Bank receives license to move up from rep office to branch in Yangon.
The Bank for Investment and Development of Vietnam (BIDV) has been permitted to open a branch in Myanmar, becoming the first Vietnamese bank to do so in the country.
Also receiving licenses were E.SUN Commercial Bank from Taiwan, Shinhan Bank from South Korea, and the State Bank of India, on the second occasion Myanmar has issued licenses to foreign banks to open branches in the country.
BIDV has operated in Myanmar since April 2010 as a representative office and has held the Chairmanship of the Association of Vietnamese Investors in Myanmar (AVIM).
Ambassador of Vietnam to Myanmar, H.E. Pham Than Dung, said the BIDV branch will meet the needs of businesses and provide significant support for economic activities, investment, trade, and tourism of Vietnam in Myanmar, contributing to promoting economic cooperation between the two countries, especially in 12 key sectors.
Vietnam and Myanmar have recorded tremendous achievements in the six years the Joint Statement on 12 key sectors has been implemented, with total registered investment by Vietnam in Myanmar increasing from $23.64 million in 2010 to $691.57 million in 2015 and two-way trade turnover rising from $152 million in 2010 to $434.7 million in 2015.
The branch is called the Joint Stock Commercial Bank for Investment and Development of Vietnam, Yangon Branch (BIDV Yangon), and is located at Hoang Anh Gia Lai Tower, 192 KabarAye Pagoda Rd, Bahan, Yangon.