The Vietnam Joint Stock Commercial bank for Industry and Trade (VietinBank) has increased the value of its investment in Laos after setting up business operations here almost two years ago.—Photo vietpress

VIENTIANE (Biz Hub) — The Vietnam Joint Stock Commercial bank for Industry and Trade (VietinBank) has increased the value of its investment in Laos after setting up business operations here almost two years ago.

Speaking to Lao media representatives at a meeting with bank officials and staff in Vientiane on Tuesday, VietinBank Managing Director, Le Quoc Nam, said the bank had initially invested about US$12.5 million in its operations in Laos but had now increased this to US$22 million.

The bank has released credit amounting to US$170 million in Laos. It offers a variety of products such as money transfers, foreign currency services, account provision, loan and saving facilities, as well as supporting businesses and credit card transactions, Le said.

The bank is also providing assistance to local organisations. It has given US$300,000 to hospitals, 100 computer sets to the Lao Youth Union and US$30,000 to the Vietnamese Association for the construction of an office in Laos, he added.

Based on high level decisions by the bank's management concerning its business operations in Laos, accompanied by sound strategy plans, the Lao branch of VietinBank will continue to invest in technology development and infrastructure. It plans to raise the standard of its services to the level required to meet the needs of its customers, both individuals and businesses.

The bank will continue to offer a comprehensive range of services, while expanding its network and improving the quality of its work, said Le.

In the next five years, the bank aims to become a leader in the field and will continue to provide good quality services to the people of Laos.

VietinBank is one of the top commercial banks in Vietnam, having a substantial asset value and serving a large number of financial institutions in the country.

The bank's network covers 63 provinces in Vietnam, comprising 150 branches, almost 1,000 service units, two domestic agency offices and nine subsidiaries. VietinBank also has business relations with 850 banks and financial institutions around the world. — Vientiane Times/ANN