FPT IS to migrate Core Banking system for Laos Viet Bank

Vientiane, Laos, August 5, 2011 – Laos-Viet Joint Venture Bank (Lao-Viet Bank) and FPT Information System (FPT IS) officially signed the contract to migrate Core Banking system for the bank.

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09/08/2011

The contract worth US$ 4.3 million was signed by Mr. Nguyen Kim Dieu, General Director of Lao-VietBank and Mr. Duong Dung Trieu, General Director of FPT IS.

The signing ceremony was attended by Ms. Pani Giathotu– Politburo Member, Chairman of the National Assembly of the Lao People’s Democratic Republic; senior leaders of Lao and Vietnamese governments; representatives of founder banks including Bank for Investment and Development of Vietnam (BIDV) and Banque pour le Commerce Exterieur Lao (BCEL) and FPT Corporation.

FPT InformationSystem was chosen to implement the said migration.

The renovation of the Core Banking Lao-Viet Bank will put up a whole new level.

Mr. Do Cao Bao, Chairman of FPT Information System,said: “With capability and extensive experience gained from twenty years working in banking sector, FPT IS commits to provide our best resources and time, to the highest level of enthusiasm and responsibility, to cooperate with i-Flex - the provider of the Core banking system and IBM - the supplier of server and storage system, to implement the project successfully and on time for Laos- Viet Bank”.

Upon opening the ceremony, Mr. Nguyen Kim Dieu said: “We aims to be the leading bank in Laos interms of technology and service quality, so it is crucial for us to innovate and implement the core banking system”.

Renovating the corebanking system will leverage Laos-Viet Bank in diversifying and specializing banking products and services to meet specific and comprehensive requirements of customers. Furthermore, the bank will be able to focus on risk management and quality improvement, enhancing its reputation in the market. Once implemented, the new core banking system will help to expand the bank’s network to critical economic regions in both Laos and Vietnam and to the world, confirming the correctness of its decision to invest more than four million US dollars in this deal.

BIDV has invested a non-transferrable fund of US$ 2.4 million to implement this system. Mr. Tran Bac Ha- Chairman of BIDV assigned specific tasks for each side and committed to support and facilitate fund and human resources for successful implementation of the project.

Laos-Viet Bank have received great support from state leaders, organizations and pressagencies, and customers in Laos to migrate its core banking system. The bank is also expected to grow as sustainably as the economic relationship between Laos and Vietnam.