Lao-Viet Bank signs agreement with Nam Kong 2 hydro project

The Lao-Viet Bank and its insurance arm, the Lao-Viet Insurance Company, have signed an agreement to provide credit and insurance for the Nam Kong 2 hydropower project in Attapeu province

The bank and company signed the agreement with the Hoang Anh Gia Lai Group to lend assistance to the US$85 million project at a ceremony on Tuesday.

The signing was attended by Lao-Viet Bank Attapeu branch Head Mr Lam Quoc Buu, Lao-Viet Insurance Company Director General Mr Pham Duc Hau and Hoang Anh Hydropower Attapeu Director General Mr Pham Xuan Hung.

Also present were Attapeu provincial Deputy Governor Ms Vathsady Khoathyotha and Lao-Viet Bank Deputy Director General Mr Buavanh Simalivong.

According to the Ministry of Energy and Mines, the Nam Kong 2 hydropower project has an installed capacity of 70MW.

The project is one of the largest ever undertaken in Attapeu and is expected to contribute significantly to provincial socio-economic development.

Lao-Viet Bank opened a new branch in Attapeu last year after foreseeing the vast potential business opportunities in the province, especially regarding business cooperation with Vietnam.

Lao-Viet Bank is a joint venture between Banque pour le Commerce Exterieur Lao (BCEL) and Bank for Investment and Development of Vietnam (BIDV), which was established in 1999.

Attapeu province is located in southern Laos and covers a total area of about 10,320 square kilometres. The province's total population numbers about 120,000 people and Samakkhixay is the provincial capital.

Attapeu shares borders with Vietnam in the east, Cambodia in the south, Xekong province in the north and Champassak province in the west. The province is home to many different ethnic groups, including Kleum, Katou, Alak, Katang, Tahoy, Nge, Suay and Nyajeung communities.