Prime Minister Nguyen Xuan Phuc visits the Yangon branch of BIDV on December 18 (Photo: VNA) Yangon (VNA) – Prime MinisterNguyen Xuan Phuc visited some major investment establishments of Vietnam inYangon on December 18 as part of his official visit to Myanmar.
One of the stops was telecom operator Mytel, ajoint venture between the Viettel Military Industry and Telecoms Group and twolocal partners.
After 18 months of operating in Myanmar, Mytelnow has a clientele of 8 million, owning a 22-percent telecom market share. Ithas become the third biggest mobile network operator and one of the fastestgrowing telecom brands in the country.
The firm has also strongly engaged in socialprogrammes to help improve living standards of local people, especiallystudents. So far, it has provided free internet services for nearly 200 schoolsand trained hundreds of high-quality telecom workers for Myanmar.
PM Phuc highly valued Mytel’s effectiveinvestment and business activities in Myanmar, which he said have enhanced otherVietnamese businesses’ confidence to invest in this market and strengthened thetwo countries’ friendship.
He attributed Mytel’s success to Viettel’stechnological development achievements, especially the 5G technologyapplication, noting that Vietnam has brought its most advanced technologies toinvest in and transfer to Myanmar.
On this occasion, he also thanked theGovernment, the Defence Ministry and relevant agencies of Myanmar forfacilitating the development of Mytel and its partners, thereby contributing tothe comprehensive cooperative partnership between the two countries.
The leader expressed his belief that Mytel willkeep growing to reach a higher ranking in the local telecom market. He alsotold it to develop mobile, financial and e-Government services in thispotential nation, and actively cooperate with other Vietnamese businesses andinvestors in Myanmar.
The same day, PM Phuc attended the openingceremony of the first representative office of HDBank in Myanmar.
The office, based in Yangon, will promoteinvestment and transaction activities, carry out negotiations, support HDBank’sclients, and assist the bank’s partners in investment and business relations inMyanmar. It is hoped to help with Vietnam-Myanmar economic links, the developmentof the two business circles, and the promotion of HDBank’s image in foreignmarkets.
PM Phuc also visited the Yangon branch of theBank for Investment and Development of Vietnam (BIDV), which is the first andalso only Vietnamese bank that has been licensed in Myanmar so far. It hasoperated in the country since 2016.
BIDV reported that as of the end of 2019, itsYangon branch had the total asset value of over 120 million USD and nearly 200clients which are organisations and businesses, including most of Vietnamesefirms investing in Myanmar. It has also provided counseling to help Vietnamesecompanies learn about the local investment climate.
Applauding BIDV Yangon’s attainments, the PMnoted the bank plays a very important role as it concurrently supplies loansfor Vietnamese investors in Myanmar and assists those that plan to invest inthe country.
He asked the bank to step up lending and supportfor enterprises while applying new technologies and a modern governance model inits operations to better meet clients’ demand and realise its business targets.
The more optimal investment attraction policy ofMyanmar and the growing number of Vietnamese companies will form a favourableenvironment for BIDV to develop, he added./.
VNA
