subsidiary of the Bank for Investment and Development of Vietnam on
December 22 opened its seventh branch in Mean Chey district, Phnom
This marks an effort of the Bank for
Investment and Development of Cambodia (BIDC) in stepping up its
strategy of penetrating and building up firm position in Cambodia ’s
finance and banking system.
The new branch is also
expected to meet demand of the host country and boost the development of
trade and investment ties between Vietnam and Cambodia.
Addressing the event, Uok Maly, Deputy Governor of the Cambodian
National Bank praised BIDC’s efforts in expanding its network in the
country, which, she said, help strengthen the finance and banking system
of Cambodia .
She noted that after four years
of operation, BIDC has recorded remarkable achievements, becoming the
fifth largest bank in Cambodia with seven branches in key economic
hubs of the country.
BIDC acts as a bridge between
the two markets, helping increase Vietnam ’s investment to Cambodia ,
making the country one of the five largest foreign investors in
Cambodia in 2012, she added.
In 2013, the
Cambodia economy is forecast to maintain its growth of over 7 percent.
As of September, Vietnam had 126 projects valued at 3 billion USD in
Cambodia . Two-way trade is expected to hit 3.5 billion USD this