Banks of Vietnam and Laos reach cooperation agreement

Laos’ Foreign Trade Bank (BCEL) and Bank for Investment and Development of Vietnam (BIDV) have agreed to open their branches in each country in an attempt to widen access to their loans for projects on rubber growing, mining and hydro-power plants.

A Memorandum of Understanding underscoring the agreement for the 2008-2011 period, was signed between BCEL Director Sonexay Sithphaxay and BIDV’s General Director Tran Anh Tuan.

Accordingly, the two sides will cooperate in studying investment projects in Laos and consider the possibilities to maintain and increase capital in their joint venture.

Besides, the BIDV will continue to help BCEL develop its information technology system and human resources.

VNA

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