Representatives take part in a ceremony inaugurating a new establishment of VietinBank in Laos on August 8. — Photo vietinbank.vn

VIENTIANE (Biz Hub) — The Viet Nam Bank for Industry and Trade inaugurated a limited bank in Laos on August 8.

The bank, also known as VietinBank, upgraded its branch into the new institution, which is headquartered in Vientiane capital with a charter capital of US$50 million.

The new organisation has a transaction office in Champasak Province, and is expected to have branches and offices in other areas such as Savanakhet, Bolikhamsai and Luang Prabang in the future.

VietinBank Chairman Le Duc Tho said the upgrade will help the Laos unit exercise more control in carrying out business activities, expanding networks and diversifying services in the local market.

It will help promote trade and investment between two countries, contributing to local socio-economic development, Bank of Lao PDR Governor Somphao Phaysith said.

The VietinBank unit in Laos posted a total asset value of $160 million and a total outstanding loan of $95 million as of the second quarter of this year, after it began operation in February 2012. Last year, it had reported a profit of $2.4 million.

Laos is the second destination that VietinBank has chosen to implement its international economic integration strategies, after Germany. — VNS