The signing ceremony between BIDV and SMIDB in Yangon, Myanmar. — Photo BIDV

HCM CITY  (Biz Hub) — The Bank for Investment and Development of Viet Nam has signed an agreement with a Myanmarese bank under which they will swap information, develop product and technical services, and support business and investment activities in both countries.

Under the deal they signed last Saturday in Yangon, BIDV and Myanmar's Small and Medium Industrial Development Bank (SMIDB) will share experiences and information about local regulations, and consider providing financial and banking products for trading and investment by businesses in Viet Nam and Myanmar.

BIDV will also help SMIDB upgrade its IT systems and make greater use of IT applications in its operations.

It will help SMIDB undertake study tours to Viet Nam in 2014-15.

BIDV chairman Tran Bac Ha said, "With our experience and advantages in providing services to SMEs in Viet Nam, we wish to share our experience to facilitate the development of Myanmar's financial market and its SMEs."

SMIDB's chairman U Maung Myint, who is also Myanmar's Minister of Industries, welcomed BIDV into his country's financial market, saying the agreement underlined BIDV's role in strengthening economic ties between the two countries. — VNS