The Joint Stock Commercial Bank for Foreign Trade of Vietnam, Vietcombank, officially inaugurated its Vietcombank Laos in Vientiane on October 19. This is the first wholly owned bank it opened in other countries.

Vietcombank Laos will provide services for Vietnamese businesses investing in Laos, those already operating in the country, and others, joining the effort to raise trade value between Vietnam and Laos. The bank is a strategic move that Vietcombank has made to secure its niche in Southeast Asia. Vietcombank is completing procedures to open a representative office in the US and a branch in Australia.  It launched its representative offices in Singapore and Hong Kong.-VNA