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Lao-Viet Bank opens branch in Attapeu
The Lao-Viet Bank has opened a new branch in Attapeu province, foreseeing potential business opportunities in the region, especially from Vietnam.
The new branch is located in Vat Luang village, Samakkhixay district, and opened on November 22.
The ceremony was attended by Lao Deputy Prime Minister Somsavat Lengsavad, Deputy Prime Minister of Vietnam Nguyen Xuan Phuc, Deputy Minister of Planning and Investment Thongmy Phomvixay, Vietnamese Ambassador to Laos Dr Ta Minh Chau and local authorities.
Lao-Viet Bank opened the branch because it realised the location was centrally placed to serve the needs of local people and those in nearby provinces. It is also expected the bank's presence will attract more Vietnamese investors by providing a variety of banking services, including credit for businesses and investors.
Lao-Viet Bank sees the potential for growth in the province, especially with the now easy travel to the Vietnamese border. The province has the potential to become an industrial area and economic zone, and providing business banking will encourage this to happen.
The new branch provides various banking services such as deposits, money transfers to local and international banks, currency exchange, ATM, automatic salary payment, Western Union transfers and other services.
The Lao-Viet Bank branch in Attapeu is the third branch in Laos. The others are in Champassak and Savannakhet provinces and there are five branches in Vietnam, including in Hanoi and Ho Chi Minh City.
Lao-Viet Bank is a joint investment between Banque pour le Commerce Exterieur Lao (BCEL) and the Bank for Investment and Development of Vietnam (BIDV), and was formed in 1999. The bank plans to expand its branches to all provinces of Laos by 2015. It currently has registered capital of more than US$37.5 million.
Through its 12 year business operation in Laos, the bank has contributed considerably to economic growth, especially business ventures between Laos and Vietnam. Trade and investment from Vietnam has increased year by year, and many of these businesses operate their ventures through the bank.
Recently, a Vietnamese company started work on the construction of a US$100 million sugar and sugarcane industrial cluster in Attapeu province. These facilities are expected to create 20,000 jobs for local people. There are also more projects being considered in the province by Vietnamese investors.
Attapeu province is located in southern Laos and has a total area of 10,320 square kilometres. The total population is about 120,000 people and Samakkhixay is the provincial capital. Attapeu shares borders with Vietnam in the east, Cambodia in the south, Xekong province in the north and Champassak province to the west.
The province is a home to many ethnic groups, including the Kleum, Katou, Alak, Katang, Tahoy, Nge, Suay and Nyajeung.
vientiane times
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