Trade Minister, Mark Vaile, today welcomed the Vietnam Government's decision to grant a finance leasing licence to an ANZ subsidiary, ANZ/V-TRAC International Leasing Company. "This is an important breakthrough in access to this sector of the Vietnamese financial market for Australian companies," Mr Vaile said. "This is the first financial leasing licence issued to a foreign bank in the Vietnamese market, and the fact that it is an Australian company is particularly pleasing. The Government will continue to support efforts of other Australian companies seeking to invest in Vietnam's financial market." Mr Vaile said while he was aware of the difficulties in operating in a relatively new financial market, he had full confidence that ANZ's new endeavour would be successful. "Since commencing operations in Vietnam in 1993, ANZ has distinguished itself as a sound operator with a long term commitment to the market." Mr Vaile said 1999 had been a good year for Australian companies gaining access to the Vietnamese financial market. The Vietnamese Government issued a general insurance licence to QBE in May, and a life insurance licence was issued to CMG in October. Mr Vaile said the Federal Government would continue to work closely with Australian business, the Vietnamese Government and the donor community to assist Vietnam in its transition to a market economy, to improve the business environment for both domestic and foreign business alike.
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