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Australian bank opens first branch in Vietnam

(Xinhua)
Updated: 2008-08-29 15:47

HANOI -- The Commonwealth Bank of Australia established its first branch in Vietnam's southern Ho Chi Minh City, local newspaper Vietnam News reported Friday.

"More and more Australians are visiting Vietnam every year and two-way trade between our two countries has more than doubled in the past five years to nearly $7 billion dollars a year. We believe that Vietnam will continue to be an important trade and economic partner for Australia," the newspaper quoted Garry Mackrell, head of the bank's International Financial Services said.

The bank, one of Australia's leading financial institutions with businesses in New Zealand, Asia and the United Kingdom, opened its branch on Thursday.