Transactions at BIDV (Photo: VNA)
Hanoi (VNA) - The State Bank of Vietnam (SBV) has approved the Bank for Investment and Development (BIDV) of Vietnam's plan to open a branch in Yangon city, Myanmar.

The BIDV Yangon branch will have a charter capital of 85 million USD.

BIDV received the approval of the Central Bank of Myanmar to open its office in Myanmar in March.

BIDV will be the first Vietnamese bank to open a branch in that country.

Earlier this year, the bank was allowed by the SBV to open a representative office in Moscow, Russia.

The bank reported a pre-tax profit of more than 7 trillion VND (313.5 million USD) and total assets worth 857 trillion VND in 2015.-VNA