Lao, China banks join forces to boost trade
Lao, China banks join forces to boost trade
The Lao Development Bank (LDB) has agreed to partner with the Fudian Bank of China, with a view to facilitating trade and investment in Laos.
A Memorandum of Un derstanding was signed in Vientiane on Wednesday by LDB Managing Director, Mr Boualian Phommavongsa, and Fudian Bank's Deputy Chairman, Mr Lu Yun. Also present were other representatives of the two banks and the Bank of the Lao PDR.
The agreement covers payments for country-to-country services, capital management, credit cooperation, and Lao kip and Chinese yuan currency exchange.
The Lao Development Bank is a state-owned commercial bank fully owned by the Ministry of Finance and operating under the supervision of the Bank of the Lao PDR. It was established in 2003.
The bank has updated and developed its services to include new technology, electronic services and other facilities that allow connectivity around the country.
We are fully immersed in the IT and technology age, which has enabled an era of integration and cooperation, Mr Boualian said.
Laos is already integrated within the Asean Economic Community which is enabling the country to cooperate more closely with places in Asean and the region as well as Asean+ China and Asean+ 3.
International cooperation is an important priority for the LDB, especially in technical areas, the credit business, and currency exchange.
In the past, the bank has worked with various foreign banks, notably JFC Macro of Japan, the China Development Bank, the Agricultural Bank of China, and the Industry and Commerce Bank of China, Mr Boualian said.
The Fudian Bank and LDB have been working together over the past three years. The two banks have sent high ranking officials to visit the other's country to gain information and conduct feasibility studies on cooperation activities.
The new Memorandum of Understanding was important for the two banks to develop business relations, boost cooperation and provide more and faster services for customers in Laos and China, Mr Boualian said.
Laos and China undertake cooperation and development in a variety of areas with a focus on trade and investment, so banking cooperation will be of great benefit for project implementation especially when it comes to financing, Mr Lu Yun sad.
The amount of investment and border trade between Laos and China is continuing to increase, so the demand for payments and financial products is also higher.
The LDB has a history of good marketing, new technology applications and transparency in line with strategies and policies set by the government.
Mr Lu Yun said he believed the LDB would be a good partner in facilitating payments between the two countries which would help to grow their economies.
