Vietnam among five biggest investors in Cambodia

Dec 12th at 20:58
12-12-2019 20:58:00+07:00

Vietnam among five biggest investors in Cambodia

Vietnam is among the top five investors in Cambodia, with nearly US$3.1 billion registered in 214 projects, including 176 operational projects worth US$2.77 billion.

 

At the Vietnam-Cambodia Business Forum, held in Cambodia’s capital of Phnom Penh last week, Vietnam’s Deputy Minister of Foreign Affairs and Ambassador to Cambodia Vu Quang Minh said Vietnamese enterprises have mainly invested in agriculture, banking, telecom and information technology, industrial manufacturing and processing sectors in Cambodia.

The bilateral trade revenue between the two countries reached US$4.7 billion last year, up 23.8% over 2017. In the January-October period of this year, the figure was US$4.4 billion, rising 13.8% year-on-year.

The trade revenue was expected to reach US$5.2 billion this year, helping the two countries achieve the bilateral trade target of US$5 billion one year earlier than expected, Minh added.

Vietnam enjoyed a trade surplus of US$1.7 billion with the western neighbor in 2017 and US$2.8 billion last year.

Meanwhile, Cambodia has executed 21 projects with total registered capital of nearly US$64 million in Vietnam, ranking 54th among 132 countries and territories investing in the country.

Speaking with the Saigon Times on the sidelines of the forum, Nguyen Phuong Lam, director of the Can Tho Branch of the Vietnam Chamber of Commerce and Industry (VCCI Can Tho), noted that this was the first time the VCCI Can Tho had held the Vietnam-Cambodia Business Forum and it would annually hold the event in not only Cambodia but also other countries.

The VCCI Can Tho chose Cambodia as the first venue for the event as Vietnam wants to enhance its cooperation with other ASEAN countries, Cambodia’s demand for Vietnamese products is increasing and the two countries are adjacent.

The Vietnamese Government has directed large enterprises in the finance and banking, rubber, telecom and processing sectors to promote investment in Cambodia. Small and medium enterprises (SMEs) in the two countries will later bolster their cooperation, Lam added.

He pointed out that Vietnamese firms have always considered Cambodia an important and reliable partner.

Doan Huu Duc, vice chairman of the Tien Giang Business Club in HCMC and director of Vietnam Consulting Group, remarked that SMEs would follow larger firms in investing in Cambodia in the coming years.

The Vietnam-Cambodia Business Forum was jointly held by the VCCI Can Tho, the Tien Giang Business Club in HCMC, the Cambodia Chamber of Commerce and the Vietnamese Embassy in Cambodia.

The forum attracted 150 Vietnamese SMEs, mainly from the Tien Giang Business Club in HCMC. SMEs from the Mekong Delta have a deep understanding of Cambodia’s culture and are flexible in applying new technology.

saigontimes



NEWS SAME CATEGORY

Danang calls for investment in 60 projects

The central coastal city of Danang plans to call for investment in the VND50 trillion (US$2.16 billion) City Opera House project and the VND54.5-trillion subway...

Hanoi leader pledges favorable conditions for Japanese investors

Chairman of Hanoi City Nguyen Duc Chung has reaffirmed the city government’s commitment to make life easy for foreign investors to do business in the capital...

ADB raises Vietnam’s growth forecast to 6.9% this year

While trimming its forecasts for economic growth in developing Asia this year and next given the slower growth in China and India, the Asian Development Bank (ADB)...

Agriculture driving economic growth

Despite numerous risks, Vietnam’s agro-forestry-fishery sector is expected to reap bigger fruits in 2019 with more investments implemented, making it one of the key...

Foreign direct investment and mature M&A boost investor confidence

The past two years have seen capital flows into Vietnam continue to steadily increase, as well as some of the country’s biggest mergers and acquisitions deals to...

ADB adjusts growth forecast of Vietnam up to 6.9 per cent

With unexpectedly strong growth momentum in the third quarter likely to carry over into the fourth quarter and next year, the ADB adjusted its growth forecast for...

Vietnamese, Chongqing firms seek for business opportunities

A meeting for businesses from Viet Nam and China’s Chongqing Province was held in Ha Noi on Tuesday to discuss investment opportunities and seek for partners in...

Dak Lak Province prepares goods for Tet, worth $11.2m

Enterprises in the Central Highland province of Dak Lak have set aside nearly VND261.5 (US$11.22 million) to prepare goods for the upcoming Lunar New Year (Tet)...

SOE equitisation progress  is “very slow”

Only nine state-owned enterprises (SOEs) were given the green light from government for their equitisation plans this year, reported the Ministry of Finance (MoF).

Ha Noi attracts highest FDI in 11 months

Ha Noi attracted the most foreign direct investment (FDI) in Viet Nam during the first 11 months of this year with US$7 billion, accounting for nearly a quarter of...


MOST READ


Back To Top