The HCM City Development Joint Stock Commercial Bank, HDBank, on Wednesday opened a representative office in Myanmar and signed a comprehensive cooperation agreement with Viettel Global Investment JSC, which are expected to help promote economic growth, trade and investment.
The inauguration of the office took place in the presence of prime minister Nguyen Xuan Phuc, who is on an official visit to Myanmar, State Bank of Vietnam governor Le Minh Hung, Central Bank of Myanmar governor Kyaw Kyaw Maung and other many senior officials from the two countries.
Speaking at the ceremony, Hung, said: “Over the past years, Vietnamese commercial banks have been actively strengthening their presence and operations in the Myanmar market with a long-term vision and have made remarkable progress and contributions.
“In their operations, Vietnamese commercial banks have always been supported and facilitated by the government, the central bank and other relevant agencies of Myanmar, and the presence of HDBank, the fourth Vietnamese bank in Myanmar, is a clear demonstration of that spirit of cooperation.
“I highly appreciate HDBank’s expansion into Myanmar in line with the integration policy of the government of Vietnam, and consider this is a strategic step by HDBank in a potential market that is on its way to integrating into the Asean and world economy.”
Maung said: “We are confident that HDBank will actively work for Myanmar’s banking sector development and promote close cooperation for the social and economic development of our two countries.”
Located at Unit 2, 20th Floor, Tower, 192 Kaba Aye Pagoda, Bahan township, Yangon, the representative office, HDBank’s first overseas, marks an important step in its strategy of reaching out to the international market and a milestone before its 30th anniversary of establishment.
The representative office will be the focal point to promote investments, negotiations, carry out transactions, support HDBank’s customers, introduce them to the banking network in Myanmar, supervise foreign loans given by HDBank, and create an important connection to support HDBank’s partners in business and investment in Myanmar.
Besides promoting the HDBank brand in the international market, the representative office will also contribute to investment and trade activities between Vietnam and Myanmar and the development of the business community in the two countries.
With eight million customers in an exclusive eco-system comprising aviation, supermarkets, telecommunications, finance-banking, etc., HDBank will continue to exploit its network of local customers as well as Vietnamese customers in Myanmar.
It has established agent relationships with around 400 banks and branches in many countries and territories around the world, including all major markets.
HDBank and Viettel Global Investment JSC sign a comprehensive cooperation agreement in Myanmar on December 18, including a commitment to finance the latter’s telecom project in Myanmar, Mytel. Photo courtesy of HDBank
Also at the opening ceremony HDBank and Viettel Global signed an agreement related to investment projects in Myanmar.
The strategic cooperation between one of Vietnam’s leading banks and Viettel Global, a strong multinational telecom corporation that operates many overseas networks, will help them exploit and promote their strengths and provide convenient services to serve customers better.
They will cooperate in the fields of credit, deposit products and banking services, telecommunications, and information technology services.
Viettel Global will support HDBank and its partners and customers in terms of telecom services and IT solutions, create convenient conditions for the bank to participate in its telecom projects and cooperate with it for domestic and international payment services.
HDBank will offer credit services, deposit products and other banking services to Viettel Global, its staff and customers.
HDBank will support Viettel Global’s Myanmar project, Mytel, providing credit and other services as required by the project.
In recent years HDBank has made strong efforts to expand domestic market share and meet the requirements of international integration.
It has always been proactive in adopting international best practices in banking management and modern technology in all aspects of business and management.
With its financial potential and outstanding service, HDBank will offer Myanmarese new services options and contribute to economic and trade cooperation between the two countries.
