Between 16 through 18 December, 2019, Governor Le Minh Hung of the State Bank of Vietnam accompanied Prime Minister Nguyen Xuan Phuc on an official visit to the Republic of the Union of Myanmar.
As part of an official visit to Myanmar, Prime Minister Nguyen Xuan Phuc, SBV Governor Le Minh Hung and leaders of the relevant Ministries, agencies of Vietnam visited and worked with the Joint Stock Commercial Bank for Investment and Development of Vietnam, Yangon Branch (BIDV Yangon). It was the earliest Vietnamese bank present in Myanmar (with the first representative office established in 2010 and upgraded to a branch in 2016), and it has played an important role in promoting the comprehensive cooperation relations between Vietnam and Myanmar, making Vietnam one of the largest foreign investors in this country.
On the morning of December 18, 2019, in the city of Yangon, Myanmar, SBV Governor Le Minh Hung accompanied the Prime Minister to attend and deliver a speech at the opening ceremony of a Representative Office in Yangon of Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank). Also accompanying the Prime Minister to attend the opening ceremony were Vietnam’s Ambassador Extraordinary and Plenipotentiary to Myanmar, and the leaders of a number of Vietnamese Ministries and agencies. On the Myanmar side, the Governor of the Central Bank of Myanmar, the Chief Minister of Yangon Region, and the leaders of key Ministries in the Government of Myanmar attended and made speeches at the opening ceremony.
SBV Governor Le Minh Hung speaks at the opening ceremony of HDBank Representative Office in Yangon
Speaking at the ceremony, SBV Governor Le Minh Hung expressed high evaluation for HDBank's active expansion to Myanmar, in line with the Government's policy of proactiveness and enhancement of international economic integration, and said that this is a strategic step of HDBank in a potential market which is on track to integrate into ASEAN as well as the world economy like Myanmar.
Prime Minister Nguyen Xuan Phuc, SBV Governor Le Minh Hung and leaders of the two countries press the buttons to open HDBank Representative Office in Yangon.
The SBV Governor also thanked the Central Bank of Myanmar and Myanmar's central government and local authorities for the strong support and favorable conditions created for the operations of Vietnamese commercial banks in Myanmar, which is especially reflected by the opening of HDBank Representative Office in Yangon, the fourth Vietnamese credit institution with presence in this country. Governor Le Minh Hung emphasized on the long-term vision of Vietnamese credit institutions operating in Myanmar, and said that the Government of Vietnam and the SBV always require Vietnamese credit institutions present and operating in Myanmar to strictly abide by the provisions of the Central Bank of Myanmar and other laws of the host country; striving to work actively and dynamically to promote trade relations between the two countries, and to contribute positively to the local socio-economic development.
VA