The Lao-Viet Bank began the construction of its new branch in Phonsavan town, the Lao province of Xiengkhouang , on December 25 in a move to expand its services to the country’s northern localities.

Somvang Vongvilay, General Director of the Chitchareune Construction Co. Ltd, said the project’s location in populous downtown Xiengkhouang is favourable for doing business.

The five-storey building, covering 2,800 square metres, will be built by Chitchareune at a cost of 4.65 million USD.

Xiengkhouang Governor Somkoth Mangnomek, who is also the Secretary of the provincial committee of the Lao People’s Revolutionary Party, spoke highly of the bank’s efforts to expand its services to serve local people, helping carrying out the Vietnamese and Lao Governments’ cooperation agreement on assisting Xiengkhouang and Huaphan provinces until 2020.

The Lao-Viet Bank, founded on June 22, 1999, is a joint venture between the Bank for Investment and Development of Vietnam (BIDV) and the Banque Pour Le Commerce Exterieur Lao Public (BCEL). It currently headquarters in Vientiane and has three services units, and seven branches, including two branches in Vietnam.-VNA