‘Vietnamese firms keen on investing in potential sectors in Kingdom’

‘Vietnamese firms keen on investing in potential sectors in Kingdom’

Cambodia and Vietnam should establish more SEZs along the border, says Ambassador Nguyen.

With 215 Vietnamese investment projects worth $2.94 billion operating in Cambodia as of June this year, more and more businesses have evinced interest in new investment or expanding their existing investments in Cambodia, said Nguyen Minh Vu, Vietnamese Ambassador to Cambodia.

The Vietnamese-owned investment projects have been launched effectively, which contributed in many ways to the Cambodian economy and society, promoting infrastructure development, creating jobs, and increasing the income of a large part of Cambodian workers, as well as contributing to social security and humanitarian work in Cambodia, he said.

The Vietnamese investment projects are in 18 of Cambodia’s 25 capitals and provinces, focusing on key sectors such as agriculture, telecommunications, banking, financial services, food processing and processing industries, mining, aviation, tourism, etc.

“Given the fact that Cambodia is emerging as an attractive investment destination, many Vietnamese businesses have been studying investment opportunities in some areas of Cambodia, such as Phnom Penh and provinces such as Svay Rieng, Kampot, Takeo, Kratie, Mondulkiri, Ratanakiri, Sihanoukville, Preah Vihear,” said Ambassador Nguyen.

Vietnamese investors are interested in sectors of large-scale agriculture, agricultural product processing industry, telecommunications and information technology, such as 5G network, e-government, digital transformation, renewable energy, mining business, and processing industry, he added.

Some enterprises are also interested in the construction, real estate, and construction materials production, as well as participating in infrastructure development projects, he said.

To promote Vietnamese investment in Cambodia, he said Cambodia and Vietnam have to establish more SEZs along the border line.

Figures from the Council for the Development of Cambodia showed that 26 SEZs are operating in Cambodia as of March of this year. Eight of them are stationed along the border line between Cambodia and Vietnam.

He said that the two countries should regularly organise promotional events to promote bilateral trade and investment cooperation, such as the Cambodia-Vietnam Business Forum, the Cambodia-Vietnam Investment Promotion Meeting, and tourism exhibitions as well.

“The Vietnamese Embassy in Cambodia will work with competent institutions of both countries to support and encourage Vietnamese businesses to make new investments or expand their investments and do business in Cambodia,” he said.

The good political and diplomatic relations between the two countries, the close geographical and cultural locations, and the recent improvement in the investment climate of the two countries will create favorable conditions for businesses from both countries to invest, do business, and develop, bringing tangible benefits to businesses and people of both countries, Ambassador Nguyen said.

Vietnam has become one of the four countries with the largest direct investment in Cambodia.

The Cambodian government is working diligently to dismantle and reduce trade barriers, streamline customs procedures, streamline business registration procedures, and create a legal environment with clarity and transparency.

Lim Heng, Vice President of the Cambodia Chamber of Commerce, said that most companies listed in Cambodia currently originate from China, Vietnam, Thailand, and other countries.

“Cambodia’s favourable investment location and numerous free trade agreements with China, Korea, and the UAE, plus the RCEP agreement, as beneficial for its export market,” he said.

Cambodia and Vietnam have agreed to establish a joint mixed trade commission aimed at promoting the growth of bilateral trade, with the goal of reaching $20 billion in the near future.

In the first five months of this year, the bilateral trade volume between the two neighbouring countries reached $3.84 billion, a year-on-year increase of 8 percent compared to the same period last year, according to a report from the General Department of Customs and Excise of Cambodia.

khmertimeskh