At the ceremony (Source: VNA) 
 
Vientiane (VNA) – The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) opened a new branch in the Lao capital of Vientiane on November 28, the second Lao branch the bank has opened since 2015.

The launching ceremony drew leaders of the Bank of Laos, representatives of the Vietnamese Embassy in Laos, VietinBank Deputy General Director and Chairman of the Board of Members Nguyen Duc Thanh, and General Director of VietinBank Laos Le Quoc Nam, among others.

Opening the event, Nam said that as the second largest Vietnamese bank in Laos with a stable growth of over 20 percent annually and a bad debt rate of under 0.5 percent, VietinBank Laos has shown a strong performance in fostering the investment partnership between Vietnam and Laos, contributing to boosting the economic growth and trade relations of Laos.

The bank currently has total assets worth 357 million USD and has accompanied many big Vietnamese and Lao business projects in the country, he said.

According to Nam, the opening of the Vientiane branch will help VietinBank become more self-reliant in business activities, expanding the network in the southern economic area of Vientiane. This is also an important step for VietinBank Laos and the capital city branch to enhance their capacity in serving the business community and customers in the key economic area.

Meanwhile Phutthaxay Sivilay, Director of the Department of Commercial Banks under the Bank of Laos, said that the banking sector plays an important role as the blood vessels of the whole economic system.

Therefore, the Government of Laos and the Bank of Laos have focused on reforming mechanisms and different tolls to create optimal conditions for investors who wish to form commercial banks in Laos, thus boosting the growth of the sector in both quality and numbers, he said.

He noted that currently, six commercial Vietnamese banks are operating in Laos.

The official affirmed that the launching of the Vientiane branch of VietinBank Laos will facilitate the growth of trade and investment, showing his belief that VietinBank Laos will make important contributions to the socio-economic growth of Laos, providing local customers better access to high quality services.–VNA