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Vietnam to boost investment in Cambodia   2009-12-28 - Thanh Nien

 
 
   
Vietnam and Cambodia will facilitate businesses to boost their investment in Cambodia and explore its potentials for home and export markets, said heads of two governments.

 

Vietnamese Prime Minister Nguyen Tan Dung and his Cambodian counterpart Samdach Hun Sen co-hosted Vietnam’s Investment into Cambodia conference Saturday (Dec 26) in Ho Chi Minh City.

Dung said Cambodia was a great potential for trade and investment with Vietnam and encouraging and facilitating local businesses were a measure to boost trade and investment with the neighbor.

The prime minister said a big flow worth at least US$6 billion from Vietnam would come to Cambodia in the next coming years. The investment would be led by private and state-owned businesses for fields that bring competitive advantages for benefits to the two countries.

The advantages would be driven in agricultural and mineral investments like rice and rubber processing, sugar, wood, fertilizer and bauxite, and infrastructure construction according to the head of Vietnamese government.

He said a board of Vietnamese and Cambodian ministries in trade, investment, communications and industries negotiated to seek for measures in terms of procedures and financial supports to boost their trade and investment.

Cambodian Prime Minister Sen said his government opened wide door to welcome investors from Vietnam and other countries and territories. Unlike other countries, Sen said, Cambodian government applied no restrictions in terms of capital and its ratio in sensitive fields like banking, insurance and telecommunications to attract foreign investment.

Dang Huy Dong, Vietnamese deputy minister of Planning and Investment, said bilateral trade and investment in favor of Vietnam increased recent years, with 40 percent surge in their trade to $1.7 billion last year and $2 billion estimated next year.

Dong said Cambodia, Vietnam’s top three investment destinations including Laos and Russia, attracted $900 million in 63 projects from Vietnamese businesses so far. Local businesses invested in 50 countries and territories with 457 projects worth $7.2 billion.

Military telecommunication firm Viettel is the top Vietnamese investor with $150 million, an alliance between Bank of Investment and Development of Vietnam and Phuong Nam the second and Hoang Anh Gia Lai Corporation the third in Cambodia with a population of 13.4 million people in 2008.

A joint venture between Vietnamese and Cambodian partners was established to implement a mammoth project worth $6 billion in two stages to explore bauxite and aluminum in Mundulkiri Province, Cambodia.



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