ID :
9977
Fri, 06/13/2008 - 15:12
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https://oananews.org//node/9977
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Phongsavanh Bank and Agribank of Vietnam further co-operation
(KPL) The Phongsavanh Bank of Laos and the Bank for Agriculture and Rural Development of Vietnam (Agribank) have recently signed an agreement to develop their co-operation on cross-border payment.
The agreement includes mandated specifications of the two banks such as banks' bills of exchange used in cross-border payment, cross-border money
transfer vouchers, commercial payment vouchers, mandate letter for cross border money transference, and others.
Attending the signing ceremony were Mr. Od Phongsavanh, Chairman of the
Phongsavanh Bank and other high ranking officials of Laos and Vietnam. The
agreement was signed between Mr. Bounthavy Dinavong, Vice-Chairman of the
Phongsavanh Bank, and his counterpart of the Agribank of Vietnam Ms. Le Thi Thanh Hang.
Speaking at the ceremony, Mr. Hoang Anh Toan, representative of the Agribank
said that the Agribank has a registered fund of US$ 1.2 billion and US$ 20
billion of its own property. It also has 2,200 branches and service units in
the country and a representative office in Cambodia.
Mr. Nguyen Ngoc Lam, Deputy-Director of the Foreign Currency Management
Department, the Bank of Vietnam, said that the co-operation between Laos and
Vietnam in the economic and trade sectors had been established since 1961,
however, the border trade areas of the two countries has grown since 1990.
In the past 10 years, Laos and Vietnam has signed a number of co-operation
agreements including the co-operation agreement on border trade and economic
and commerce. The volume of the two-way trade in the past five years has
reached US$ 687 million or US$ 138 million a year.
The two countries have planned to increase the trade volume to US$ 1 billion
in 2010 and US$ 2 billion in 2015.
On this occasion, Mr. Od Phongsavanh said that he was very happy with the
co-operation and agreement signed by the two banks which marked the
historical milestone for future co-operation between the Phongsavanh Bank
and the Agribank. He added that the Phongsavanh Bank was ready to co-operate
with Agribank in order to reach the set goal of the two sides and would
continue to expand their co-operation in the border areas of the two
countries in order to offer more convenience for businessmen in
international payment.
Mr. Od added that the Phongsavanh Bank has so far had US$ 20 million of
registered fund and more than US$ 100 million will be added to the
registered fund soon.
He said the bank was ready to release about US$ 40 million for small and medium enterprises.
Mr. Od concluded that the bank would expand its branch and service units to 500 units by 2010.
The agreement includes mandated specifications of the two banks such as banks' bills of exchange used in cross-border payment, cross-border money
transfer vouchers, commercial payment vouchers, mandate letter for cross border money transference, and others.
Attending the signing ceremony were Mr. Od Phongsavanh, Chairman of the
Phongsavanh Bank and other high ranking officials of Laos and Vietnam. The
agreement was signed between Mr. Bounthavy Dinavong, Vice-Chairman of the
Phongsavanh Bank, and his counterpart of the Agribank of Vietnam Ms. Le Thi Thanh Hang.
Speaking at the ceremony, Mr. Hoang Anh Toan, representative of the Agribank
said that the Agribank has a registered fund of US$ 1.2 billion and US$ 20
billion of its own property. It also has 2,200 branches and service units in
the country and a representative office in Cambodia.
Mr. Nguyen Ngoc Lam, Deputy-Director of the Foreign Currency Management
Department, the Bank of Vietnam, said that the co-operation between Laos and
Vietnam in the economic and trade sectors had been established since 1961,
however, the border trade areas of the two countries has grown since 1990.
In the past 10 years, Laos and Vietnam has signed a number of co-operation
agreements including the co-operation agreement on border trade and economic
and commerce. The volume of the two-way trade in the past five years has
reached US$ 687 million or US$ 138 million a year.
The two countries have planned to increase the trade volume to US$ 1 billion
in 2010 and US$ 2 billion in 2015.
On this occasion, Mr. Od Phongsavanh said that he was very happy with the
co-operation and agreement signed by the two banks which marked the
historical milestone for future co-operation between the Phongsavanh Bank
and the Agribank. He added that the Phongsavanh Bank was ready to co-operate
with Agribank in order to reach the set goal of the two sides and would
continue to expand their co-operation in the border areas of the two
countries in order to offer more convenience for businessmen in
international payment.
Mr. Od added that the Phongsavanh Bank has so far had US$ 20 million of
registered fund and more than US$ 100 million will be added to the
registered fund soon.
He said the bank was ready to release about US$ 40 million for small and medium enterprises.
Mr. Od concluded that the bank would expand its branch and service units to 500 units by 2010.
