(VOVworld)- 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)

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 to enhance investment in Vietnam via its partnership with VIB to become the leading retail bank in the country.-