Vietnam-Lao joint venture

Vietnam-Lao joint venture

HANOI (AFP): The central banks of Vietnam and Laos have signed
a contract to create a joint venture bank in the Laotian capital
of Vientiane, the State Bank of Vietnam said Wednesday.

State-owned Vietnam Bank for Development and Investment has
teamed up with the Lao Foreign Trade Bank to create the bank
which will be capitalized at US$10 million, an official said.

The accord to establish the Lao Vietnam Bank (LVB) was signed
here Tuesday between Vietnam's deputy central bank governor Le
Duc Thuy and Lao central bank deputy governor Phouphet Kham
Phounvong.

The joint venture must await licensing from Lao authorities,
an official from the governor's office of the State Bank of
Vietnam said.

The creation of the new bank comes during a period of
restructuring in the Lao banking sector.