The linkage will help bank card holders of 28 Vietnamese banks, that are Banknetvn members, to carry out transactions via LaoVietBank's ATMs across Laos, and vice versa.— Photo dddn.com.vn

HA NOI (Biz Hub) — Automated teller machines (ATMs) of LaoVietBank are now connected with the system of the Viet Nam National Financial Switching Joint Stock Company (Banknetvn).

The two parties inaugurated the system linkage in Laos' capital Vientiane on Thursday.

The linkage will help bank card holders of 28 Vietnamese banks, that are Banknetvn members, to carry out transactions via LaoVietBank's ATMs across Laos, and vice versa.

The transaction services, including money transfer and cash withdrawal, will reportedly reduce the money transfer costs to one-sixth

of the normal international charges. The services are expected to help more than 30 million customers in both countries save billions of dong.

Chairman of LaoVietBank Tran Luc Lang said that the system linkage will enable the bank to connect with major card systems in the world such as Visa and MasterCard.

"LaoVietBank has become the first bank in Laos to link with a foreign card payment system," said Banknetvn General Director Nguyen Quang Minh. "This will be the basis for other commercial banks in Laos to establish international connections."

LaoVietBank is a joint venture between Viet Nam Investment and Development Bank (BIDV) and Banque Pour Le Commerce Exierieur Lao (BCEL). It has bridged businesses in the two nations for economic co-operation since 1999.

Banknet members include major banks such as BIDV, Agribank, Vietinbank, Sacombank, ACB and MB. — VNS