Representatives of BIDV and Global Treasure Bank signed a cooperation agreement in Yangon City on June 23. -- Photo dddn.com.vn

YANGON (Biz Hub) — Bank for Investment and Development of Viet Nam (BIDV) will boost its comprehensive cooperation with Global Treasure Bank, one of the five largest banks in Myanmar.

Under an agreement signed in Myanmar's Yangon City on June 23, the two parties committed to exchanging information and introducing customers, as well as providing services and finances in such areas as plantation and livestock, aquaculture, and information technology.

On June 23, the BIDV Myanmar Finance Company Limited (BMF), which has a charter capital of US$5 million, was also inaugurated.

The BIDV owns 70 per cent of the firm's equity and provides human resources, technology, technical support, and retail banking experiences. The remaining stake is represented by Myanmar's Mahar Bawaga consumer microfinance company.

The BMF aims to help communities in Myanmar, reduce poverty, and develop local industries through preferential loans, production technique advices, and financial management knowledge.

The BIDV Insurance Corporation also opened its representative office in Myanmar on the same day, seeking opportunities to cooperate with local insurers and take part in the insurance market there.

The BIDV in a press release stated that with the introduction of the additional commercial presences, it looks to provide a full range of financial, banking, and insurance packages, demonstrating its commitment to doing long-term business in the Myanmar market.

Tran Bac Ha, who chairs the BIDV and the Association of Vietnamese Investors in Myanmar, said: "We are committed to the governments and ministries of the two countries, so we will continue to promote the activities of the association to contribute to the enhancement of the economic relations between both countries."

Vietnamese Prime Minister Nguyen Tan Dung was also present on the occasion, as he was attending regional summits, along with the Vice President of Myanmar, Sai Mauk Kham.

The leaders also witnessed the first phase of a $440-million shopping, office, and hotel complex coming into operation. The HAGL Myanmar Center is developed by Viet Nam's Hoang Anh Gia Lai Group and is currently the largest foreign investment project in Myanmar's real estate sector.

Dung urged the Vietnamese business community to ensure efficient operations and active contributions to Myanmar's society. — VNS