Vietnam: BIDV, Lao foreign trade bank beef up cooperation

HANOI – The Bank for Investment and Development of Vietnam (BIDV) and the Banque Pour Le Commerce Exterieur Lao Public (BCEL) will continue to promote their cooperation from 2017 to 2020.

This was stipulated in an agreement inked by the two banks in Hanoi on Wednesday. 

Speaking at the signing ceremony, BIDV General Manager Phan Duc Tu said that both sides would cooperate in training and experience-sharing, as well as in supporting the business activities of their joint ventures, including LaoVietBank and the Lao-Vietnam Insurance Company (LVI). 

The agreement-signing between BIDV and BCEL is a significant event to celebrate the 55th anniversary of Vietnam-Laos diplomatic relations (September 5, 1962-2017) and 40 years of the signing of the Vietnam-Laos Treaty of Amity and Cooperation. 

The move also pushes for collaboration between the two banks, bringing more benefits to enterprises and the people of the two countries. 

The BCEL, established in 1975, is the largest bank in Laos with total assets worth some US$3.9 billion as of December 31, 2016. The bank has 19 branches, 75 transaction points and 10 currency exchange points. – VNS