16 January 2008

Government welcomes announcement of Commonwealth Bank branch in Vietnam

I welcome the Commonwealth Bank of Australia’s announcement that it has received approval to open a branch in Ho Chi Minh City, the Bank’s first in Vietnam.

The approval by the State Bank of Vietnam provides recognition for the Commonwealth Bank’s long-term commitment to developing its presence in Vietnam, where it has run a representative office for 13 years.

The opening of a branch in Ho Chi Minh City will be a significant new investment for the Commonwealth Bank.  It is another example of international success of Australia’s dynamic and innovative services sector, and marks a healthy expansion in Australia-Vietnam business relations.

It also represents another positive step in Vietnam’s efforts to broaden and strengthen its financial sector. 

The Vietnamese economy is estimated to have grown by 8.3 per cent in 2007. Vietnam became a member of the World Trade Organization in January 2007.

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