The State Bank of Vietnam (SBV) has allowed the Bank for Investment and Development of Vietnam (BIDV) to open its representative office in Yangon, Myanmar.

Under a SBV document dated March 9, the office will do research on the market, seek business opportunities and partners and collect information to serve customer consultancy on the bank’s services.

Also the BIDV’s representative office will file reports and put forth proposals on measures for the bank’s business development in the Myanmar market and promote the BIDV’s images and services to the Myanmar public.

In particular, the office will take part in developing a business network in the region by making financial contributions to establish joint-venture businesses in Myanmar and support Vietnam’s delegations as well as trade promotion and cultural exchange activities in this country.