LaoViet upgrades services to boost banking business, Khammuan province growth

KHAMMUAN (Vientiane Times/ANN) - LaoViet Bank expands services in Khammuan province .

LaoViet Bank has upgraded its service unit in Khammuan province into a new branch to boost its business operations and also drive economic growth in the central province.

With the province already endowed with considerable investment and the potential to attract more and further growth, the bank is eyeing new opportunities.

Thus, the executive council and executive board of LaoViet Bank decided to upgrade the service unit into the new branch and its official opening ceremony was held on July 7, 2017.

Khammuan is one of the fast-growing provinces in the central region of Laos. Its strategic location connecting neighbouring Thailand and Vietnam has provided favourable as conditions for transport between the three countries improves.

Thakhaek Economic Zone and Keualor-Langkhang International Checkpoint Economic Zone, which are being developed, will also contribute to ease goods transport for Laos, Thailand and Vietnam with Khammuan serving as a transit hub.

Khammuan province has enjoyed annual average gross domestic product (GDP) growth of more than 10 per cent. Industry sector contributes 41.18 per cent to GDP, service contributes 34.82 per cent, and agriculture occupies 24 per cent of the GDP. The province’s GDP per capita has reached 15.12 million kip (US$1,857).

There are many major investment projects being operated and implemented in the province such as Nam Theun Hydro Power project, Potassium mining project and Potassium processing plants, cement factories, gypsum and iron ore mining projects.

In addition, the province has potential to attract more investment in the years to come.

Recognising such great potential for the central province’s socio-economic development, the executive council and executive board of LaoViet Bank decided to establish the bank’s service unit in the province in June 2013 to offer services to businesses, and expand its service network, while studying potential there.

Although the scale of its business was small at the beginning, the service unit has grown consistently over the past four years and has become one of the most effective and leading business operators in Khammuan province. The service unit has total assets of US$23 million. It has issued credit amounting to US$21 million, and it has been able to mobilise deposits amounting to US$13 million with profit hitting US$300,000.

Such achievements were the reason the executive council and executive board of LaoViet Bank decided to upgrade the service unit into a branch of the bank in Khammuan province.

The official opening ceremony of the new branch was held on July 7, 2017, at the branch office located in Santisouk village, Thakhaek district, Khammuan province.

In his speech delivered at the ceremony, a member of the Party Central Committee of the Lao People’s Revolutionary Party, Oday Soudaphone, who is also Khammuan’s provincial governor, said LaoViet Bank has operated effectively.

The governor stated that the bank has cooperated and provided financial services for local enterprises and people that eased their business operations. The LaoViet Bank has also contributed to driving economic growth of Khammuan province.

Oday was confident that the upgrading into the branch in the province would enable the bank to grow further and make a greater contribution to the province’s socio-economic development.

Speaking at the ceremony, Director General of the LaoViet Bank, Nguyen Van Binh, representing the executive board of the bank, said the upgrading into the branch in Khammuan has reflected the fact that the bank has fulfilled its commitment to contribute more to the socio-economic development of the province and other central provinces of Laos. This aims to ease enterprises’ and local people’s access to financial sources for their disbursement purposes by offering quick, convenient and safe services through the bank’s modern facilities.

Currently, LaoVietBank is one of the major banks in Laos with more than 20 service units operating in eight of the country’s 18 provinces.