LAOVIET Bank loans US$30 million to Oceano Co., Ltd for development investment projects in Laos

The LAOVIET Bank (Laos-Vietnam Joint Venture Bank) has agreed to finance a US$30 million loan to Oceano Co., Ltd for investment projects of the company and contribute to national socio-economic development.
A loan agreement was signed in Vientiane yesterday between Deputy General Director of the LAOVIET Bank, Mr Nguyen Duc Vu and the President of Oceano Co., Ltd, Mr Khonekham Inthavong.

Mr Khanekham Inthavong (left) shakes hands with Mr Nguyen Duc Vu at the agreement signing ceremony in Vientiane.

The ceremony was attended by General Director of LAOVIET Bank, Mr Nguyen Van Binh and Oceano Co., Ltd consultant, Mr Ounla Seangmeang along with employees of both sides.
LAOVIET Bank was established in 1999 based on the result of the comprehensive solidarity and friendship between the two peoples, which is the foundation of the economic trading relationship between Vietnam and Laos.
“The bank is one of the largest in Laos regarding authorised capital,” Mr Nguyen Van Binh said.
“The bank’s operations have spread across the regions of Laos with its headquarters located in Vientiane and five branches and nine transaction offices covering eight out of eighteen key economic provinces,” he added.
Oceano Co., Ltd was established in 2012 and initially operated in the construction sector, Mr Khonekham said.
To foster growth and follow society’s requirements to contribute to national socio-economic development, the company has invested in different business areas such as insurance, real estate, a non-deposit taking microfinance institution, agriculture and livestock development projects and ports, he said.
“The company is also investing in the government’s strategic developments such as the 300-bed hospital and the Lane Xang Cultural Park Development Project at Km 16 in Vientiane, which is a priority of the government,” Mr Khanekham explained.
Oceano Co., Ltd expected to invest US$80 million in the Lan Xang Cultural Park Development Project over the long-term, so LAOVIET Bank agreed to the loan, he reported.
He hoped the cooperation between the two businesses would help to develop other projects in the future, especially priority developments of the government.

By Advertorial Desk
(Latest Update October 21, 2020)