BIDV to help boost Viet­namese in­vest­ment

The Myanmar Times - - Business - AYE THIDAR KYAW ayethi­dark­yaw@mm­times.com

BANK for In­vest­ment and De­vel­op­ment of Viet­nam (BIDV) is plan­ning to boost Viet­namese in­vest­ment into Myan­mar once its new branch starts op­er­at­ing later this month, the bank of­fi­cials said.

“As soon as the bank’s branch has been launched Viet­namese in­vest­ment and trade will in­crease sig­nif­i­cantly,” chief ex­ec­u­tive of­fi­cer Mr Dang Hai Nha told The Myan­mar Times. “We are ready now to serve our cus­tomers here.”

The Myan­mar In­vest­ment Com­mis­sion ap­proved US$175 mil­lion in for­eign in­vest­ment from Viet­nam in the 2014-15 fis­cal year – $10 mil­lion higher than from Thai­land.

Bi­lat­eral trade be­tween Viet­nam and Myan­mar grew roughly 25 per­cent year by year from 2010 to 2015 – reach­ing $435 mil­lion in 2015, ac­cord­ing to a BIDV press re­lease.

The Viet­namese lender will open its branch on July 31 hav­ing for­mally re­ceived its li­cence on July 1. The bank has in­vested $85 mil­lion in ini­tial cap­i­tal, and plans to hit at least $300 mil­lion in to­tal as­sets af­ter three years and se­cure a place amongst the top five for­eign banks op­er­at­ing in Myan­mar, BIDV said.

BIDV won its li­cence along with lenders from In­dia, South Korea and Tai­wan in a se­cond round of li­cence ap­pli­ca­tions ear­lier this year. But Mr Dang said BIDV had been in close co­op­er­a­tion with lo­cal banks since it open­ing its rep of­fice in 2010

BIDV has al­ready signed fi­nan­cial ser­vices agree­ments and part­ner­ship with most lo­cal banks in Myan­mar, he said.

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