Mr Tran Bac Ha, President of Bank for Investment and Development of Vietnam (BIDV) has announced that it has sought permission to open its fully invested bank or joint venture bank in Myanmar right after the Asian government starts to open the banking industry.
Reportedly, BIDV opened the representative office in Pyay Road St, Yangon, and the largest city of Myanmar in 2011. Currently Tran Bac Ha is the chairman of Association of Vietnamese Investors in Myanmar (AVIM) with 45 members that are leading enterprises.
In a recent press meeting in Hanoi, the AVIM chairman reported that until the end of 2011, Vietnam had 15 proposed investment projects amounting to total $514 million in Myanmar. Now some of them were licensed such as Simco Song Da, Vietnam Airlines, Viettel, PVN, PVEP, Viglacera.
Also Hoang Anh Gia Lai Group JSC (HAGL) announced a US$300 million project of trade centre, housing and office complex in Yangon. Vietnam’s outbound investment to Myanmar is expected to surge 4 times to US$2 billion by 2015.
Source: Business Times