BIDV HIGHLIGHTS
T R U NG HIEU
BIDV Yangon: 5 years and counting in Myanmar market. The licensing ceremony took place just after nearly 4 months since the preliminary approval decision. The bank’s branch in the Myanmar, BIDV Yangon is the first branch of BIDV in foreign countries besides its subsidiaries in Laos and Cambodia. The branch was expected to deeply participate in the banking and financial system in Myanmar as well as acting as a bridge to promote economic, trade and investment cooperation between Vietnam and Myanmar.
Leaders and staffs of BIDV Yangon
After 5 years of operation in the Myanmar market, Yangon Branch has affirmed its position as a professional and prestigious foreign bank branch, an effective bridge between Vietnam and Myanmar.
U
nder the Vietnam - Myanmar Joint Statement on 12 priority areas in economic cooperation, including financial - banking sector, as tasked with by the Prime Minister of Vietnam, in April 2010 BIDV officially established a representative office in Myanmar. Since then, BIDV has strongly deployed activities in the country through the role of Chairman of the Association of Vietnamese Investors in Myanmar (AVIM), opening a representative office of BIDV Insurance Corporation and BIDV Myanmar Microfinance Company in Myanmar. On 30 June 2016 in the capital city of Nay Pyi Taw, the Central Bank of Myanmar (CBM) granted a license for BIDV to establish a branch operating
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BIDV REVIEW
The branch has achieved positive growth in terms of size and operational efficiency. The branch has started to be profitable since the third year of establishment while it usually takes 5 years for a foreign bank branch to be so. As of June 2021, the branch's total assets reached USD132 million, demand deposits reached USD38 million and loan balance averaged USD27 million. The number of corporate customers increased by an average of 50 percent per year and the profit was over USD1 million per year. Such figures are still modest due to many objective reasons such as the Myanmar situation as well as legal barriers for foreign banks. The branch has excelled at all tasks over the past 5 years, receiving many emulation flags and certificates of merit from BIDV, and the Governor of the State Bank of Vietnam. BIDV Yangon has been highly appreciated
