Vietinbank celebrates five years in Laos hinh anh 1Transactions are made at VietinBank Laos (Photo: VietinBank)

Vientiane (VNA) – VietinBank Laos, an affiliate of the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), marked its five-year operation in Laos at an event on March 31.

Speaking at the event, VietinBank Laos General Director Le Quoc Nam expressed his gratitude for the support from both governments for the bank’s operation since 2012.

He noted that starting with 22 million USD of charter capital and 17 members of staff, the VietinBank Laos has grown into the second biggest Vietnamese bank in Laos. He reported that the bank’s asset was valued at nearly 222 million USD in 2016 and total outstanding debt reached 158 million USD while mobilized capital hit 157 million USD. Vietinbank Laos recorded profit for five consecutive years and had no bad debt.

The bank has granted approximately 900,000 USD to local social welfare and charitable activities.

The General Director said the bank aims to become the best Vietnamese bank in Laos to contribute further to Laos’s national construction cause and the Vietnam-Laos special friendship.

Lao Deputy Prime Minister and Finance Minister Somdy Douangdy lauded the VietinBank Laos’ performance and contributions to the local socio-economic development in the past five years.

He said the bank has adhered to the country’s regulations, created jobs for locals, and actively engaged in social welfare activities, praising it as a trade-investment bridge connecting Vietnamese and Lao businesses.

Deputy Governor of the State Bank of Vietnam Dao Minh Tu said the robust growth of the bank also reflects the effective cooperation between Vietnam and Laos.

At the ceremony, the State bank of Laos presented a certificate of merit to the VietinBank Laos for its significant contributions to the local socio-economic development.-VNA