The State-run Bank for Investment and Development of Vietnam (BIDV) andan emerging bank from Myanmar have inked a cooperative Memorandum ofUnderstanding (MoU) in Yagoon city.

Under theterms of the document, BIDV and the Small and Medium IndustrialDevelopment Bank of Myanmar (SMIDB) agreed to collaborate in fields asinformation sharing, product development and foreign exchange.

BIDV will assist the Myanmar bank in areas of its strength, includinginformation technology application, consultation, training andsurveying.

Both sides also agreed to make regular exchanges to explore new cooperation opportunities in other spheres.

BIDV Chairman of the Board of Directors, Tran Bac Ha, said his bank iswilling to share its experience to assist Myanmar’s finance andbanking markets and step up the development of the country’s small andmedium enterprises.

This MoU will tighten its bondswith Myanmar finance institutions and help the BIDV soon offer itsbanking services in the country, he added.

At thesigning ceremony, Myanmar Minister of Industry U Maung Myint, who isalso SMIDB Chairman, welcomed the Vietnamese bank’s efforts in enteringhis country’s finance and banking markets.

Meanwhile, Vietnamese Ambassador Pham Thanh Dung asked Myanmar toprovide optimal conditions for BIDV to work with its partner.

In April 2010, BIDV set up its representative office in Myanmar andacts as the Chair of the Association of Vietnamese Investors in thecountry.-VNA