Prime Minister Nguyen Xuan Phuc on December 18 witnessed the signing of the comprehensive cooperative agreement between HDBank and the Viettel Global and attended the inauguration ceremony of the first representative office of HD Bank in Yangon, Myanmar as part of his official visit to Myanmar.
Prime Minister Nguyen Xuan Phuc witnesses the signing of the comprehensive cooperative agreement between HDBank and the Viettel Global, Yangon, Myanmar, December 18, 2019 - Photo: VGP
Participants in the event included Governor at Central Bank of Myanmar Kyaw Kyaw Maung, Minister for Planning and Finance of Myanmar Soe Win and Minister for Education of Myanmar Myo Thein Gyi.Speaking at the ceremony, Governor of the State Bank of Viet Nam Le Minh Hung expressed thanks to Myanmar for facilitating Viet Nam’s credit organizations to open representative offices there.
HDBank is the fourth bank of Viet Nam to present in Myanmar, said Hung, adding that the enhancement of presence of credit organizations under different forms are clear evidence for Viet Nam’s commitments in strengthening exchanges, economic-trade-investment ties with Myanmar.
He expected that HDBank will play a bridging role in promoting trade and investment activities between the two nations, boosting investment promotion and seriously obey Myanmar’s laws.
HDBank and Viettel Global officially inked the comprehensive cooperative agreement, including one related to projects invested in Myanmar.
Accordingly, the two sides will launch long-term cooperation in such areas of credit, deposit products, banking services, communications, information and technology.
Earlier this morning, PM Phuc visited the headquarters of Mytel, a joint venture between Viettel and Myanmar’s partners.
After 18 months of operation, Mytel is currently the third largest operator in Myanmar with eight million subscribers, making up 22%. Mytel has become the first operator launching 5G.
The PM also visited the branch of Bank for Investment and Development of Viet Nam (BIDV) in Yangon, the first one licensed to operate in Myanmar since 2016.
As of the end of 2019, BIDV Yangon has the total asset of more than US$120 million with nearly 200 customers. The bank has mobilized the total capital of nearly US$34 million, announcing the total debit worth US$50 million and profit of US$1.5 million.