VietinBank Officially Launches Its Branch in Laos

Attendants of the ceremony included Truong Tan Sang, President of the Socialist Republic of Vietnam, Nguyen Xuan Phuc, Vietnam Deputy Prime Minister, Dang Thanh Binh, Deputy Governor of the State Bank of Vietnam (SBV), Ta Minh Chau, Vietnamese Ambassador in Laos, Thonglun Xixulit, Deputy Prime Minister of the Lao PDR, Xayxomphon Phomvihane, Vice Chairman of the Lao PDR’s National Assembly, Pham Huy Hung, Chairman of VietinBank, Nguyen Van Thang, CEO of VietinBank, among others.

The branch has its head office located at No. 029 KhounBoulom Street – Vatchan, Chanthabouly District, Vientiane, Laos. VietinBank’s branch opening in Laos is part of the lender’s strategic plan to expand in major and key economic areas within countries and territories that are potential to develop trade relationship and economic cooperation with Vietnam.

VietinBank branch in Laos is a unit directly under VietinBank and has its own seal and separate balance sheet. It will offer banking services and perform other related activities in line with the Lao PDR’s laws, VietinBank’s charter, etc.

With its presence in Vientiane, VietinBank will serve as a bridge to provide capital, banking services and support Vietnamese enterprises in promoting their business in the Lao PDR, enhance trade and economic cooperation between Vietnam and Laos, offer a full range of products and services such as money transfer, foreign currency trading, account and savings services, lending, trade finance and guarantee, card services, etc.

Vietnam and Laos have always been trade and economic partners. In the first six months of 2011, total import and export turnover between the two countries rose significantly, amounting to $349.8 million, up 65.8% over the same period in 2010. For that reason, Laos is the strategic destination of VietinBank.

VietinBank pledges that its branch in Laos will fully comply with the laws, regulations of the Lao PDR. Besides, the branch will operate safely, efficiently, sustainably, transparently and grow strongly into a leading commercial bank in Laos, contributing to the socio-economic development of the country.

On this occasion, VietinBank signed memorandum of understanding with 7 Vietnamese firms in Laos, including Vietnam Rubber Group, Vietnam National Coal – Mineral Industries Holding Corporation Limited, Song Da Holdings.

VietinBank is a reputational brand both domestically and internationally. The bank has been honored various prestigious awards. The lender has also established correspondent relationship with over 900 banks, financial institutions of 90 countries and territories all over the world. Of note, VietinBank is the first state-owned commercial bank that has foreign strategic shareholder, namely International Finance Corporation (IFC), a member of the World Bank Group. In March last year, VietinBank completed its 10% stake sale to IFC, raising additional VND6.000 trillion.

VietinBank has annual asset growth of over 30%, pre-tax profit growth in 2011 of 76% on year, extensive operational network across the country and accounts for about 15% market share in the Vietnamese banking market. Beides, VietinBank is a leading commercial bank in Vietnam, contributing significantly to the stability and development of national economy. VietinBank is also the first bank in Vietnam that launched a branch in Frankfurt am Main Federal City, Hesse State, Federal Republic of Germany on June 9, 2011. After opening a branch in Vientiane, VietinBank planned to open a branch in Berlin (Germany) in March, 2012 and expand its operation in Europe and other continents, such as Canada, Malaysia, Indonesia, China, the US, etc. 

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  On November 10, 2011, VietinBank was granted business license by the Ministry of Industry and Commerce (Laos).
  
  
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  On January 27, 2012, VietinBank was officially licensed to establish a branch in Laos.
  
  
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  On Jan 31, 2012, Governor of the SBV approved VietinBank’s plan to increase capital for its branch in Laos from $12.5 million to $22 million, including funds to build the branch’s head office there.
  
  
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  From Feb 3, 2012, VietinBank branch in Laos officially began its operation.
  
  
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  On Feb 8, 2012, VietinBank was given the license to set up a branch in Laos by Governor of the Bank of Lao PDR.
  
  
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  On Feb 9, 2012, VietinBank officially inaugurated its branch in Laos. 

Address:

VietinBank Branch in Laos – No. 029 KhounBoulom Street – Vatchan, Chanthabouly District, Vientiane, the Lao PDR – Tel: + 856 2126 3997