The branch trasferring ceremony at BIDV headquarters in Ha Noi on Thursday. — Photo vov.vn

HA NOI (Biz Hub) ― The Bank for Investment and Development of Viet Nam opened two new branches, BIDV Chuong Duong in Ha Noi and BIDV Ben Nghe in HCM City, which were transferred from Lao-Viet Bank.

Deputy Prime Minister Nguyen Xuan Phuc and his counterpart, Somsavat Lengsavat, attended the transferring ceremony on Thursday.

Vientiane-based Lao-Viet Bank is a joint venture between BIDV and the Lao Bank for Foreign Trade and currently has US$70 million in equity and $550 million in total assets. It has been a bridge for the two countries' disbursement of government and business projects for 14 years.

"The two parent banks agreed on the transfer following Lao-Viet Bank's development strategies, which aim to help the joint venture concentrate resources and consolidate its position in the Lao market in the coming years," BIDV said in a press release.

The move was also in line with the two governments' plans for socio-economic development, the press release added. ― VNS