The Lao Viet Joint Venture Bank (LaoVietBank) has become a bridge connecting the economies of Vietnam and Laos over the past years and a symbol of the bilateral special friendship, Lao Deputy Prime Minister and Minister of Finance Somdee Duangdee has said.

Lao Deputy Prime Minister and Minister of Finance Somdee Duangdee (M)
awarded the Labour Order, first class, to the LaoVietBank.

The Lao Deputy PM made the statement at a ceremony held by the bank in Vientiane on June 22 to receive a first-class Labour Order presented by the Lao State and celebrate its 20th founding anniversary (June 22, 1999-2019).

The event was attended by Chairwoman of the National Assembly Pany Yathotou, Minister of Planning and Investment Suphan Keomixay and Governor of the Bank of the Lao PDR Sonexay Sitphaxay. Vietnamese Ambassador to Lao Nguyen Ba Hung, Minister of Planning and Investment Nguyen Chi Dung and Deputy Governor of the State Bank of Vietnam Dao Minh Tu were also present at the ceremony.

Over the past 20 years, LaoVietBank has proved itself as a leading payment bridge between Vietnam and Laos by providing a variety of multi-purpose and useful financial services for businesses and people of both countries, making significant contributions to promoting Laos’ socio-economic development, Somdee Duangdee said.

He added that the bank has implemented the task of disbursing aid packages for construction projects of transport, schools, and hospitals while providing numerous financial services and products for enterprises and people to help promote bilateral trade and investment.

LaoVietBank General Director Nguyen Van Binh said the bank will continue promoting its role as a payment bridge between the two economies, and it will work harder to remove difficulties in bilateral payment activities for Vietnamese and Lao businesses.

LaoVietBank is a joint venture between the Bank for Investment and Development of Vietnam (BIDV) and Banque Pour Le Commerce Exterieur Lao Public (BCEL).

According to Governor of the Bank of the Lao PRD Sonexay Sitphaxay, the bank has gained significant achievements since its establishment 20 years ago. 

From the initial capital of 10 million USD, the charter capital of LaoVietBank has reached 100 million USD at present, becoming one of the biggest banks in terms of charter capital in Laos, he said.

Its total assets are estimated at 1.12 billion USD, ranking third among the largest banks in Laos. 

The total outstanding loans reached almost 800 million USD, ranking second in the credit market share in Laos, while the total mobilised capital reached approximately 1 billion USD, raking third in the market share.

The bank’s network has been expanded to nine out of the cities and provinces of Laos, he added. 

On this occasion, the Lao Party and State also presented four second-class Labour Orders, five third-class Labour Orders and five Friendship Orders to officials and employees of LaoVietBank.

The State Bank of Vietnam awarded the emulation flag to LaoVietBank as the leading unit in the emulation movement in 2018.