Australia wins ADB contract

Australia wins ADB contract

SYDNEY : An Australian consultancy has beaten American, British and South Korean rivals to win a key contract to help Vietnam develop its financial sector, officials said.

The Brisbane-based Securities Institute will send consultants to Vietnam beginning next month after winning the Asian Development Bank (ADB) contract to build Vietnam's non-bank financial institutions and the capital market.

Project team leader Mark Howland told the Australian Associated Press at the weekend that the institute was chosen for the task due to its experience in developing the Australian securities market.

"Now one of the most sophisticated and efficient in the world, the Australian market has evolved from a fragmented, multi- exchange marketplace to its current integrated form servicing a wide range of investors." he said.

"That's the path Vietnam wants to follow and they're keen to learn from the people who helped effect the transformation," he said.

Under the contract, four Australian consultants will work with the Vietnamese government to open and operate a trading board for the Hanoi Securities Trading Center (STC) and develop market surveillance and inspection procedures for the Hanoi and Ho Chi Minh City STCs. --AFP