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Banking & Finance

BIDV moves in Myanmar

Released at: 12:06, 24/06/2015

BIDV moves in Myanmar

Bank to provide a suite of financial, banking and insurance packages, demonstrating its commitment to long-term business endeavors in the country.

by Hoai An

On June 23, during his visit to Myanmar to attend the 7th Cambodia - Laos - Myanmar - Vietnam Summit (CLMV 7) and the 6th Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy Summit (ACMECS 6), Prime Minister Nguyen Tan Dung also attended a ceremony in Yangon for the grand opening of a representative office of the BIDV Insurance Corporation and the beginning of operations of the BIDV Myanmar Finance Company Limited (BMF).

BMF has initial charter capital of $5 million, 70 per cent of which is held by the Vietnamese partner. BIDV also provides technical support, human resources, technology, and experience in lending and retail banking development.

BMF was founded with a mission to contribute to improving the living standards of people in Myanmar through providing concessional loans and advice on production techniques and financial management. Initially it will focus on providing microcredit, contributing to poverty reduction and the development of local industry.

To build a sustainable partnership in Myanmar, BIDV has established channels to communicate regularly with financial institutions in the country, including the signing of a comprehensive cooperation agreement with Global Treasure Bank, one of the five largest banks in Myanmar.

Under the agreement the two parties will cooperate in the exchange of information, the provision of banking services and products, the introduction of customers, and financing in the areas of plantations and livestock, and aquaculture, as well as in professional support and information technology.

“The achievements of BIDV, HAGL, and the Association of Vietnamese Investors in Myanmar (AVIM) not only contribute to promoting and supporting Vietnamese enterprises in conducting business in Myanmar but also significantly assists socio-economic development in Myanmar while strengthening the good relations between the two countries,” PM Dung told the signing ceremony.

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