Lao Prime Minister Thongsing Thammavong attended a ceremony on June 21 in Vientiane to mark the 14th founding anniversary of the Laos-Vietnam Joint-Venture Bank ( LVB ) and the fifth founding anniversary of the Laos-Vietnam insurance joint-venture (LVI).
Addressing the ceremony, the Lao PM hailed the LVB and LVI for their contributions to implementing Laos ’ monetary policy, boosting the State economic sector’s growth and facilitating two-way trade between Laos and Vietnam over the past time.
The PM expressed his hope that the two companies to further expand their networks in Laos and provide a wide selection of banking and insurance products.
Tran Luc Lang, Deputy Director General of the Bank for Investment and Development of Vietnam (BIDV) said after 14 years of operations, the LVB, of which BIDV is a major partner, has become one of the large-scale commercial banks in Laos, ranking second and fourth in charter capital (70 million USD) and total assets, respectively.
The bank also actively joins social activities in Laos. In March, it pledged to fund 30 million USD for the restoration and renovation of Vieng Xay revolutionary base in Houaphan province on the occasion of a working visit of the Lao and Vietnamese Prime Ministers in northern Lao provinces.
The LVI is also the second largest insurance provider in Laos. -VNA
