Hanoi, January 6, 2016 - On a visit to Vietnam to attend the 70th anniversary of Vietnam’s first general election, Mrs. Pany Yathotou, President of the Lao National Assembly and her high-level delegation paid a visit to BIDV.

​Mr. Phan Duc Tu, BIDV Chief Executive Officer, reported on the bank's business performance as well as its future business directions. Accordingly, in recent years, trade and investment turnover between Vietnam and Laos has grown significantly. Bilateral trade turnover between the two countries in 2015 is expected to reach USD1.2 billion. Economic cooperation relations between Vietnam and Laos continue to achieve positive results. Vietnam continues to be the 3rd largest investor in Laos. According to statistics, by the end of 2015, the Ministry of Planning and Investment of Vietnam granted 258 investment licenses to Vietnamese businesses to invest in Laos with total FDI of about USD4.9 billion. In 2015, 9 new projects were licensed with total FDI at USD122 million.

With investment expansion, BIDV also actively proposes solutions and initiatives to facilitate Vietnamese business community to invest in Laos and attract direct investment in Laos. BIDV has been at the forefront of investment in Laos for the past 16 years, contributing to boost the financial, monetary and insurance markets of Laos through its presence in Laos including Lao-Viet Joint Venture Bank (1999), Lao-Viet Insurance Joint Venture Company (2008). BIDV also established its representative office in Laos in 2011.

In addition to business operations, BIDV is one of the leading businesses in social security activities in Laos. Total funding for social security by Vietnamese enterprises in Laos is approximately USD65 million, of which BIDV contributed USD12.5 million, mainly on healthcare, education, and houses for the poor.

The Lao National Assembly President expressed pleasure at the BIDV’s contribution to the two countries, and thanked the bank for its support over the years that contributed to the Laos’s socio-economic development and macroeconomic stability.

The Lao NA President recognized the achievements gained by BIDV on its development path and noted the leading position of BIDV in Vietnam market. The Lao NA President willed BIDV to continue being a supporting arm to provide capital to investors doing business in Laos. Mrs. Pany Yathotou appreciated BIDV for its role in the restructuring of credit institutions in Vietnam and expressed her hope that BIDV would share their experience on the restructuring and expertise with the Bank of the Lao PDR (central bank) as well as Lao commercial banks.