CBA expands into Vietnam
Garry Mackrell
The Commonwealth Bank ofAustralia is set to open its first branch in Vietnam in response to the growing number of Australians travelling to, sending money to or doing business in Vietnam.
The State Bank of Vietnam has granted the CBA approval to set up a branch in Ho Chi Minh City (formerly Saigon) and it is expected to open its doors in April this year.
CBA group executive, international financial services, Garry Mackrell said he hoped the new branch would enable the bank to capitalise on Vietnam’s strong economic growth.
“We are very confident about Vietnam’s long-term economic growth and prosperity. With approximately 300,000 Vietnamese people living in Australia — one of the largest populations outside Australia itself — and more and more Australians visiting Vietnam every year, this new presence represents a strong opportunity for the bank.”
Mackrell said he hoped the new branch would help to facilitate economic and trade flows between Australia and Vietnam, thereby strengthening the two counties’ economic partnership.
Vietnam’s compound gross domestic product growth rate for the past 15 years is 7.5 per cent per annum, with a total of 8.5 per cent for 2007. Ho Chi Minh City is an important economic centre with a population of about 8 million.
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