National Assembly (NA) Chairman Vuong Dinh Hue visited the Lao - Viet Bank (LVB), the commercial representative of the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) in Laos, in Vientiane on May 15.
NA Chairman Vuong Dinh Hue (eighth from left) presents a gift to a representative of the Lao - Viet Bank on May 15. (Photo: VNA)
Vientiane (VNA) – National Assembly (NA) ChairmanVuong Dinh Hue visited the Lao - Viet Bank (LVB), the commercial representativeof the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV)in Laos, in Vientiane on May 15.
LVB was established on June 22, 1999 and had charter capitalof 791.3 billion LAK (100 million USD at the date of capital contribution).
Present in nine of the 18 provinces and cities in Laos, it isVietnam’s leading commercial bank and also one of the three largest financialinstitutions in the country, with total assets currently approximating 1.1billion USD - ranking third in the local banking system.
Speaking highly of the bank’s development over the last 23years, Chairman Hue, who is paying an official visit to Laos, said BIDV shouldhelp promote investment and give advice to Vietnamese firms planning toinvest and do business in Laos.
As bilateral trade stands at only 1.3 billion USD at present,much lower than the target of 2 billion USD, enterprises should make use of theLao market, which is in close proximity to Vietnam. Aside from credit services,BIDV and its LVB need to develop non-credit ones so as to help achieve thattarget, he went on.
The great friendship, special solidarity, and comprehensive cooperationbetween Vietnam and Laos are an exemplary and rare relationship in the worldand also a valuable asset that needs to be further solidified, he noted,suggesting BIDV capitalise on its knowledge about local customs to makedevelopment breakthroughs, thereby helping make bilateral economic, trade, andinvestment partnerships on par with the sound political ties.
The top legislator also expressed his hope that BIDV and LVBwill continue fulfilling their social responsibility and contributing toagriculture, rural development, and poverty reduction in Laos./.
Chairman of the National Assembly (NA) Vuong Dinh Hue will lead a high-ranking delegation of Vietnam to pay an official visit to Laos on May 15-17 at the invitation of his Lao counterpart Xaysomphone Phomvihane.
Results of cooperation between the Ministries of Planning and Investment, as well as the Cooperation Committees of Laos and Vietnam in recent years have made important contributions to the development of the two countries’ relations, Lao Minister of Planning and Investment Khamjane Vongxa said on May 13.
Prime Minister Pham Minh Chinh met with his Lao counterpart Phankham Viphavanh in Washington D.C on May 13 afternoon (US time) on the occasion of their attending the ASEAN-US Special Summit.
Pasaxon, the organ of the Lao People’s Revolutionary Party (LPRD), has published an article on the official visit to Laos by Vietnamese National Assembly Chairman Vuong Dinh Hue, describing the trip as an important event in the history of the two countries’ traditional relations.
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NA Chairman Vuong Dinh Hue (eighth from left) presents a gift to a representative of the Lao - Viet Bank on May 15. (Photo: VNA) 
