Vietnam welcomes Australian investors, says Deputy PM
Deputy Prime Minister Vuong Dinh Hue has expressed hope that Australian investors will further increase their direct and indirect investment in Vietnam.
Deputy Prime Minister Vuong Dinh Hue (R) and General Director of the Commonwealth Bank of Australia (CBA) Ian Narev (Source: VNA)
Hanoi (VNA) – Deputy Prime Minister Vuong Dinh Hue has expressed hope that Australian investors will further increase their direct and indirect investment in Vietnam.
Hosting a reception in Hanoi on June 8 for General Director of the Commonwealth Bank of Australia (CBA) Ian Narev and outgoing Australian Ambassador to Vietnam Hugh Borrowman, the Deputy PM said once the Trans-Pacific Partnership is ratified, Vietnam –Australia economic and trade ties will prosper from the current 5 billion USD in two-way trade value.
He noted that in the first five months of this year, indirect investment in Vietnam rose six-fold while foreign direct investment in Vietnam hit 10.4 billion USD, a 2.5-fold increase from the same period last year, but the capital flow from Australia accounted for only a modest share.
According to Hue, Vietnam is undergoing a strong economic restructuring, particularly in State-owned enterprises, public investment, finance and banking, and agriculture.
In the banking field, Vietnam has intensified the settlement of bad debts and dealt with weak banks, and wants major foreign banks to join in the process, he said.
The Deputy PM expressed his wish that Australia will assist Vietnam in refining its legal framework and share its experience in public-private partnership (PPP). He called on the CBA – 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.
Deputy PM Hue appreciated the CBA’s acquisition of 20 percent stake in the Vietnam International Bank (VIB) and its technical and governance support for the bank.
Ambassador Borrowman affirmed that Australia is committed to supporting Vietnam’s development.
Vietnam is Australia’s largest trade partner in ASEAN, he said, adding that Australia is keen on deepening collaboration with Vietnam in investment.
The Commonwealth Bank General Director Ian Narev said the CBA is looking t💯o enhance investment in Vietnam via its partnership with VIB to become the leading retail bank in the country.-VNA
The Australian Associated Press (APP) news agency on October 17 reported that business ties between Australia and Vietnam are expected to grow further after the TPP comes into effect.
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The Party leader's working session with the standing boards of the Party Committees of HCM City, Ba Ria – Vung Tau and Binh Duong, the VNA General Director's remarks on the occasion of the 19th OANA General Assembly, the launch of new NIC - Google initiatives aimed at bolstering AI entrepreneurship and digital literacy in Vietnam are among news highlights June 18.
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The National Assembly on June 18 passed the law amending and supplementing a number of articles of the Law on Product and Goods Quality, with 408 out of 420 participating deputies voting in favour, accounting for 85.36% of the total.
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The Vietnamese Embassy in Israel has advised Vietnamese people living there to proactively prepare and seek ways to leave the country via land border crossings, especially toward Jordan or Egypt, when security and safety conditions allow.
Deputy Prime Minister Vuong Dinh Hue (R) and General Director of the Commonwealth Bank of Australia (CBA) Ian Narev (Source: VNA)
