Vietnam’s fourth bank inaugurated in Laos

VietinBank held a ceremony in Vientiane on August 8 to open its subsidiary in Laos (Photo:VNA)

The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) held a ceremony in Vientiane on August 8 to open its subsidiary in Laos, becoming the fourth Vietnamese bank operating in the country.

Upgraded from the VietinBank branch in Laos, the new entity named Vietnam Bank for Industry and Trade in Laos has a charter capital of 50 million USD.

Speaking at the ceremony, Vietinbank General Director Tran Duc Tho said that VietinBank’s branch in Laos has achieved positive results since it started operating in 2012. By the second quarter of 2015, it posted a total asset of 160 million USD, with a profit of 2.4 million USD in 2014.

The upgrading is part of the bank’s overseas network expansion strategy, he added.

Somphao Phaysith, Governor of the Central Bank of Laos, expressed his wish that the bank will contribute to Laos’ socio-economic development and serve as a bridge to promote trade and investment between the two countries.

Previously, the Saigon-Hanoi Bank (SHB), Saigon Thuong Tin Bank (Sacombank) and the Bank for Investment and Development of Vietnam (BIDV) set up their banks in Laos.-VNA