Vice Chairman of Vietnam’s National Assembly Uong Chu Luu have commended the Lao-Viet Joint Venture Bank (LVB) on its successful business activities as well as contributions to social welfare in Laos.

Luu made the remark at a working session with the LVB leaders as part of his Laos visit from July 26-29.

He urged the bank to put forth specific orientations to further assist the investment cooperation strategy of the two countries as well as businesses and people in both Vietnam and Laos.

LVB leaders reported that 14 years after its foundation, the bank has become the second biggest commercial bank in Laos in terms of charter capital and the fourth largest in terms of total asset (600 million USD). Its total outstanding loans stand at nearly 400 million USD.

The bank has set up a transaction network in seven provinces and cities in Laos.

The LVB also plays an active role in social welfare activities in Laos, having contributed a total of 190,000 USD.-VNA