On 20/06/2014, in Vientiane capital, Lao People’s Democratic Republic, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and the representative of the Lao Government signed the Credit Agreement for implementing the Traffic project from Tha Lau to Xam Tay of Hua Phan province, Lao PDR .

Attending and witnessing the Signing Ceremony were Mr. Somsavat Lengsavad, Member of the Politburo, Deputy Prime Minister of Lao People’s Democratic Republic, Chairman of the Laos-Vietnam cooperation subcommittee, Mr. Nguyen Manh Hung, Ambassador Extraordinary and Plenipotentiary of the Socialist Republic of Vietnam, and the leaders of the ministries, central agencies of the two countries.

​On the basis of the proposal of the Lao Government for consideration to support Laos in building many important infrastructure projects, in which the priority is given to the implementation of traffic road from Tha Lau to Xam Tay of Hua Phan province; with the approval of the Government and the State Bank of Vietnam, BIDV has coordinated with the units of Laos to promptly complete the implementation procedures.

The road has a length of 67 km, with great and strategic significance on economy, security and defence for Vietnam and Laos. The road connects to the border between Hua Phan province (Laos) and Thanh Hoa province (Vietnam), connects to the road system of Vietnam, connects to the deep-water port Nghi Son - Thanh Hoa. From there, it forms a traffic route from Laos to the sea in order to create favorable conditions for transportation, commercial intercourse of the enterprises and the peoples of the two countries; make socio-economic development premise for Hua Phan province - one of the revolutionary bases of the two countries from the time of anti-French resistance, contribute to ensuring the security and defence of Vietnamese – Laotian border route.

Under the Credit Agreement signed by BIDV representative and representative of the Ministry of Finance of Laos, the total loan value is 53.16 million USD, the term of loan is 15 years with preferential interest rate.

This activity is within the series of events of the 15th Anniversary of the establishment of Lao – Viet Bank, also the milestones to mark over 15 years of BIDV in proactive investment in Laos, contributing to developing the traditional, special relationship and comprehensive cooperation of the Party, State and peoples of Vietnam and Laos.

The Credit Agreement for implementing the Traffic project from Tha Lau to Xam Tay of Hua Phan province, Laos once again affirms: Vietnam has been always a companying friend with the friend country Laos, especially at the times when the friend country also met with difficulties; at the same time the signing of this Agreement again shows that BIDV is a leading state commercial bank in Vietnam, with the earliest presence in Laos and most vigorous operation, contributing to further developing the traditional, special relationship and comprehensive cooperation of the Party, Government, the peoples and enterprise community of the two countries; Especially, Hua Phan province - one of the foundations and revolutionary bases attached to Vietnam since the anti-French resistance, this is a meaningful activity, contributing to the socio-economic development, infrastructure development of Hua Phan province.

It also aims to supporting the development of Hua Phan Province, in 2013, BIDV directed LVB Bank to finance the Project for construction of revolutionary museum and upgrade of revolutionary base in Vieng Xay district, Hua Phan province in order to preserve and promote revolutionary tradition and values ​​in thw two resistance wars for national independence of the two countries with value of one hundred and fifty billion LAK, 5-year term.

In the condition that the macroeconomic situation of the two countries Vietnam and Laos has difficulties, the financing for projects by BIDV expresses the heart and its commitment in contributing to the socio-economic development of Laos, always accompany with the Government and relevant authorities of Laos even in the most difficult times, is a good and faithful symbol for the traditional, special relationship and comprehensive cooperation of the Party, State and the peoples of Laos and Vietnam.

For more information, please contact:

Trademark and Public Relations Division

Bank for Investment and Development of Vietnam

Tel:  (04) - 22225826 ; Fax: 04) - 2220316