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