The LaoVietBank is a joint venture between the BIDV and the BCEL (Photo: VNA)

The State-run Bank for Investment and Development of Vietnam (BIDV) has become a trustful investor in Laos and an example of bilateral cooperation development, Lao Deputy Prime Minister Bounpone Buttanavong said.

He made the remark at a ceremony in Vientiane on August 21 to mark the 20th anniversary of the BIDV’s commercial operations and acknowledge Lao clients.

The BIDV set up a joint venture with the Lao foreign trade bank BCEL, the LaoVietBank, in 1999.

The LaoVietBank has since then developed stably, actively contributed to the implementation of Laos’s financial and monetary policies and socio-economic goals, and helped promote economic cooperation between the two countries.

It posts an annual growth rate of over 30 percent and has a total asset value of 830 million USD, becoming one of the four biggest banks in Laos.

Besides the LaoVietBank, other BIDV affiliates such as the representative office and the Lao-Viet Insurance Company have also made approving performance.

At the ceremony, the Lao Deputy PM appreciated the Vietnamese bank’s dedication to local socio-economic development, especially in finance and banking, adding that the BIDV has fulfilled its role as an organisation guiding Vietnamese investments in Laos.

He also underlined the bank’s active engagement in social activities like healthcare, education, and poverty reduction which have helped foster the special relationship between the two countries.-VNA