VietinBank Lao celebrates fifth anniversary
VietinBank Lao celebrates fifth anniversary
Vietnam Commercial Bank for Industry and Trade in Laos (VietinBank Lao) celebrated its fifth anniversary of operations in Laos last week at the Muong Thanh hotel in Vientiane.
The ceremony was attended by Deputy Prime Minister and Minister of Finance Mr Somdy Duangdy, Minister of Industry and Commerce Ms Khemmani Pholsena, Governor of the Bank of the Lao PDR Mr Somphao Phaysith, and other senior officials from Laos and Vietnam.
Seeing the need to publicise the bank's trademark in Laos, VietinBank Lao has actively carried out projects to advertise the bank's trademark by installing large billboards on main roads in Vientiane and Pakxe district, Champassak province.
The bank has also advertised its products and services on radio and television, so that most people know the VietinBank Lao well, General Director of VietinBank Laos Mr Le Quoc Nam said at the ceremony.
Besides the network, large and trademark of VietinBank Lao, he said it was an expa nded, safe and effective business operation and contributed to Laos' social economic development.
Mr Nam said VietinBank Lao had achieved impressive business performance over the past five years and was the second largest in compared to other Vietnamese commercial banks invested in Laos.
As of December 2016, the bank's total assets reached US$222 million, increasing by 435 percent compared to 2012. Outstanding loans reached US$158 million, growing by 542 percent compared to 2012; while the bank had raised funding of US$157 million, increasing by 177 percent compared to 2012.
Over the past five years VietinBank Lao has provided funding and assistance to various significant Vietnamese projects investing in Laos such as rubber plantations, coffee plantations and oil projects.
The bank is now implementing large projects with large company groups in Laos such as cooperating with TK Group for trading and services; Phonesack Group for hydropower and mining projects; southern company group for road construction; and the Lao Toyota Group for Lao social and economic development.
Mr Nam said VietinBank Lao had profits in the first year of business operation which in 2012 reached US$103,000 and increased to US$3 million in 2016, accounting for 110 percent of the annual plan.
Specifically, the bank was awarded as an outstanding bank in correct business operations for four years continuously.
Along with business expansion, we will try to create a systematic work environment, work effectively, and actively contribute to help society, Mr Nam added.
VietinBank Lao has paid attention to developing human resources by organising training courses in Laos and Vietnam.
So far, the bank has provided US$900,000 to help society through various activities such as construction of the National Culture Hall, medical equipment and computer purchasing, free eye operations, and other meaningful donations.
