Vietinbank expands to Laos

The Viet Nam Joint-Stock Commercial Bank for Industry and Trade (VietinBank) has opened a transaction office in Pakse town in the southern Laos province of Champasak.

The move is designed to boost the banks long-term investment and operations in the country.

During the opening ceremony late last week, Chairman of Vietinbank Board of Directors Pham Huy Hung said his bank opened the first branch in Laos in 2012, noting that the branchs income reached US$3.46 million last year, including $800,000 in after-tax profits.