AsemconnectVietnam - The Bank for Investment and Development of Vietnam (BIDV) will provide a credit line of US$30 million within five years for the Small and Medium Industrial Development Bank of Myanmar (SMIDB) to support local businesses.

U Maung Myint, Myanmar’s Minister of Industry and board chairman of SMIDB, emphasized at the signing ceremony that Myanmar focuses its resources on the development of small and medium businesses, which in turn will support the country’s economic development and industrialization.

Therefore, “the signing ceremony is a special event in the relationship between the two sides,” he is quoted by the news site Vietnamplus as saying.

On the same day, Daw Soe Soe, representative of the General Department of Company Investment and Management (DICA), awarded a provisional license issued by the Ministry of Economic Development and Planning to establish BIDV Financial Limited Liability Company in Myanmar.

The financial firm in Yangon was established with 70% of capital from BIDV and 30% from the Financial Micro Consumption Mahar Bawaga of Myanmar. Initially, the company will focus on microfinance, deposits, money transfer and financial activities in accordance with legal regulations of Myanmar.

Tran Bac Ha, president of the Association of Vietnamese Investors in Myanmar (AVIM) and board chairman of BIDV, said, “The establishment of BIDV Financial Limited Liability Company affirmed the long-term presence of BIDV in Myanmar. The company also aims at supporting the community development, assisting in poverty alleviation and contributing to sustainable development in Myanmar.”

Source: The Saigon Times