VietinBank expands business network in Laos
| Mr. Pham Huy Hung, VietinBank Board Chairman was speaking at the ceremony |
On the 29th March, VietinBank officially open Pakse Transaction Office at the address of Lot 22, the Phonkoung, Pakse Town, Champasak Province, Lao PDR.
Attending the ceremony, there were Mr. Chaleune Yiapaohue - Laos Minister of Justice; Mr. Sonxay Xiphandon - Chief of Champasak Province; Mr. Somphao-Phaysith - Governor of the Central Bank of Laos; Mr. Nguyen Manh Hung - Ambassador Extraordinary and Plenipotentiary of Vietnam in Laos; Mr. Nguyen Van Ngoc - Deputy Secretary of the Party of the Central Corporations and Mr. Pham Huy Hung – VietinBank Chairman of the Board of Directors.
VietinBank Laos Branch has been in operation for more than two years and has achieved outstanding results. In 2013, the branch made more than $ 1 million profit before tax, total assets of USD 80.2 million and had more than 700 customers. Those performance figures demonstrated the successful development of VietinBank in Vientiane market. Following the success, VietinBank selects the Pakse town as the next destination. Pakse is the economic, trade and cultural center of the four provinces in southern Laos, including Attapeu, Saravane, Sekong and Champasack with a population of over 1.2 million people. Vietinbank Pakse Transaction Office will be a trustworthy destination for businesses, entrepreneurs, and people of Laos as well as Vietnamese living and doing business in Southern Laos. Pakse Transaction Office provides full commercial banking services and products such as funding raising, lending, trade finance, factoring, foreign exchange, Western Union money transfer, card services and others.
Speaking at the ceremony, Mr. Pham Huy Hung, VietinBank Chairman of the Board of Directors emphasized that VietinBank’s branch network in Vietnam has covered all provinces and cities nationwide, together with 3 overseas branches making the total number of 152 branches including 149 domestic branches, 2 branches in Germany and 1 branch in Laos and more than 1000 transaction and savings offices. Being in Pakse town, VietinBank is proud to serve the demand for funds and banking services, promoting the opportunities of Vietnamese firms to invest in Laos’ industries and business, while enhancing the growth of economic and trade cooperation between Vietnam and Laos. VietinBank encourages the operation basing on criteria of quality, safety, efficiency as well as convenience and benefit for customers in accordance with the current regulations of Laos and Vietnamese law. In particular, VietinBank will provide financial service packages suitable for Vietnamese enterprises to invest in Laos as well as Laos enterprises, contributing to the economic sustainability of both countries.
| Governor Mr. Somphao-Phaysith making speech at the opening ceremony. |
The operation of VietinBank’s Branch and transaction office in Laos does not only demonstrate commitment to investment cooperation and long-term business in Laos but also exhibit positive step in the expansion of the network internationally. Thereby VietinBank will involve in the process of socio-economic development in Laos in general and in southern part of Laos in particular. VietinBank also commits to invest in long-term and support Vietnamese enterprises and individuals doing business and living in Laos. In the near future, VietinBank will upgrade the the branch network in Laos into a subsidiary and expand network to other provinces, cities and economic areas in Laos.
Mr. Somphao-Phaysith, Governor of the Central Bank of Laos expressed his appreciation to VietinBank Laos Branch which has operated effectively and gained good profit despite it short time in operation. Among 33 regional and international banks operating in Laos, VietinBank is one of efficient bank. The opening of VietinBank transaction office in Pakse marked a milestone in the economic and social development of Laos and demonstrated the fruitful result of the relationship and cooperation between Laos and Vietnam. Pakse transaction office would contribute to social and economic development of Champasak province as well as 4 provinces in Southern Laos...
| VietinBank Pakse Trading Office’s opening ribbon cutting. |
As a starting to the respectable cooperation between VietinBank and potential customers in Laos, VietinBank Laos branch signed a comprehensive cooperation agreement with four major companies in Laos and signed a loan agreement with Dak Lak Rubber Company worth USD 20 million to finance the project of development and planting 10,000 ha of rubber in Southern Laos province.
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