Bank for Investment and Development of Vietnam (Bidv) is proposing to establish its subsidiary or joint venture bank in Burma when this country’s government allows opening the banking industry, according to Tran Bac Ha, Bidv’s chair of director board.
Reportedly, Bidv opened its representative office in Pyay Road, Yangon, the biggest city of Burma, in 2011. Currently, Tran Bac Ha is chair of Association of Vietnamese Investors in Burma (AVIM) with 45 members as leading enterprises in Vietnam.
During the bilateral meeting of investors in Hanoi, Ha hope to have many new progresses made in many other areas. By the end of 2011, Vietnam has 15 investment projects being registered in Burma worth $514 million.
Presently, there are some projects being licensed such as Simco Song Da, Vietnam Airline, Viettel, PVN, PVEP and Viglacer. Hoang Anh Gia Lai has recently also announced to invest in a $300 million complex of shopping centre, office and apartments in Yangon, the biggest city of Burma. According to Ha, Vietnam’s investments in Burma may grow four times to hit $2 billion by 2015.