Laos pledges help to Vietnamese banks

The Bank of Laos will create the most favourable conditions for Sacombank and other Vietnamese commercial banks to expand their operation networks in Laos in the future, said its Deputy Governor Bounsong Sommalavong.

Deputy Governor Sommalavong, who is in Vietnam from August 18-22 to explore Vietnam’s banking and securities market activities, made the pledge during his working session with the Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank).

Earlier, the State Bank of Vietnam gave the nod to Sacombank to open its branch in Laos and Cambodia. The bank is striving to put its branch in Laos into operation by the end of this year.

The opening of Sacombank branch in Laos is expected to facilitate trade between the two countries.

Vietnam currently ranks fourth among foreign investors in Laos.

VNA

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