The Laos-Vietnam Joint Venture Bank (LVB) has achieved an annual growth rate of more than 30 percent, becoming one of the most successful banks in Laos since its inception 15 years ago.

Addressing a ceremony in Vientiane on June 20 marking LVB’s 15th anniversary, Lao Prime Minister Thongsing Thammavong praised the bank’s efficient operation, noting its important role in bolstering bilateral ties between the two nations, especially in economics, trade and investment.

The bank has to date owned assets worth nearly 600 million USD, and secured both annual deposit and credit growth of more than 30 percent. It is now the second largest bank in Laos in terms of charter capital and the fourth in total assets.

It has applied advanced technology to its operation, with its core banking system considered the most modern in Laos, according to Tran Luc Lang, Deputy Director General of the Bank for Investment and Development of Vietnam (BIDV), which is LVB’s parent bank.

Together with BIDV, LVB has launched many social welfare programmes supporting poor people in Laos.-VNA