Wednesday, October 20 2021


PM visits Vietnamese investment establishments in Myanmar

Update: December, 19/2019 - 09:00


Prime Minister Nguyễn Xuân Phúc attends the opening ceremony of the first representative office of HDBank in Myanmar. — VNA/VNS Photo Thống Nhất

YANGON — Prime Minister Nguyễn Xuân Phúc visited some major Vietnamese investment establishments in Yangon on Wednesday as part of his visit to Myanmar.

One of the stops was telecoms firm Mytel, a joint venture between the Viettel Military Industry and Telecoms Group and two local partners.

After 18 months of operating in Myanmar, Mytel now has a clientele of eight million and a 22 per cent telecoms market share. It has become the third biggest mobile network operator and one of the fastest growing telecoms brands in the country.

The firm has also engaged in social programmes to help improve the living standards of local people, especially students. So far, it has provided free internet services for nearly 200 schools and trained hundreds of high-quality telecoms workers for Myanmar. 

PM Phúc had high praise for Mytel’s activities in Myanmar, which he said have enhanced other Vietnamese businesses’ confidence to invest in this market and strengthened the two countries’ friendship.

He attributed Mytel’s success to Viettel’s technological achievements, especially 5G technology, noting that Việt Nam has brought its most advanced technologies to Myanmar.

On this occasion, he also thanked the Government, the Defence Ministry and agencies of Myanmar for facilitating the development of Mytel and its partners, contributing to the partnership between the two countries.

He said he thought Mytel would keep growing to reach a higher ranking in the local telecoms market. He also told it to develop mobile, financial and e-Government services in this nation, and work with other Vietnamese businesses and investors in Myanmar.

The same day, PM Phúc attended the opening ceremony of the first representative office of HDBank in Myanmar. 

The office, based in Yangon, will promote investment and transaction activities, carry out negotiations, support HDBank’s clients, and assist the bank’s partners in investment and business relations in Myanmar. It is hoped to help strengthen Việt Nam-Myanmar economic links, the development of the two business communities and the promotion of HDBank’s image in foreign markets.

PM Phúc also visited the Yangon branch of the Bank for Investment and Development of Vietnam (BIDV), which is the first and only Vietnamese bank that has been licensed in Myanmar so far. It has operated in the country since 2016. 

BIDV reported that as of the end of 2019, its Yangon branch had total asset value of more than US$120 million and nearly 200 clients which are organisations and businesses, including most of Vietnamese firms investing in Myanmar. It has also helped Vietnamese companies learn about the local investment climate.

Applauding BIDV Yangon’s attainments, the PM noted the bank plays a very important role as it supplies loans for Vietnamese investors in Myanmar and assists those that plan to invest in the country. 

He asked the bank to step up lending and support for enterprises while applying new technologies and a modern governance model in its operations to better meet clients’ demand and realise its business targets.

The more optimal investment attraction policy of Myanmar and growing number of Vietnamese companies will form a favourable environment for BIDV to develop, he added.

The PM also visited the Vietnamese Embassy, and held meetings with representatives of the Vietnamese community in Myanmar, the Chairman of the Việt Nam-Myanmar Friendship Association, and the Chief Minister of Yangon Region. 

Prime Minister Phúc and his entourage arrived in Hà Nội on Wednesday afternoon, concluding an official visit to Myanmar at the invitation of President U Win Myint. — VNS

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