Deputy Prime Minister Vuong Dinh Hue received outgoing Australian Ambassador to Vietnam Hugh Borrowman and General Director of Commonwealth Bank of Australia Ian Narev in Hanoi on June 8.
Speaking at the reception, Deputy Prime Minister (PM) Vuong Dinh Hue noted the Vietnam - Australia relationship has developed well in all fields of economy and politics.
Specially, both the two countries are members of the Agreement on the Trans-Pacific Partnership (TPP). The Deputy PM believed when the Agreement was ratified and put into effective, the bilateral economic and trade relations will grow much larger scale than the current trade turnover of 5 billion USD.
Deputy PM Hue expected that more Australian investors will pour their capitals into Vietnam. In the first 5 months of this year, total indirect foreign investment in Vietnam increased 6 times, while foreign direct investment reached 10.4 billion USD, up 2.5 times over the same period last year, but the capital from Australian investors accounted for a modest share.
According to Hue, Vietnam has been undergoing a strong economic restructuring, particularly in State-owned enterprises, public investment, finance and banking, and agriculture, so Vietnam welcomes all foreign investors, including Australia to learn and cooperate investment.
In the banking field, Vietnam has intensified the solvement of bad debts and dealt with weak banks, and calls for major foreign banks such as the Commonwealth Bank to participate in the process, he said.
Deputy PM Hue expressed his wish that Australia will assist Vietnam in completing refining its legal framework and share its experience in public-private partnership (PPP). Hue also called on the Commonwealth Bank, one of the four largest banks in Australia with more than 100 years of experience in retail banking, investment, brokerage, fund management and insurance, to continue to do long-term business in Vietnam.
He appreciated the bank's acquisition of 20 percent stake in the Vietnam International Bank (VIB) and its technical and governance support for the bank.
At the meeting, Ambassador Hugh Borrowman confirmed that Australia commits to continue supporting Vietnam's development in the next 5 years.
Vietnam is Australia’s largest trade partner in ASEAN, the ambassador said, adding that Australia is keen on boosting collaboration with Vietnam in investment.
During the reception, expressing optimism about Vietnam's economic prospects, General Director of Commonwealth Bank Ian Narev said the bank has been present in Vietnam for 20 years, having growing prosperity after the collaboration with the VIB in the recent six years.
Commonwealth Bank wish to promote investment in Vietnam through more extensive cooperation with VIB, becoming the leading retail bank in the country, Ian Narev stressed.
At the reception.
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Specially, both the two countries are members of the Agreement on the Trans-Pacific Partnership (TPP). The Deputy PM believed when the Agreement was ratified and put into effective, the bilateral economic and trade relations will grow much larger scale than the current trade turnover of 5 billion USD.
Deputy PM Hue expected that more Australian investors will pour their capitals into Vietnam. In the first 5 months of this year, total indirect foreign investment in Vietnam increased 6 times, while foreign direct investment reached 10.4 billion USD, up 2.5 times over the same period last year, but the capital from Australian investors accounted for a modest share.
According to Hue, Vietnam has been undergoing a strong economic restructuring, particularly in State-owned enterprises, public investment, finance and banking, and agriculture, so Vietnam welcomes all foreign investors, including Australia to learn and cooperate investment.
In the banking field, Vietnam has intensified the solvement of bad debts and dealt with weak banks, and calls for major foreign banks such as the Commonwealth Bank to participate in the process, he said.
Deputy PM Hue expressed his wish that Australia will assist Vietnam in completing refining its legal framework and share its experience in public-private partnership (PPP). Hue also called on the Commonwealth Bank, one of the four largest banks in Australia with more than 100 years of experience in retail banking, investment, brokerage, fund management and insurance, to continue to do long-term business in Vietnam.
He appreciated the bank's acquisition of 20 percent stake in the Vietnam International Bank (VIB) and its technical and governance support for the bank.
At the meeting, Ambassador Hugh Borrowman confirmed that Australia commits to continue supporting Vietnam's development in the next 5 years.
Vietnam is Australia’s largest trade partner in ASEAN, the ambassador said, adding that Australia is keen on boosting collaboration with Vietnam in investment.
During the reception, expressing optimism about Vietnam's economic prospects, General Director of Commonwealth Bank Ian Narev said the bank has been present in Vietnam for 20 years, having growing prosperity after the collaboration with the VIB in the recent six years.
Commonwealth Bank wish to promote investment in Vietnam through more extensive cooperation with VIB, becoming the leading retail bank in the country, Ian Narev stressed.
