Australian financial services offer opportunities for Vietnam

TN News

Email Print

There are significant opportunities for both Australian and Vietnamese financial services companies, given the growing two-way trade and investment between the two countries, an Australian official said.

"The Vietnamese financial sector is well placed to take advantage of Australia's strengths in banking, funds management and wealth management, and the products, services and best practice on offer from Australia," said Julianne Merriman, who leads a financial services team at the Australian Trade Commission (Austrade).

She said Austrade looks forward to supporting further trade and investment in the financial services sector between the two countries.

"Vietnam is Australia's 17th largest trading partner. In 2010, two-way trade was worth over AUD$4.6 billion (US$4.8 billion), almost 25 percent more than its value in 2005," Merriman said.

The financial services sector is the biggest industry in Australia, contributing 10 percent to Australia's annual GDP, she said.

Austrade is expected to launch its Financial Services Benchmark Report in Ho Chi Minh City on June 10.

Its chief economist Tim Harcourt said the report shows that Australia's financial sector remains robust and the country's standing as a financial center in the Asia Pacific region has grown after the global financial crisis.

More Business News