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Lao-Viet Bank marks 14th anniversary
The Lao-Viet Bank and the Lao-Viet Insurance Company hosted the 14th anniversary of the bank and the 5th anniversary of establishment of its insurance arm last Friday, celebrating ongoing business growth i n Laos.
Prime Minister Thongsing Thammavong and Deputy Minister of Foreign Affairs, Dr Sounthone Sayachack, were among the distinguished guests present, along with representatives from the Embassy of Vietnam to Laos.
Also present were senior representatives of the Bank for Investment and Development of Vietnam and the Banque pour le Commerce Exterieur Lao Public (BCEL).
Prime Minister Thongsing delivered an address dur ing the ceremony, congratulating the Lao-Viet Bank and the Lao-Viet Insurance Company for their significant achievements over the past years and their contribution to socio-economic development in Laos.
“The two organisations have made impressive achievements in the past years and I hope that more successful results will follow in the years to come,” he said.
Lao-Viet Bank was established in 1999 by the Bank for Investment an d Development of Vietnam and BCEL.
A senior banking officer told the gathering that the bank has made significant achievements over the past decade in terms of the business growth, profits and its contribution to economic development in Laos.
He said Lao-Viet Bank acts as a bridge for transactions between the two countries and th e exchange of Lao kip and Vietnamese dong, serving both country's economies, trade, investment, businesses and people.
“The bank is constantly developing in the field of banking services, especially the installation of the core banking system in 2012, which is an advanced banking system to serve the needs of customers,” the official said.
Lao-Viet Insurance Company is a joint venture company established in 2008 by the Bank for Investment and Development of Vietnam's Insurance Company, BCEL and the Lao-Viet Bank.
Currently, Lao-Viet Insurance has more than 10 service units in different provinces throughout the country.
In 2012, the company covered 30 percent of the Lao insurance market, enjoying 80 percent growth in automotive insurance and 100 percent growth in insurance of hydropower dams under government ownership.
At the same event, Lao-Viet Bank also agreed to provide funds of US$320 million to the Lao Petroleum Company to construct 17 bulk fuel storage depots, one each for the res pective provinces throughout the country.
LVI also signed an insurance agreement with the Xekaman I Hydropower Company, which runs one of numerous large-scale hydropower dams in Laos.
vientiane times
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