Business News
Vietnam bank to open branch in Myanmar
Mar 10, 2010, 12:07 GMT
Hanoi - The Bank for Investment and Development of Vietnam has received state approval to open a branch in Myanmar, local media reported Wednesday.
The Voice of Vietnam's website reported the bank had been given the go-ahead to open a branch in Yangon, Myanmar's largest city, by Vietnam's State Bank Tuesday.
The country has been broadening its trade ties with Myanmar in recent months.
The agriculture newspaper Nong Nghiep reported Tuesday that Vietnam is to grow 200,000 hectares of rubber trees on plantations in Myanmar. The agreement was reportedly sealed when Agriculture Minister Cao Duc Phat visited Myanmar last week.
In February, Vietnam Airlines started direct flights between Hanoi and Yangon. That followed a visit by Deputy Foreign Minister Doan Xuan Huong to Myanmar in January, during which he pledged to increase commercial ties.
Bilateral trade between the two countries reached 60 million dollars in the first nine months of 2009.
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