RELEASED DATE 19 Jun 2019
The Deputy Prime Minister spoke highly of BIDV Yangon’s achievements as well as its efforts in connecting Myanmar with international markets and promoting economic, trade and investment cooperation relations between Vietnam and Myanmar. The Deputy Prime Minister expressed his hope that BIDV in general and BIDV Yangon in particular, with its own strength, will continue to be an effective bridge to promote trade, tourism and investment cooperation between the two countries.
Reporting to the Deputy Prime Minister, chairman of BIDV's Board of Directors Mr. Phan Duc Tu committed to further promoting the branch's operations, implementing professional and long-term business activities in compliance with Myanmar laws. The chairman said BIDV wished to receive continued support and direction of the Party and Government of Vietnam so that the bank can make more effective and practical contributions to the investment and trade as well as businesses of the two countries.
Officially launched in mid-2016, BIDV Yangon - the Vietnam’s first bank branch in Myanmar - provides a wide range of banking products for businesses of Vietnam and Myanmar. As of 31 May 2019, the branch had total assets of more than USD130 million with mobilized capital reaching USD46.5 million and loan balance averaging USD20 million. The branch’s corporate customers increased by 27% compared to the end of 2018.
In addition to credit and payment products, BIDV Yangon has worked with local banks to implement products such as collection, cash deposit/withdrawal. Notably, the branch successfully offered collection products for many Vietnam-invested projects. Such activities not only facilitate Vietnamese businesses as well as providing banking and financial services for Myanmar market, but also contribute to promoting economic, trade and investment relations between the two countries.
The economic diplomacy, trade support and economic relations of Vietnam and Myanmar have become increasingly vigorous. Two-way trade turnover in 2018 reached nearly USD860 million, of which Vietnam saw a trade surplus of over USD544 million. Vietnam is the 7th largest foreign investor among 49 countries and territories investing in Myanmar with a total committed capital up to now reaching nearly USD2.2 billion, representing 2.8% of the total investment in Myanmar. To date, more than 200 Vietnamese enterprises have established their commercial presence and conducted investment in the country.
About BIDV Yangon:
- Form: Foreign bank branch in Myanmar
- Full name: The Joint Stock Commercial Bank for Investment and Development of Vietnam – Yangon branch. (Abbreviation: BIDV Yangon)
- Head office: Hoang Anh Gia Lai Myanmar Centre Tower, 192 KabarAye Pagoda Rd, Bahan, Yangon, Republic of the Union of Myanmar.
- Charter capital: USD85,000,000.
- Target customers: Vietnamese and foreign enterprises in Myanmar; local and foreign banks in Myanmar and local businesses.
- Products and services: Deposits; Loans, guarantees; Services: payment (domestic and international), cash management, trade finance, currency trading, business advisory, among others; other banking products and services.
For further information, please contact:
Communication and Branding Department
Bank for Investment and Development of Vietnam JSC
Tel: +84.24.22205256; Hotline: 19009247