(VOV) - The Bank for Investment and Development of Vietnam (BIDV) plans to implement a key project in Myanmar, says its Chairman of Board of Directors, Nguyen Bac Ha.

Ha made the announcement while receiving the Chief Minister of Yangon Division, U Myint Swe, in Hanoi on May 28.

He said he hopes Myanmar will approve the project to construct a factory complex for processing sugar cane and producing alcohol, ethanol and fertilizer, of which BIDV is the main investor.

Governor Swe confirmed that he will do his best to boost the approval process for this BIDV project.

He added that experts from the International Monetary Fund (IMF) and the World Bank (WB) have already arrived in Myanmar to help speed up its banking reform.

Myanmar is opening its doors to foreign banks and offering preferable conditions to those that have a representative office in the country, said the Governor, adding that BIDV is one of its leading partners.

U Myint Swe has been in Vietnam for an official visit to seek cooperation opportunities with Vietnamese localities and organisations.