Business

Vietcombank opens first overseas subsidiary in Laos

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) opened its first overseas subsidiary in Vientiane, Laos, on October 19.
Vietcombank opens first overseas subsidiary in Laos ảnh 1At the inauguration ceremony of Vietcombank Laos (Photo: VNA)

Vientiane (VNA) – The Joint Stock CommercialBank for Foreign Trade of Vietnam (Vietcombank) opened its first overseas subsidiaryin Vientiane, Laos, on October 19.

Located on Lane Xang Avenue, a finance-banking hub indowntown Vientiane, the Vietcombank Laos chapter has a charter capital of 80 millionUSD, the highest among Vietnamese credit institutions in the country.

Aiming at connecting Vietnamese and Lao financial markets,the recently opened bank offers finance and investment service packages toVietnamese investors in Laos and Lao businesses.

Vietcombank is completing procedures to open arepresentative office in the US and a branch in Australia. Currently, it has morethan 500 branches, representative offices, and member companies in Vietnam andoverseas; with over 2,100 agencies established across 131 countries andterritories.

The bank posted a pre-tax profit of over 7.72 trillion VND(336.2 million USD) in the first half of this year, up 52.7 percent year-on-year.It looks to expand the figure to 13 trillion VND (566.15 million USD) by year’send, up 14.6 percent against 2017.

Recently, Vietcombank has become the first bank in Vietnamto meet the SWIFT Global Payments Innovation Initiative (GPI) standards, whichmakes the bank ready to provide comprehensive solutions to satisfy clients’demand in payments and money transfers. –VNA 
VNA
#Joint Stock Commercial Bank for Foreign Trade of Vietnam #Vietcombank #Vietcombank Laos #Lane Xang Avenue #Vietnamese and Lao financial markets #Vietnamese investors in Laos #Vietnam News Agency #vietnamplus Laos
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