Vietcombank Opens First Overseas Bank In Laos | Lao Tribune

Vietcombank Opens First Overseas Bank In Laos

The Joint Stock Commercial Bank for Foreign Trade of Vietnam, Vietcombank, officially inaugurated its Vietcombank in Vientiane on Oct 19.

Located on Lane Xang Avenue, a finance-banking hub in downtown Vientiane, the Vietcombank Laos chapter has a charter capital of US$ 80 million, the highest among Vietnamese credit institutions in the country.

Vietcombank Laos will provide services for Vietnamese businesses investing in Laos, those already operating in the country, and others, joining the effort to raise trade value between Vietnam and Laos.

The bank posted a pre-tax profit of over 7.72 trillion VND (336.2 million USD) in the first half of this year, up 52.7 percent year-on-year. It looks to expand the figure to 13 trillion VND (566.15 million USD) by year’s end, up 14.6 percent against 2017, according to the Vietnam News Agency reported.

Vietcombank is completing procedures to open a representative office in the US and a branch in Australia. Currently, it has more than 500 branches, representative offices, and member companies in Vietnam and overseas; with over 2,100 agencies established across 131 countries and territories.

Recently, Vietcombank has become the first bank in Vietnam to meet the SWIFT Global Payments Innovation Initiative (GPI) standards, which makes the bank ready to provide comprehensive solutions to satisfy clients’ demand in payments and money transfers.

Source: Lao News Agency