CPV: The Commonwealth Bank of Australia will open its first Vietnam branch on 28 August in Ho Chi Minh City, paving the way for a significant new investment to the country.
The Commonwealth Bank is one of Australia’s largest banks, with more than 95 years experience in financial services. Originally a state-owned bank, Commonwealth Bank was privatized over the 1991-1996 period. The Bank has a longstanding commitment to Vietnam by running a representative office in Hanoi for 14 years.
“Delivery of high quality and sophisticated services is one of Australia’s economic strengths, and has long been an important component of Australian investment in Vietnam, particularly in financial services”, said Mr Tweddell, Australian Ambassador to Vietnam.
Commonwealth Bank’s investment in Vietnam is part of the strong ongoing commercial relationship between Australia and Vietnam.
Danny Armstrong, General Director of Commonwealth Bank in Vietnam, said: “During those 14 years, we have seen many positive changes and an ongoing trend of strong economic growth that we believe will continue in the medium to long-term term. We are looking forward to doing business in this exciting part of the world and providing the people of Vietnam with a secure and affordable foreign banking alternative”.
In 2007, total two-way trade was worth almost AUD 7 billion. The number of new Australian-invested projects in Vietnam more than doubled on 2006, focusing on the services sector.
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