BIDV licensed to officially open branch in Myanmar
The Bank for Investment and Development of Vietnam (BIDV) has been granted a licence by the Central Bank of Myanmar (CBM) to open a branch in Yangon city.
Illustrative image (Source: http://vietnamfinance.vn)The licence came after the preliminary approval was announced nearly four months ago.
The bank said its Yangon branch has an initial capital of 85 million USD. BIDV Yangon plans to have a minimum total asset of 300 million USD after three years of operation, and name itself on the top five foreign banks in Myanmar.
BIDV established its representative office in Myanmar in April 2010 as part of efforts to realise the Vietnam-Myanmar Joint Statement on cooperation in 12 prioritised areas, including finance and banking.
Since then, BIDV has been expanding its operations in Myanmar through its role as the chair of the Association of Vietnamese Investors in Myanmar (AVIM), the opening of representative office of BIDV Insurance Company and the establishment of BIDV Myanmar Finance Company.
The opening of BIDV Yangon marks the lender’s stronger participation in Myanmar’s financial and banking market and comes in line with its strategy of market diversification and promoting growth in key regional markets.
In the coming time, the bank will focus on providing modern banking products and services for Myanmar’s enterprises and foreign firms in the country, especially those from Vietnam and countries having close links with Myanmar such as Japan, the Republic of Korea and Taiwan (China).
Over the past six years, BIDV has played a significant role in boosting Vietnam-Myanmar cooperation in investment, trade and tourism.
As the chair of AVIM, BIDV arranged a series of fact-finding tours for Vietnamese entrepreneurs to enquire about Myanmar’s market, and organised workshops and forums to promote links between the two sides’ enterprises.
It also worked with the Governments and relevant agencies of Vietnam, Cambodia, Laos and Myanmar to organise the forum “Four countries, one destination” to foster tourism and banking cooperation among the four countries.-VNA
You should also see
PM urges village elders, citizens to help preserve cultural heritage
Prime Minister Pham Minh Chinh has asked village elders and chiefs, skilled artisans and reputable citizens to make greater efforts to preserve and promote tangible and intangible cultural heritage, which is the quintessence and core value of the nation.
See more
Videos
Foreign investment driven towards new breakthrough phase
Vietnam has so far drawn nearly 500 billion USD in registered FDI capital after nearly four decades of opening up its economy, with investment quality improvement considered a key task for a new breakthrough phase ahead.
Business
Quang Ninh attracts additional 115 million USD from Japan investors
The Quang Ninh Economic Zone Authority (QEZA) presented investment certificates to two Japanese projects worth 115 million USD in total at a conference held at Song Khoai Industrial Park (IP) on April 19.
Business
Central bank plans to auction gold bars on April 22
The State Bank of Vietnam (SBV) will auction SJC-branded gold bars on April 22, a representative of the central bank said on April 19.
Business
Hanoi to host Vietnam Medipharm Expo 2024
The 31st Vietnam International Medical and Pharmaceutical Exhibition (Vietnam Medipharm Expo 2024) is scheduled to take place in Hanoi from May 9 to 12, an official of the Ministry of Health (MoH) told a press conference on April 19.
Business
Japan's Takashimaya plans to expand investment in Vietnam
Takashimaya, a Japanese operator of upscale department stores, plans to open a shopping centre in Hanoi in 2026 that will be the company's first new location abroad in eight years, Japanese newspaper Nikkei reported.
