 2010. The SECO was established under the umbrella of the Bank of Lao PDR in late 2009 and is the supervising authority for the securities market. Laos, one of the world’s few remaining communist countries is about to take a great leap into the global capitalist marketplace with the recent launch, on 10-10-10, of a stock exchange. The Lao government decided to set up the securities exchange after learning from many countries of the important role played by stock markets to help countries mobilise funds for socio-economic development. It is hoped that the Lao Securities Exchange, a joint-venture between Laos and Korea, that will start its full operations from early next year (11-1-11) will provide a much-needed boost to the economy by injecting capital into the high-potential growth sectors, especially in the hydro-power and mining industries, to be followed by telecommunications and manufacturing firms.

Ms Chanthachack joined the Bank of Lao PDR in 1993, immediately after she graduated with a Master of Economics degree from the Russian Kuban State University. She spent the first seven years of her career working at the Monetary Policy Department of the Bank. In 1997, she was selected to pursue further studies at GRIPS’ predecessor, the Graduate School of Policy Science (GSPS) at Saitama University from which she graduated with a Master of Public Policy degree in 1998. Upon returning to Laos, Saysamone continued working for the Bank’s Monetary Policy Department but moved to the Depositors Protection Fund in 2000. Eager to further develop her skills, knowledge and insights, she went to Australia and enrolled at Flinders University, from which she obtained her third Masters degree in 2006, this time in International Business Administration. After her graduation, now a highly skilled and experienced banker, Saysamone once again returned to where she started her career, the Monetary Policy Department, and was soon appointed Deputy Director General. Her responsibilities have included analyzing monetary and exchange rate policy implementation and providing technical advice and options to the Governor regarding policy measures and instruments to be used; monitoring internal and international foreign exchange market development; controlling money supply through reserve money programming; and monitoring internal and international financial market developments.

In her current capacity of Deputy Secretary-General of the Securities and Exchange Commission Ms Chanthachack is responsible for overseeing two divisions, the Securities Company Supervision Division and the Issuing Company Supervision Division. To our question what she sees as the main challenges for Laos over the course of the next five to ten years, she answers: “As you know the Securities and Securities Market is new for me and for the country as whole. We are at the very early stages of establishment and development. Of course, there are many challenges for Laos in the future, among them are the lack of skilled staffs for the stock market operation and supervision; the lack of standards for a proper legal framework; and insufficient infrastructure necessary for the efficient operation of the securities market.”

Saysamone is grateful that she could use and implement what she learned in Japan from her studies at GSPS, Saitama University and from her classmates through sharing views and experiences – and hence has been able to contribute to the further development of the Lao PDR. And “I could learn how to work as a team effectively to overcome challenges”, says Saysamone.

Among the things she misses about Japan, Saysamone mentions the culture, lifestyle, and honesty and kindness of its people. In her spare time, she enjoys doing house work and taking care of the kids. To maintain the balance between life and work is not always easy but “I have to distinguish between career and family. I set targets on them and pay much attention on what I am doing to achieve goals”.

And finally, Saysamone’s advice to current GRIPS students: “You could be upset sometime, but please do not give up; be proud of what you have achieved and think of tomorrow”.