Yangon, Myanmar, 31 July 2016 – The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) celebrated the grand opening of its branch (BIDV Yangon)in Yangon City, Myanmar. This is among the series of events that BIDV co-organizes including the “Four Countries – One Destination” conference on connecting tourism and expanding cooperation in banking sector among Cambodia – Laos – Myanmar – Vietnam (CLMV).

​H.E. Henry Van Thio – Vice President of the Republic of the Union of Myanmar, H.E. Men Sam An –Deputy Prime Minister of the Kingdom of Cambodia, H.E. Mr. Vu Duc Dam – Deputy Prime Minister of the Socialist Republic of Vietnam, H.E. Sonexay Siphandone, Deputy Prime Minister of Lao People’s Democratic Republic, H.E. Men Sam An – Deputy Prime Minister of Kingdom of Cambodia, H.E. Kyaw Kyaw Maung – Governor of the Central Bank of Myanmar, H.E. Mr. Nguyen Kim Anh – Deputy Governor of the State Bank of Vietnam, H.E. Mr. Chea Chan To –Governor of the National Bank of Cambodia, H.E. Mr. Somphao Phaysith – Governor of the Bank of the Lao PDR and ministry leaders, BIDV’s important partners, organizations and customers from the CLMV countries were in attendance.

Following the Joint Statement of the two governments released in April 2010 regarding the 12 priority areas including finance and banking, BIDV established a representative office in Myanmar in 2010. Since then, BIDV has actively implemented activities in Myanmar through the role and the presences: The Chairman of the Association of Vietnamese Investors in Myanmar (AVIM), the Representative Office of BIDV Insurance Corporation in Myanmar.

Over the past 6 years, AVIM/BIDV has significantly contributed to promote the cooperation between Vietnam and Myanmar on three economic sectors namely investment, trade and tourism, creating investment waves of Vietnamese businesses into Myanmar that makes Vietnam one of the largest foreign investors in the country. Currently Vietnam ranks 10th among foreign investors in Myanmar with total FDI capital of USD693.3 million, 30 times higher than that of 2010. In the period 2010-2015, trade relations between the two countries saw an average annual growth of 25%. Total import-export turnover of the two countries in the past year reached USD435 million, 3-foldhigher than that of 2010 (USD152.3 million). Tourism also saw a strong growth with total number of tourist arrivals between Vietnam and Myanmar growing 24% annually since 2010.

With meticulous preparation, on 4 March 2016BIDV received the preliminary approval announcement forcommencement of banking operations in Myanmar. Just after nearly four months of the date, BIDV completed all the preparatory work to be granted the license by the Central Bank of Myanmar on 30 June 2016 and launched the Yangon Branch in July this year, setting a record in preparation time amongst 13 foreign banks licensed in both 2014 and 2016

BIDV Yangon has defined its mission in providing modern banking products and services to customers and is set tobea friendly and responsible bank through social security policies and programs, contributing to the development of the banking system and the economy of Myanmar. Leveraging the advantages of modern and advanced technology and a huge network of branches of the Top 1 bank in Vietnam, BIDV Yangon will provide products tailored to the transactions between Vietnam and Myanmar. The branch is set to have total assets of at least USD 300 million after three years of operation, aiming to become one of the top 5 foreign banks in Myanmar.

In the terms of the license, BIDV Yangon is permitted to provide products including deposits, payment, cash management, collection, forex trading, trade finance, credit, guarantee, financial advisory, etc. to foreign enterprises in Myanmar, banks operating inside and outside Myanmar as well as local businesses on the basis of cooperation with local banks in Myanmar. Targets customers include Vietnamese enterprises and those from key countries and territories where BIDV has a presence or a close relationship such as the CLMV Bloc, ASEAN, Japan, Korea, Taiwan, among others. Leveraging the advantages of modern and advanced technology and a huge transnational network, BIDV will provide products tailored to the transactions between Vietnam, Myanmar and CLMV countries.

Addressing the Grand Opening ceremony, the Chairman of AVIM/BIDV stressed: 'The Grand Opening of BIDV Yangon Branch marks the participation and extension of BIDV in Myanmar’s finance and banking sector in line with BIDV's strategies of diversifying markets, promoting the development in important areas, and expanding the bank’s operations in the CLMV. With the establishment of BIDV Yangon Branch, we are committed to: i) - Strictly complying with the law, the regulations of the Central Bank of Myanmar; ii) – Acting as an effective bridge to promote trade cooperation, tourism and investment between Vietnam and Myanmar; iii) – With our reputation and relationship, we will advise, support and call on investors in ASEAN and in Northeast Asia (Japan, Korea, Taiwan) to implement investment in Myanmar; iv) - Actively expanding microfinance operations, studying the consumer finance, and insurance in Myanmar and especially giving consultancy and calling on Vietnamese companies to invest in high-tech agriculture in Myanmar'.

The Governor of the Central Bank of Myanmar said at the ceremony: “I believe that with technology platform, expertise and experience, BIDV Yangon Branch not only provides financial and banking services to Vietnamese enterprises operating in Myanmar, but also actively promotes the economic cooperation between Myanmar and Vietnam, thereby contributing to the economic development of Myanmar. I believe and hope that with participation and cooperation in the banking sector, BIDV will play a positive role for a successful ASEAN economic community”.

In the framework of the ceremony, BIDV and Cathay United Bank signed a Memorandum of Understanding on cooperation covering the CLMV countries. BIDV Yangon signed MOUs and credit agreements with outstanding Vietnamese investors in Myanmar including Vietnam Airlines Myanmar Branch, FPT Myanmar and Antaco Myanmar.

Brief on BIDV Yangon:

·       Full name:Joint Stock Commercial Bank for Investment and Development of Vietnam - Yangon Branch.

·       Headquarters:Ground Floor and 9th Floor, Hoang Anh Gia Lai Myanmar Center Tower, No. 192, Kabar Aye Pagoda Road, Bahan Township, Yangon, Myanmar.

·       Charter capital: USD85,000,000(Eighty five million US Dollars).

·       Chief Executive Officer: Mr. Dang Hai Nha

·       Website: bidv.com.vn/myanmar

For more information, please contact:

Bank for Investment and Development of Vietnam JSC (BIDV)

Branding and Public Relations

Tel: +84.4. 22205256; Fax: +84.4. 22225316

Website: www.bidv.com.vn