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Lao-Viet Bank boosts trade, cooperation
Services provided by the Lao-Viet Bank are continuing to boost cross-border cooperation and trade between Laos and Vietnam.
Head of the Commission for the Organisation of the Vietnamese Communist Party Central Committee, Mr To Huy Rua, this week expressed his appreciation of the role the bank has played in advancing trade between the two countries over the last 10 years.
During a working visit to Laos, Mr To Huy Rua met with senior officials from the Lao-Viet Bank including General Director Mr Nguyen Kim Dieu, and representatives from partner banks the Bank for Investment and Development of Vietnam and Banque pour le Commerce Exterieur Lao.
Since its establishment in 1999 the bank has made a big contribution to the development of the Lao economy by encouraging cross-border business, trade and investment between Laos and Vietnam by simplifying transactions between the countries, said Mr Nguyen Kim Dieu.
“The bank also provides loans for cooperation projects between the two countries, which further contributes to the economic development of Laos,” he said.
To date, over US$500 million in transactions have passed between the two countries through the bank.
The largest 250 Vietnamese investments in Laos are worth over US$3.7 billion.
The bank itself has assets totalling over US$330 million which have been increasing year on year by 25 to 30 percent since its founding.
The bank is currently lending US$230 million and has deposits totalling US$200 million.
The insurance arm of the bank, the Lao-Viet Insurance Company, is Laos' second largest insurer in terms of market share and has plans for further expansion.
The bank also plans to make its services more customer focused by improving the responsibility taken by staff and through improving service conditions, according to Mr Nguyen Kim Dieu.
He advised bank representatives to pay closer attention to customer service and encouraged them to be globally minded in order to stay competitive in the modern era.
Laos and Vietnam have a longstanding relationship and the bank is a symbol of the economic cooperation between the two countries which is boosting the development of both.
vientiane times
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