The State-run Bank for Investment and Development of Vietnam (BIDV) and an emerging bank from Myanmar have inked a cooperative Memorandum of Understanding (MoU) in Yagoon city.

Under the terms of the document, BIDV and the Small and Medium Industrial Development Bank of Myanmar (SMIDB) agreed to collaborate in fields as information sharing, product development and foreign exchange.

BIDV will assist the Myanmar bank in areas of its strength, including information technology application, consultation, training and surveying.

Both sides also agreed to make regular exchanges to explore new cooperation opportunities in other spheres.

BIDV Chairman of the Board of Directors, Tran Bac Ha, said his bank is willing to share its experience to assist Myanmar’s finance and banking markets and step up the development of the country’s small and medium enterprises.

This MoU will tighten its bonds with Myanmar finance institutions and help the BIDV soon offer its banking services in the country, he added.

At the signing ceremony, Myanmar Minister of Industry U Maung Myint, who is also SMIDB Chairman, welcomed the Vietnamese bank’s efforts in entering his country’s finance and banking markets.

Meanwhile, Vietnamese Ambassador Pham Thanh Dung asked Myanmar to provide optimal conditions for BIDV to work with its partner.

In April 2010, BIDV set up its representative office in Myanmar and acts as the Chair of the Association of Vietnamese Investors in the country.-VNA