At the ceremony (Source: VNA) Vientiane (VNA) – The Vietnam Joint Stock Commercial Bank for Industry and Trade(VietinBank) opened a new branch in the Lao capital of Vientiane on November 28,the second Lao branch the bank has opened since 2015.
The launching ceremonydrew leaders of the Bank of Laos, representatives of the Vietnamese Embassy inLaos, VietinBank Deputy General Director and Chairman of the Board of MembersNguyen Duc Thanh, and General Director of VietinBank Laos Le Quoc Nam, amongothers.
Opening the event, Namsaid that as the second largest Vietnamese bank in Laos with a stable growth ofover 20 percent annually and a bad debt rate of under 0.5 percent, VietinBankLaos has shown a strong performance in fostering the investment partnershipbetween Vietnam and Laos, contributing to boosting the economic growth andtrade relations of Laos.
The bank currently hastotal assets worth 357 million USD and has accompanied many big Vietnamese andLao business projects in the country, he said.
According to Nam, theopening of the Vientiane branch will help VietinBank become more self-reliantin business activities, expanding the network in the southern economic area ofVientiane. This is also an important step for VietinBank Laos and the capitalcity branch to enhance their capacity in serving the business community andcustomers in the key economic area.
Meanwhile PhutthaxaySivilay, Director of the Department of Commercial Banks under the Bank of Laos,said that the banking sector plays an important role as the blood vessels ofthe whole economic system.
Therefore, theGovernment of Laos and the Bank of Laos have focused on reforming mechanismsand different tolls to create optimal conditions for investors who wish to formcommercial banks in Laos, thus boosting the growth of the sector in bothquality and numbers, he said.
He noted thatcurrently, six commercial Vietnamese banks are operating in Laos.
The official affirmedthat the launching of the Vientiane branch of VietinBank Laos will facilitatethe growth of trade and investment, showing his belief that VietinBank Laoswill make important contributions to the socio-economic growth of Laos, providinglocal customers better access to high quality services.–VNA
The launching ceremonydrew leaders of the Bank of Laos, representatives of the Vietnamese Embassy inLaos, VietinBank Deputy General Director and Chairman of the Board of MembersNguyen Duc Thanh, and General Director of VietinBank Laos Le Quoc Nam, amongothers.
Opening the event, Namsaid that as the second largest Vietnamese bank in Laos with a stable growth ofover 20 percent annually and a bad debt rate of under 0.5 percent, VietinBankLaos has shown a strong performance in fostering the investment partnershipbetween Vietnam and Laos, contributing to boosting the economic growth andtrade relations of Laos.
The bank currently hastotal assets worth 357 million USD and has accompanied many big Vietnamese andLao business projects in the country, he said.
According to Nam, theopening of the Vientiane branch will help VietinBank become more self-reliantin business activities, expanding the network in the southern economic area ofVientiane. This is also an important step for VietinBank Laos and the capitalcity branch to enhance their capacity in serving the business community andcustomers in the key economic area.
Meanwhile PhutthaxaySivilay, Director of the Department of Commercial Banks under the Bank of Laos,said that the banking sector plays an important role as the blood vessels ofthe whole economic system.
Therefore, theGovernment of Laos and the Bank of Laos have focused on reforming mechanismsand different tolls to create optimal conditions for investors who wish to formcommercial banks in Laos, thus boosting the growth of the sector in bothquality and numbers, he said.
He noted thatcurrently, six commercial Vietnamese banks are operating in Laos.
The official affirmedthat the launching of the Vientiane branch of VietinBank Laos will facilitatethe growth of trade and investment, showing his belief that VietinBank Laoswill make important contributions to the socio-economic growth of Laos, providinglocal customers better access to high quality services.–VNA
VNA
