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LaoVietBank helps connect Vietnamese, Lao economies

The Lao Viet Joint Venture Bank (LaoVietBank) has become a bridge connecting the economies of Vietnam and Laos over the past years and a symbol of the bilateral special friendship.
LaoVietBank helps connect Vietnamese, Lao economies ảnh 1Lao Deputy Prime Minister and Minister of Finance Somdee Duangdee (M) awarded the Labour Order, first class, to the LaoVietBank. (Photo: VNA)

Vientiane (VNA) – The Lao Viet JointVenture Bank (LaoVietBank) has become a bridge connecting the economies ofVietnam and Laos over the past years and a symbol of the bilateral specialfriendship, Lao Deputy Prime Minister and Minister of Finance Somdee Duangdeehas said.

The Lao Deputy PM made the statement at aceremony held by the bank in Vientiane on June 22 to receive a first-class LabourOrder presented by the Lao State and celebrate its 20th founding anniversary(June 22, 1999-2019).

The event was attended by Chairwoman of theNational Assembly Pany Yathotou, Minister of Planning and Investment SuphanKeomixay and Governor of the Bank of the Lao PDR Sonexay Sitphaxay. VietnameseAmbassador to Lao Nguyen Ba Hung, Minister of Planning and Investment NguyenChi Dung and Deputy Governor of the State Bank of Vietnam Dao Minh Tu were alsopresent at the ceremony.

Over the past 20 years, LaoVietBank has proveditself as a leading payment bridge between Vietnam and Laos by providing avariety of multi-purpose and useful financial services for businesses andpeople of both countries, making significant contributions to promoting Laos’socio-economic development, Somdee Duangdee said.

He added that the bank has implemented the taskof disbursing aid packages for construction projects of transport, schools, andhospitals while providing numerous financial services and products forenterprises and people to help promote bilateral trade and investment.

LaoVietBank General Director Nguyen Van Binhsaid the bank will continue promoting its role as a payment bridge between thetwo economies, and it will work harder to remove difficulties in bilateralpayment activities for Vietnamese and Lao businesses.

LaoVietBankis a joint venture between the Bank for Investment and Development of Vietnam(BIDV) and Banque Pour Le Commerce Exterieur Lao Public (BCEL).

According toGovernor of the Bank of the Lao PRD Sonexay Sitphaxay, the bank has gainedsignificant achievements since its establishment 20 years ago.

From theinitial capital of 10 million USD, the charter capital of LaoVietBank hasreached 100 million USD at present, becoming one of the biggest banks in termsof charter capital in Laos, he said.

Its total assets are estimated at 1.12 billionUSD, ranking third among the largest banks in Laos.

The totaloutstanding loans reached almost 800 million USD, ranking second in the creditmarket share in Laos, while the total mobilised capital reached approximately 1billion USD, raking third in the market share.

The bank’s network has been expanded to nine outof the cities and provinces of Laos, he added.

On thisoccasion, the Lao Party and State also presented four second-class Labour Orders,five third-class Labour Orders and five Friendship Orders to officials andemployees of LaoVietBank.

The StateBank of Vietnam awarded the emulation flag to LaoVietBank as the leading unitin the emulation movement in 2018.-VNA
VNA
#Lao Viet Joint Venture Bank (LaoVietBank) #bilateral special friendship 𝄹#Lao Deputy Prime Minister and Minister of Finance Somdee Duangdee #Labour Order ꧂#Bank for Investment and Development of Vietnam (BIDV) #Vietnamplus #Vietnam News Agency Laos Vietnam

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