First Vietnamese bank licensed to establish branch in Myanmar

Bank for Investment and Development of Vietnam (BIDV) is among four foreign banks licensed by the Central Bank of Myanmar to establish branches in the country, according to BIDV.

The four banks include BIDV, Taiwanese E.Sun Commercial Bank, South Korean Shinhan Bank and State Bank of India.

BIDV has become the first Vietnamese bank permitted to set up branch in Myanmar.

According to plan, the branch will come into operation this year with the initial capital of US$85 million.

By Bao Minh – Translated by Hai Mien

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