The Lao-Viet Bank (LVB), a successful bank in Laos, yesterday hosted a ceremony in Vientiane to celebrate its 10 year anniversary.
Established in 1999, LVB is a joint venture between the Banque pour le Commerce Exterieur Lao (BCEL) and the Bank for Investment and Development of Vietnam (BIDV). LVB Board of Directors member Mr. Phansana Khounnouvong said at the ceremony the bank is a bridge to transactions and the exchange of Lao kip and Vietnamese dong between the two nations. The bank also serves the economy, trade and investment, as well as enterprises and the people of the two countries. BCEL General Managing Director Sonexay Sithphaxay said although many US banks has collapsed during the global financial meltdown, the Lao-Viet Bank continued to achieve success and meet growth targets.
Vietnam is a top trading partner of Laos and is the number one provider of foreign direct investment to Laos, followed by China, Thailand and the Republic of Korea. The Lao and Vietnamese governments have set a target to increase bilateral trade to a value of US$ 1 billion by 2010 and US$2 billion by 2015.
Source: Vientiane Times
