Yangon, Myanmar, 23 June 2015 – In the working trip to the 7th Cambodia - Laos - Myanmar - Vietnam Summit (CLMV 7) and the 6th Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy Summit (ACMECS 6) in the Republic of the Union of Myanmar, Prime Minister of Vietnam Nguyen Tan Dung, Vice President of Myanmar Dr. Sai Mauk Kham, and the high-ranking delegations of the Socialist Republic of Vietnam and the Republic of the Union of Myanmar and around 400 businesses of the two countries attended the economic activities of Vietnamese enterprises in Yangon, Myanmar, including the handover for operation of Hoang Anh Gia Lai Myanmar Center – phase 1; inauguration of BIDV Myanmar Finance Company Limited (BMF) and Representative Office of BIDV Insurance Corporation (BIC) in Myanmar; signing of memorandum of understanding between BIDV and Global Treasure Bank; signing of premise lease contract between HAGL and partners and other business activities.

1. HAGL Myanmar Center – a symbol of economic cooperation between Vietnam and Myanmar

HAGL Myanmar Center owned by Vietnam’s Hoang Anh Gia Lai Group is the largest foreign invested project in the field of real estate in Myanmar with total investment of USD440 million covering on area of ​​73,358 m2. The complex is a cultural-economic center, a special architectural landmark in Yangon, symbolizing the relations between Vietnam and Myanmar. The project will also create jobs for about 2,500 local workers and contribute millions of US dollars to the Yangon budget

The handover and operation of phase 1 of the project is attributed to the tireless efforts of more than 400 Vietnamese engineers, technical staff and senior managers and over 2,700 Myanmar workers in almost 2 years. The phase 1 includes a trade center and 2 class-A 27-storey office building blocks with floor area of more than 161,000m2, a five-star 23-storey hotel of 429 rooms branded Melia Yangon.

Phase 2 of the project will be implemented from June 2015 to Q2/2017 with 4 28-storey serviced apartment blocks of 1,800 units and offices for lease with total area of more than 63,800m2.

Mr. Doan Nguyen Duc, Chairman of Hoang Anh Gia Lai said: “The project when operational will supply high-end real estate in Yangon, meeting the growing needs of businesses, international businessmen who are looking to expand business in Myanmar”.

Also at the ceremony, HAGL signed premise lease contracts with Vietnam Embassy in Myanmar and with BIDV Myanmar Finance Company Limited (BMF).

2. BIDV Myanmar Finance Company Limited (BMF) - a new step of BIDV in Myanmar market

BIDV Myanmar Finance Company Limited (BMF) is owned by BIDV – the leading and longest-established bank in Vietnam and Mahar Bawaga consumer microfinance company. BMF has an initial charter capital of USD5 million, 70% of which is contributed by Vietnam 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 the improvement of living standard of the people of Myanmar through concessional loans, and providing advisory services to the people on production techniques, financial management experience. In the initial time, BMF will focus on providing microcredit to the large community of people of Myanmar, contributing to poverty reduction, development of local industries.

The same day, BIDV Insurance Corporation (BIC) opened its representative office in Myanmar, expanding its arm to seek opportunities for cooperation with local insurers and involvement in Myanmar's insurance market in an appropriate time.

With the introduction of two more commercial presences in Myanmar, BIDV looks to provide a full range of financial, banking and insurance packages, demonstrating its commitment to doing long-term business in the Myanmar market.

3. Cooperation between BIDV and Global Treasure Bank promotes extensive cooperation between the two banking systems of Vietnam and Myanmar

To build a sustainable partnership in Myanmar, BIDV has proactively established channels to communicate regularly with financial institutions in Myanmar, 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 on the exchange of information, provision of banking services and products, introduction of customers and financing in the areas of plantation and livestock, aquaculture, professional support and information technology, etc.

Mr. Tran Bac Ha - Chairman of BIDV, Chairman of the Association of Vietnamese Investors in Myanmar asserted: “Among the Vietnamese enterprises investing in Myanmar, Hoang Anh Gia Lai and BIDV are the first to invest in Myanmar in a determined and professional manner. I am delighted and proud that the serious and professional investment by HAGL and BIDV in combination with the interest and support of the governments and ministries of the two countries over the past time has been translated into good results. The AVIM is committed to continually support and promote the investment and cooperation of Vietnamese enterprises in Myanmar in order to help promote economic ties between the two countries. As chairman of AVIM, we are committed to the governments and ministries of the two countries that we will continue to promote the activities of the association to contribute to the promotion of economic relations between the two countries”.

Addressing the event, Prime Minister of Vietnam Nguyen Tan Dung lauded the efforts and performance of HAGL, BIDV as well as Vietnamese business community in Myanmar after nearly 5 years of operation. The Prime Minister stressed: “The achievements of BIDV, HAGL, AVIM not only contribute to promote and support Vietnamese enterprises in doing business in Myanmar but also significantly to the socio-economic development of Myanmar; strengthening the good relations between the two countries”.

The Prime Minister willed the Vietnamese business community in Myanmar to continue to investing and doing business efficiently. In particular, for projects licensed, the businesses must deliver their commitments to their projects, ensure progress and quality. He also requested businesses to continue participation in social security activities, contributing to the improvement of living standards of the people of Myanmar.

For further information, contact:

Association of Vietnamese Investors in Myanmar (AVIM)

Office in Myanmar - Tel: +95.1553896

Office in Hanoi, Vietnam - Tel: +84.4.22205544

 

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