The Bank for the Investment and Development of Vietnam (BIDV) hassuccessfully invested abroad, particularly in Laos, according to aleader of the bank.
Phan Duc Tu, BIDV’s General Director,said that besides affiliation with partners from Malaysia, Russiaand Cambodia, economic cooperation in the Lao market has played asignificant role in the bank’s business operations over the past years.
Many Vietnamese firms in Laos agreed that BIDV, through its Lao-VietBank, Lao-Viet Insurance Company and BIDV Representative Office, hasgiven them excellent guidance and advice in accessing the Lao market andexpanding operations there.
Last year, BIDV’s joinventures helped the bank earn 495 billion VND (22.9 million USD), it wasreported at the annual shareholders’ meeting in 2015.
According to Tran Bac Ha, Chairman of the BIDV Board of Directors, thelender was one of the first Vietnamese commercial banks to investabroad, with the formation of the Lao-Viet Bank in 1999. After 15 yearsof operation, the charter capital of the bank rose from an initial 10million USD to 80 million USD in 2014. In the first quarter of thisyear, the figure reached 100 million USD, he added.
Hanoted that currently, with five branches and three transaction officesacross Laos, the Lao-Viet Bank is the second largest bank in thecountry in terms of charter capital, and the fourth in terms ofoutstanding loans.
Meanwhile, the Lao-Viet InsuranceCompany, set up in 2008 with charter capital of 3 million USD, is nowranked the second biggest in revenue, and offers the widest coverage inLaos with 16 insurance supply points and its headquarters inVientiane, Ha said.
The BIDV Representative Office inLaos has served as the most important driving force for thedevelopment of the bank’s international economic connections, heclaimed.
The office has become popular among the Vietnamesebusiness community in Laos, contributing to fostering economicpartnership between the two countries.
At the same time,the BIDV also invested in many major projects in Laos , including a230 million USD project to build irrigation dykes in Luangnamthaprovince. The bank and the Lao-Viet Bank have also committed to providecredits to 23 key projects in Laos totalling 740 million USD.
The BIDV has also spent 220 billion VND (roughly 10 million USD) onsocial and charitable activities in the country, added Ha.-VNA
Phan Duc Tu, BIDV’s General Director,said that besides affiliation with partners from Malaysia, Russiaand Cambodia, economic cooperation in the Lao market has played asignificant role in the bank’s business operations over the past years.
Many Vietnamese firms in Laos agreed that BIDV, through its Lao-VietBank, Lao-Viet Insurance Company and BIDV Representative Office, hasgiven them excellent guidance and advice in accessing the Lao market andexpanding operations there.
Last year, BIDV’s joinventures helped the bank earn 495 billion VND (22.9 million USD), it wasreported at the annual shareholders’ meeting in 2015.
According to Tran Bac Ha, Chairman of the BIDV Board of Directors, thelender was one of the first Vietnamese commercial banks to investabroad, with the formation of the Lao-Viet Bank in 1999. After 15 yearsof operation, the charter capital of the bank rose from an initial 10million USD to 80 million USD in 2014. In the first quarter of thisyear, the figure reached 100 million USD, he added.
Hanoted that currently, with five branches and three transaction officesacross Laos, the Lao-Viet Bank is the second largest bank in thecountry in terms of charter capital, and the fourth in terms ofoutstanding loans.
Meanwhile, the Lao-Viet InsuranceCompany, set up in 2008 with charter capital of 3 million USD, is nowranked the second biggest in revenue, and offers the widest coverage inLaos with 16 insurance supply points and its headquarters inVientiane, Ha said.
The BIDV Representative Office inLaos has served as the most important driving force for thedevelopment of the bank’s international economic connections, heclaimed.
The office has become popular among the Vietnamesebusiness community in Laos, contributing to fostering economicpartnership between the two countries.
At the same time,the BIDV also invested in many major projects in Laos , including a230 million USD project to build irrigation dykes in Luangnamthaprovince. The bank and the Lao-Viet Bank have also committed to providecredits to 23 key projects in Laos totalling 740 million USD.
The BIDV has also spent 220 billion VND (roughly 10 million USD) onsocial and charitable activities in the country, added Ha.-VNA
