|After opening its branch in Yangon, BIDV is required to close its representative office in the city under Myanmar’s laws. — Photo congly.vn|Viet Nam News
HÀ NỘI — The Bank for Investment and Development of Việt Nam (BIDV) on Tuesday announced the closing of its representative office in Yangon, Myanmar.
According to Myanmar’s laws and regulations, foreign banks are required to shut down their representative offices after establishing a branch in the country. The BIDV’s representative office completed its mission in the market.
BIDV established the office in April 2010, following a joint announcement between the Việt Nam and Myanmar governments on 12 prioritised sectors for economic co-operation, including the finance and banking industry.
After seven years of operation, the office had contributed to promoting the co-operation in three areas of investment, trade and tourism, creating an investment wave from Việt Nam and Myanmar, as well as in making Việt Nam one of the biggest foreign investors in Myanmar.
BIDV, on July 31, 2016, inaugurated its branch in Yangon with an aim to deeply participate in Myanmar’s financial and banking system. This was also suitable with its strategy to diversify its markets.
Earlier on November 6, the bank had sent a document to the HCM Stock Exchange, Hà Nội Stock Exchange, on the closure of the representative office. — VNS