NA Chairman visits Lao - Viet Bank in Vientiane

Sunday, 2022-05-15 20:53:11
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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)
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NDO/VNA – 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.

LVB was established on June 22, 1999 and had charter capital of 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 is Vietnam’s leading commercial bank and also one of the three largest financial institutions in the country, with total assets currently approximating 1.1 billion USD - ranking third in the local banking system.

Speaking highly of the bank’s development over the last 23 years, Chairman Hue, who is paying an official visit to Laos, said BIDV should help promote investment and give advice to Vietnamese firms planning to invest 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 the Lao 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 that target, he went on.

The great friendship, special solidarity, and comprehensive cooperation between Vietnam and Laos are an exemplary and rare relationship in the world and also a valuable asset that needs to be further solidified, he noted, suggesting BIDV capitalise on its knowledge about local customs to make development breakthroughs, thereby helping make bilateral economic, trade, and investment partnerships on par with the sound political ties.

The top legislator also expressed his hope that BIDV and LVB will continue fulfilling their social responsibility and contributing to agriculture, rural development, and poverty reduction in Laos.