Laos-Viet Nam Bank on firm footing

Party Central Committee's Politburo member Pham Quang Nghi has commended the Laos-Viet Nam JV Bank for its efficient business performance and active engagement in social welfare activities in Laos.

Nghi, who is also Secretary of Ha Noi Party Committee, called at the bank on Sunday during his five-day visit to Laos.

He also expressed his hope that the bank would maintain its position and prestige by strengthening competitiveness and complying with Party and Government policies as well as local law, thus contributing to the special friendship ties between the two countries.

The bank was established in June, 1999 by the Bank for Investment and Development of Viet Nam and the Lao Bank for Foreign Trade.

At present, the bank's total assets are over US$540 million, 35 times as much as when it was founded, with an annual growth rate of more than 30 per cent and nearly $375 million in mobilised capital.

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