Australian Embassy

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Media Releases - 2008

Media Release:  BUSINESS  
Date: 27 August 2008   

Commonwealth Bank of Australia opens for business in Vietnam

Hanoi – The Australian Ambassador to Vietnam, Mr Bill Tweddell has welcomed the opening by the Commonwealth Bank of Australia of its first Vietnam branch on 28 August in Ho Chi Minh City.

“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” said Mr Tweddell.

The Commonwealth Bank is one of Australia’s largest banks, with more than 95 years experience in financial services. Originally a state-owned bank, Commonwealth Bank was privatised over the period 1991-1996. Commonwealth Bank 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.

Danny Armstrong, General Director of Commonwealth Bank in Vietnam, says, “After 14 years operating a representative office we are so pleased to be opening our first branch in Vietnam. 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.”

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.

The Commonwealth Bank’s new branch in Ho Chi Minh City is located at: 65 Nguyen Du Street District 1, Ho Chi Minh City Tel: (+84 8) 824 1525 Website: