The Vietnam Joint-Stock Commercial Bank for Industry and Trade (VietinBank) has opened one transaction office in Pakse town in the southern Lao province of Champasak.
The Vietnam Joint-StockCommercial Bank for Industry and Trade (VietinBank) has openedone transaction office in Pakse town in the southern Lao province ofChampasak.
The move is designed to boost long-term investment and operations in the country.
At the March 29 opening ceremony, Chairman of Vietinbank Board ofDirectors Pham Huy Hung said his bank opened the first branch in Laos in2012, noting that the branch’s income reached 3.46 million USD lastyear, including 800,000 USD in after-tax profits.
Hung laterasserted the office offers convenient and fast banking-finance servicesto local people and both Vietnamese and Lao business communities,contributing to further promoting trade and investment between the twocountries.
Vietinbank pledges to abide by Lao laws and theregulations set by its central bank, as well as further improve thequality and effectiveness of services and enhance transparency. Its aim,it says, is to develop into a large commercial bank for the country.
Champasak province’s Party Secretary and Governor Sonsay Siphandoneand Somphao Phaysith, Governor of the Lao central bank, highly praisedVietinbank’s decision to open the office in the province, a keystrategic position connecting Laos with Thailand, Cambodia and Vietnam.
They added the local authorities will create favourableconditions for the office to operate efficiently and raise Vietinbank’sposition in Laos, in order to reinforce and further expand investmentpartnership between the two countries.-VNA
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