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Banking & Finance

BIDV keen on Myanmar

Released at: 09:58, 07/08/2015

BIDV keen on Myanmar

Governor of the Central Bank of Myanmar tells PM Dung its government will soon consider BIDV's bid to open a branch in the country.

by Quynh Nguyen

Prime Minister Nguyen Tan Dung held a meeting on August 6 with the Governor of the Central Bank of Myanmar, Mr. Maung Kyaw Kyaw, where the two sides spoke of the traditional cooperative relations between Vietnam and Myanmar and the granting of an investment license to the Bank for Investment and Development of Vietnam (BIDV) in the latter.

The Prime Minister said that Vietnam currently ranks eighth in foreign direct investment in Myanmar. Bilateral trade has recorded high growth and there is much potential in economic and trade cooperation and investment between the two countries.

In order to maintain and promote the investment momentum of Vietnamese enterprises in Myanmar he proposed the country soon consider allowing BIDV to open a branch in the country.

At the same time, he also wants the two sides to continue to coordinate closely in order to effectively resolve problems arising from economic cooperation between the two countries. Vietnam always encourages and creates favorable conditions for its enterprises to promote investment activities in Myanmar.

For his part, Mr. Kyaw Kyaw Maung said that Vietnam and Myanmar have very close relations and engagement. Myanmar respects and is thankful for the cooperation, support and assistance from Vietnam in the process of building and developing the country.

The Governor also said he received direction from President Thain Sein about the BIDV matter and confirmed that Myanmar would actively consider granting an investment license to the bank to open a branch in Myanmar.

BIDV, along with a series of other foreign banks, are competing to invest in the country. Its ambition is to open a bank in Myanmar rather than a representative office, as is presently the case. Other Vietnamese banks such as Sacombank and HDBank are also keen to stake out a presence in the country.

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