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Lao, Thai agricultural banks extend cooperation
The Lao and Thai agricultural banks have agreed to extend their cooperation to further promote agricultural production, trade and cross-border payment for customers.
The Agricultural Promotion Bank (APB) of Laos signed a memorandum of understanding on mutual cooperation with the Bank for Agriculture and Agricultural Cooperatives (BAAC) of Thailand last Saturday in Vientiane.
“The agreement aims to enhance cooperation to facilitate larger business operations and trade cooperation between customers of the two banks,” APB General Director Mr Bouangeunh Phongsavath said at the signing ceremony.
“The customers of the two banks use our cross-border services for trade and payment,” he added.
APB has 17 branches nationwide, including nine in the provinces along the shared border with Thailand, which provide services to both Lao and Thai traders and farmers.
These bordering provinces are Bokeo, Xayaboury, Vientiane, Borikhamxay, Khammuan, Savannakhet, Saravan and Champassak, as well as Vientiane.
Mr Bouangeunh said the two banks began cooperating in 1997, exchanging experiences in human resources development and staff upgrading.
The banks decided to enlarge their cooperation due to their similar responsibilities, financial business operations, and customer bases.
The agreement centres on information exchange and future trade cooperation among customers of the two banks.
BAAC President Mr Luck Wajananawat said “The cooperation will help improve financial services in local communities, providing better opportunities for farmers to access funds.”
“I think that in the future, we will cooperate further to build stronger communities and bring agricultural products to markets. These are important issues that cannot be left alone,” he added.
“If we do not take care to protect farmers, they will all suffer. This is a good opportunity to strengthen the agricultural sectors, especially small-scale farmers, in our two countries.”
BAAC has also shown an interest in the organic jasmine rice grown by some APB customers. “This is something we would like to cooperate on due to the large demand for jasmine rice in all markets,” Mr Luck said.
The two banks have already cooperated in fundraising, deposits, loans, credit, village funds, agricultural promotion, banking and financial management, inspection and staff training.
vientiane times
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