Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) has inaugurated the headquarters in the Lao capital Vientiane, a move that comes amid increasing cooperation between Laos and Vietnam in the banking and finance sectors.
VietinBank opened its first branch in Laos in 2012, which was officially upgraded in 2015 to VietinBank Laos to become a wing of VietinBank. Then the bank opened a branch in Champasack Province in September 2016.
Speaking at the inauguration ceremony on September 17, Lao Deputy Prime Minister and Finance Minister Somdy Duangdy said the new headquarters will contribute to raising the brand name of the bank, and giving a facelift to Vientiane and Laos in general, as quoted by Nahn Dan newspaper.
VietinBank’s move comes with the latest cooperation between Laos and Vietnam in the finance and banking areas.
The Bank of the Lao PDR and the State Bank of Vietnam held a conference on September 17 to share experience in macro-economy management, particularly in the finance-banking area.
They exchanged views on macro-economic and currency policy as well as the method of management over commercial banks run by the State and related matters while having agreed to continue foster affiliation in professional activities and information technology application.
In particular, the two sides vowed to encourage and create favorable conditions for commercial banks of each other to seek partnership and invest in each other’s country to promote the banking system in both countries.
They also discussed “difficulties” and “obstacles” that six Vietnamese commercial banks in Laos, including VietinBank, are facing and how to tackle them, Vietnam Plus reported without providing further details.