Vietinbank opens branch in Laos

The Viet Nam Jointstock Commercial bank for Industry and Trade (Vietinbank) opened a branch in Vientiane yesterday.

At the inauguration ceremony, Lao State Bank Governor Somphao Phaysith and State Bank of Viet Nam's Deputy Governor Dang Thanh Binh praised the branch and said they hoped it would help promote economic co-operation, trade and bilateral investment between the two countries, as well as foster their special relationship.

Vietinbank CEO Pham Huy Hung affirmed the branch's operations would be transparent and efficient.

It would become a major commercial bank in Laos to contribute to the country's socio-economic development, he said.

This is the bank's second overseas branch. The other is in Frankfurt, Germany.

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