Within the framework of the Bilateral Meeting between the State Bank of Vietnam (SBV) and the Bank of the Lao People's Democratic Republic (BOL), on August 29, 2022 in Quang Binh province, SBV Governor Nguyen Thi Hong and BOL Governor Bounleua Sinxayvoravong co-chaired a dialogue session with Vietnamese banks having presence and operations in the Lao P.D.R.
Attending the dialogue session, there were leaders of six Vietnamese commercial banks operating in the Lao P.D.R., including the BIDV, Vietcombank, Vietinbank, the SHB, Sacombank and the MB.
At the session, the representatives of Vietnamese commercial banks reported their operational results over the past time, and also made several recommendations to the two Governors, such as the approval for expanding their operational networks, the improvement of the legal frameworks for the commercial banks’ operations, the measures to encourage the use of the domestic currency, the consideration for the implementation of a real-time payment connection system between the Lao P.D.R. and Vietnam in order to facilitate payment operations and trade transactions between the two nations, etc.
Leaders of several commercial banks speak at the dialogue session
BOL Governor Bounleua Sinxayvoravong expressed high evaluation for the operations of Vietnamese commercial banks in the Lao P.D.R., in spite of the difficulties caused by the COVID-19 pandemic, thereby contributing to the socio-economic development of Laos. In addition, the BOL Governor also responded to and acknowledged the recommendations of Vietnamese banks in the spirit of facilitating the operations of Vietnamese commercial banks in the Lao P.D.R.
The two Governors take photo with the participants
SBV Governor Nguyen Thi Hong asserted that Vietnamese commercial banks had committed to make long term investments in Laos, and to comply with the laws of Laos, for the development of the relationship between the two nations as well as the two banking sectors. On this occasion, Governor Nguyen Thi Hong expressed her sincere thanks and hoped that the Lao P.D.R. would create more favorable conditions for Vietnamese commercial banks to operate in Laos, thereby contributing to the country’s economic development and social security, promoting the specially friendly and traditional partnership between Vietnam and the Lao P.D.R.
The two sides pledged to encourage and create further favorable conditions for the commercial banks of both sides to establish cooperative relations and commercial presence, as well as to made investment in the two countries in order to enhance the development of the two banking industries, and serving better the bilateral trade, commerce and investment activities between the businesses and investors of the two countries.
Le Hang