BIDV HIGHLIGHTS
M I NH HIEU
Building trust, looking ahead Mr. Nguyen Quang Ngoc, Chief Executive Officer of BIDV Yangon Branch, talked with BIDV Review about achievements the branch has gained as well as challenges given the double crisis in the country. As the first Vietnamese bank branch licensed to operate in Myanmar, after 5 years of establishment, BIDV Yangon has built its prestige. Can you share some highlights of this journey with our readers? Officially launched on 31 July 2016, BIDV Yangon is BIDV’s first overseas branch and the first Vietnamese bank branch licensed for banking operation in Myanmar market. After 5 years of establishment, the branch has maintained stable operation and achieved encouraging results, particularly: First, BIDV Yangon started making a profit after only 2 years of operation. Since the launch, the branch's business indicators have grown strongly and by the end of 2018, after 1.5 years from the time of opening, the branch started making a profit, 1 year earlier than the approved plan. Second, banking operations have gradually been digitized. In management and governance, the branch has implemented the MIS system to ensure that the management can look up management information in real time. Regarding products and services, the branch cooperates with BIDV Information Technology Center to develop iBanking and BSMS programs for customers as well as developing a collection program for
Mytel (the Top 3 telecom companies in Myanmar). Third, processes and regulations are well put in place. For overseas operations, the legal regulations as well as market practices are much different from the Vietnamese market. The branch has constantly formulated and adjusted BIDV’s existing processes and regulations to suit the actual business conditions. In addition, the branch boosts the development of professional manuals in English so that Myanmar officers can quickly grasp the work. Fourth, prestige and brand image have been enhanced. After 5 years of operation, BIDV Yangon has built an image of a reliable partner for Vietnamese businesses operating in Myanmar. Especially after the political turmoil on 1 February 2021, the number of Vietnamese corporate customers opening accounts and conducting transactions at the branch increased rapidly by more than 15 percent compared to the time before the turmoil. Finally, the branch has well fulfilled the role of bridging Vietnam and Myanmar. Over the 5 years of operation, the branch has been honored to receive leaders of the Party and Government of Vietnam during their working visit to Myanmar. At the same time, the branch
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BIDV REVIEW
is also a bridge to provide consultation to and connect Vietnamese businesses with the Myanmar market, providing effective banking and financial solutions for Vietnamese businesses operating in Myanmar. Besides the business activities, BIDV Yangon has left strong footprints in social security activities. Over the past 5 years, the branch has carried out many big programs such as: donating facilities for schools in the vicinity of Yangon; donating ambulances for Yangon City (2016); donating computers and organizing workshops for Central Bank of Myanmar and Yangon region government (2016); donating water purification systems for schools in the vicinity of Yangon (2018, 2019); coordinating with the Vietnamese Embassy in Myanmar to donate to the Covid-19 response fund of the government of Myanmar and the Yangon region government in 2020, etc. Total funding so far is about USD200,000.
You have talked about the highlights. Given the current situation of Myanmar, what are the challenges as well as opportunities for the branch? The current period is the most difficult and challenging for the branch since its inception. Probably few countries in the world face a "double crisis" (political turmoil and Covid-19 pandemic) like Myanmar. However, in danger lies opportunity, the branch outlines some of the opportunities and risks in this period as follows: Regarding opportunities, first of
