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LaoVietBank honoured with Laos Domestic Initiative of the Year
QUANG DINH
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Headquarters of LaoVietBank in Vientiane, Lao PDR
Lao - Viet Joint Venture Bank (LaoVietBank) has been awarded the Laos Domestic Initiative of the Year award 2021 by the Asian Banking & Finance magazine at the Banking & Finance Retail Banking Awards 2021 ceremony. LaoVietBank is the only bank in Laos to receive the award from the Asian Banking & Finance.
The awards were handed via digital presentations to the winners due to the pandemic. The Covid-19 pandemic has caused several uncertainties amongst multiple industries and the financial sector is no exception. With the ever-changing customer preferences and increased comfort with digital products and services, financial institutions who were able to adapt and leverage digital technology are able to provide to customers and benchmark themselves against market competition. LaoVietBank sustained its position as the third largest bank in Laos.
The bank has rendered efforts to promote business activities, especially retail banking services, improving the quality of digital banking products and services. LaoVietBank is now one of the leading banks in implementing digital banking products and services in Laos market.
The Asian Banking & Finance’s award is recognition of LaoVietBank’s efforts to grow and provide high quality services and products to customers, as well as affirming the prestige and position of LaovietBank in the market.
In 2020, LaoVietBank implemented IT projects related to developing new products and services such as cardless cash withdrawal, international money transfer, land tax collection on its LVB DigiBank app.
LaoVietBank is the first Vietnamese bank to be established in Laos in 1999 on the basis of joint venture between BIDV and Banque Pour Le Commerce Exterieur Lao (BCEL), aimed at implementing the Agreement on Culture, Science and Technology Cooperation between Vietnam and Laos P.D.R to promote and support economic activities between the two countries.
After over 20 years of development, LaoVietBank has made strong strides, is among top 3 largest commercial banks in Laos, ranking second by customer loans, and third by total assets and customer deposits. The bank’s network covers 8/18 key provinces in Laos. LaoVietBank has established relationships in credit, foreign exchange, payment, correspondent banking with more than 52 major financial institutions in 20 countries around the world.
