BIDV Insurance Corporation

BIC officially opens Representative Office in Myanmar

Many high-ranking officials from the government of Union Republic of Myanmar attended the event. On the side of Social Republic of Vietnam, attendees included Prime Minister Nguyen Tan Dung and other senior delegations of several Ministries, Mr. Tran Bac Ha – President of Association of Vietnam Investors in Myanmar (AVIM), Chairman of BIDV. Coinciding with this event, Hoang Anh Gia Lai Group organized the Handover Ceremony for the HAGL Myanmar Center and put the Phase 1 of the projectinto operation. This project is the largest investment project of Vietnam in Myanmar, symbolizing the economic cooperation between the two countries. This ceremony was also attended by many presses from both Myanmar and Vietnam.

BIC Representative Office is located at the address of 33/36 Garden St. (Ou Yin St.), New University Avenue Rd., Bahan, Yangon, Myanmar. Chief Representative is Mr. Nguyen Mau Loc, currently Deputy Director of BIC’s Reinsurance Division. BIC was granted a Registration license to establish Representative Office on March 23, 2015, issued by Myanmar Directorate of Investment and Company Administration - Ministry of National Planning & Economic Development. Upon receiving the license, BIC cooperated with authorities of both Vietnam and Myanmar and BIDV to complete necessary legal procedures as well as to prepare facilities and personel. It aims at putting the Representative Office into operation together with other presence of BIDV.

According to Mr. Pham Quang Tung, Deputy General Director of BIDV cum Chairman of Board of Directors of BIC, BIC initiated the application procedure for registration license to establish Representative Office in Myanmar in October 2014. Throughout the procedure, it received close attention and facilitation from the authorities of Vietnam and Myanmar. It is a great honor for BIC to open Representative Office in Myanmar on the occasion of the trip of Prime Minister Nguyen Tan Dung who also attended with other high-ranking officials of Myanmar’s government. This is a great start for BIC’s business in this country’s market.

Opening Ceremony of BIDV Myanmar Finance Co., Ltd and BIC Representative Office in Myanmar

BIC’s Representative Office in Myanmar plays a role as a bridge to connect commercial trade and promote insurance business between Vietnam and Myanmar such as supporting BIC and other Vietnam insurance companies in approach Myanmar’s market; researching and providing information of Myanmar’s insurance market to BIC and other Vietnam insurance companies, promoting insurance activities across the border with Myanmar… This is the first step to help BIC gain early access to Myanmar’s insurance market, research and familiarize with the market. BIC hopes to eventually establish an insurance company owned by BIC in Myanmar at an appropriate time in the future.