LVB confirms commitment to development
LVB confirms commitment to development
The Lao-Viet Bank (LVB) has marked its 14th anniversary with a promise to continue promoting socio-economic development in Laos through its banking service to customers, with a focus on Vietnamese investors.
Established under government directive on June 22, 1999 between the Bank for Investment and Development of Vietnam (BIDV) and the Banque pour le Commerce Exterieur Lao Public (BCEL), the joint bank now has the second largest registered capital in Laos after BCEL. LBV Managing Director, Mr Doan Viet Nam, spoke to media representatives yesterday ahead of the bank's birthday celebrations.
“Our bank is determined to participate in the socio-economic development of Laos after the rapid growth of business operations, customers and fruitful cooperation over the past 14 years,” he said.
“LVB has successfully reached its goals, as results show the sustainable growth, efficiency and profits of business operations over the past 14 years.”
He said Laos and Vietnam were geographically close and had special and long-standing relations.
“LVB is ready to promote investment between the two countries, Laos and Vietnam, as well as to constantly provide top services to those Vietnamese business units that are investing in Laos,” Mr Doan said.
LVB is a bridge for transactions between the two countries and the exchange of Lao kip and Vietnamese dong, serving both country's economies, trade, investment, businesses and people.
Since its inception, the bank has recorded interbank trade of US$700 million and interbank exchange of almost 6,000 billion Vietnamese dong.
LVB's gross assets have risen to US$500 million, exceeding deposits by US$250 million – equivalent to more than a 30 percent growth per year.
In 2012, LVB upgraded its banking system to Core Banking, allowing it to provide much faster, more efficient and more secure services.
In March 2013, LVB offered grant assistance for the restoration of a former revolutionary stronghold in Viengxay district, Huaphan province, to the tune of US$30 million.
The bank has branches in Luang Prabang, Xieng Khuang, Savannakhet and Champassak provinces as well as in Vientiane, with another two branches in Hanoi and Ho Chi Minh City, Vietnam.
vientiane times
