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Commonwealth Bank opens for business in Vietnam
The Commonwealth Bank of Australia today opened its first branch in Vietnam at 65 Nguyen Du street, Ho Chi Minh City.
The Commonwealth Bank is one of Australia’s largest banks, with more than 95 years experience in financial services. Originally a state-owned bank, the Commonwealth Bank was privatised over the period 1991-1996. It has a longstanding commitment to Vietnam, having run a representative office in Hanoi for 14 years. The opening of a branch in Ho Chi Minh City is a significant new investment
Addressing the ceremony, Danny Armstrong, General Director of the 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 very much 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.”
The Australian Ambassador to Vietnam, Mr Bill Tweddell who came to welcome the opening said “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.”
“I’m delighted at the opening of Commonwealth Bank’s first branch in Vietnam, which will further expand Australia’s presence in this sector” added Ambassador Tweddell.
Commonwealth Bank’s investment in Vietnam is part of the strong ongoing commercial relationship between Australia and Vietnam. Total two-way trade was worth almost AUD 7 billion in 2007, and the number of new Australian-invested projects in Vietnam more than doubled on 2006, with a focus on the services sector.
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