Lao-Viet Bank celebrates growth on 15th anniversary
Lao-Viet Bank celebrates growth on 15th anniversary
Joint venture Lao-Viet Bank (LVB)this year plans to increase its registered capital to US$80 million after recording strong growth over the past 15 years.
The bank is currently focusing on documentation and regulations to successfully achieve the target, said LVB General Director, Mr Tran Luc Lang, who is also Deputy CEO of the Bank for Investment and Development of Vietnam (BIDV).
About US$1.8 billion has been transferred through the bank during the last 15 years, he reported at the 15th anniversary in Vientiane last week.
The total assets of LVB have now reached approximately US$600 million, with a growth rate of over 30 percent per annum.
Its total outstanding loans stand at nearly US$400 million, with an annual growth rate of 30 percent.
LVB is now the second-largest bank in term of chartered capital and fourth-largest in term of total assets in Laos.
Along with parent bank BIDV, LVB has launched many programmes in support of needy Lao people, providing millions of dollars towards charitable causes.
On behalf of the Lao Government, Prime Minister, Thongsing Thammavong praised LVB for its achievements during the past 15 years.
He asked the bank to effectively play the role of a bridge between the Vietnamese and Lao economies, particularly in payments and remittances, as well as to boost trad e and investment activities between the two countries.
LVB was established as a joint venture between the Bank for Investment and Development of Vietnam (BIDV) and Banque Pour Le Commerce Exterieur Lao (BCEL) and is now one of the m ost modern banks in Laos.
Over its 15 years of operation LVB has achieved many development milestones, becoming one of the large-scale commercial banks operating in the Lao market.
Many big Vietnamese state projects to Laos and direct investment projects of Lao enterprises have been arranged via LVB in funds and loans.
LVB has actively assisted Vietnamese enterprises who invest in Laos, not only by supplying funds for their projects, but also being a connecting bridge for currency exchanges and payment transfers with a turnover of hundreds of billions of Lao Kip and Vietnamese Dong each year.
LVB in Laos has satisfied the needs of banking services of both countries' enterprises, contributed to stabilising the currency market in Laos, and strengthened trading cooperation between Vietnam and Laos.
On the occasion of the 15th anniversary, the bank was presented with orders and awards from the two states in recognition of its contributions to the two countries' economies.
The ceremony was attended by high ranking officials of the Lao and Vietnamese governments.
vientiane times
