The Bank for the Investment and Development of Viet Nam (BIDV) has successfully invested abroad, particularly in Laos, according to a leader of the bank.

An BIDV transaction office (Photo: BIDV)

Phan Duc Tu, BIDV’s General Director, said that besides affiliation with partners from Malaysia, Russia and Cambodia, economic cooperation in the Lao market has played a significant role in the bank’s business operations over the past years.

With five branches and three transaction offices across Laos, the Lao-Viet Bank is the second largest bank in the country in terms of charter capital, and the fourth in terms of outstanding loans.

Meanwhile, the Lao-Viet Insurance Company, set up in 2008 with charter capital of 3 million USD, is now ranked the second biggest in revenue, and offers the widest coverage in Laos with 16 insurance supply points and its headquarters in Vientiane, Ha said.

The BIDV Representative Office in Laos has served as the most important driving force for the development of the bank’s international economic connections, he claimed.

The office has become popular among the Vietnamese business community in Laos, contributing to fostering economic partnership between the two countries.

(Source: VNA)