Vietcombank opens first overseas subsidiary in Laos
16:50 | 23/10/2018

VGP - The Bank for Foreign Trade of Viet Nam (Vietcombank) has opened its first overseas subsidiary in Vientiane, Laos.

Located on Lane Xang Avenue, a finance-banking hub in downtown Vientiane, the Vietcombank Laos  has a charter capital of US$80 million, the highest among Vietnamese credit institutions in the country.

Aiming at connecting Vietnamese and Lao financial markets, the recently opened bank offers finance and investment service packages to Vietnamese investors in Laos and Lao businesses.

The bank posted a pre-tax profit of over VND7.72 trillion (US$336.2 million) in the first half of this year, up 52.7% year-on-year. It looks to expand the figure to VND13 trillion (US$566.15 million) by year’s end, up 14.6% against 2017.

Currently, it has more than 500 branches, representative offices, and member companies in Viet Nam and overseas; with over 2,100 agencies established across 131 countries and territories.

Sacombank, Military Bank, Saigon Ha Noi Commercial Joint Stock Bank and Vietinbank are present in Laos.

Vietcombank plans to establish an additional six branches and 39 transaction offices across Viet Nam, in addition to a cash processing centre, within this year.

                                                                                                                            By Vien Nhu

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