MOIT VIETNAM | LaoVietBank: a bridge connecting the economies of Vietnam and Laos

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LaoVietBank: a bridge connecting the economies of Vietnam and Laos

22nd June 2019 post by MOIT Vietnam

On June 22 in Vientiane, Laos-Vietnam Joint Venture Bank (LaoVietBank - a joint venture between the Bank for Investment and Development of Vietnam (BIDV) and Banque Pour Le Commerce Exterieur Lao Public (BCEL) held a ceremony to receive a first-class Labor Order presented by the Lao State and celebrate its 20th founding anniversary.

The event was attended by Chairwoman of the National Assembly Pany Yathotou; Minister of Finance Somdee Duangdee; Minister of Planning and Investment, Chairman of Laos-Vietnam Cooperation Committee Suphan Keomixay and Governor of the Bank of the Lao PDR Sonexay Sitphaxay.

On the Vietnamese side, Vietnamese Ambassador to Laos 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.

Speaking at the event, Deputy Prime Minister, Minister of Finance Somdee Duangdee stated that LaoVietBank has proved itself as a leading payment bridge between Vietnam and Laos by providing a variety and useful financial services for enterprises and people of both nations, making important contributions to promoting Laos’ socio-economic development.

Governor of the Bank of the Lao PDR Sonexay Sitphaxay also noted that LaoVietBank is a special joint venture, LaoVietBank is not only being a financial and banking institution but also a bridge between the two economies Laos-Vietnam, is a model of Laos-Vietnam economic cooperation.

On behalf of leaders and staff of 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 enterprises.