BIC opens Representative Office in Myanmar
As stated in the License, BIC’s Representative Office in Myanmar has an operating duration of five years, from November, 2014 to October, 2019. The Headquarter is located at the address of No. 629/631, Pyay Street, 5 ½ Miles, Kamaryut township, Yangon, Myanmar. The Representative Office shall act as a bridge to promote commerce and insurance business between Vietnam and Myanmar, specifically: supporting BIC and Vietnam insurance companies to approach Myanmar’s insurance market; researching and offering information on Myanmar insurance market to Vietnam insurance companies and organizations, promoting beyond border insurance business with Myanmar,…
Myanmar currently possesses a healthy developing economy and has implemented many drastic solutions to enhance the insurance market. As planned, in the next 2-3 years, Myanmar will allow foreign insurance companies to join the market. BIC’s early access the market is a competitive advantage to research, study, prepare for the establishment of BIC’s subsidiary in Myanmar at a right time.
BIC conducted research and surveys on the Myanmar market at the beginning of 2014, and applied for the license to establish its Representative Office on October, 2014. BIC was principally approved by Myanmar Government in November, 2014 and completed necessary procedures to receive the approval of the Vietnam Ministry of Finance and State Bank prior to receiving the Registration License issued by Myanmar Directorate of Investment and Company Administration.
In addition to the advantages of early access to expand its insurance business, BIC’s investment in Myanmar is consistent with the objective of the Government of Vietnam: to expand the business activities, to invest in foreign markets and to integrate with the regional economy. It is also in line with the development objectives of Parent bank - BIDV and BIC, itself.
Currently, BIC is the Vietnamese insurance company possessing the largest network in foreign markets, including Laos, Cambodia, and a representative office in Myanmar.