Saturday, July 22, 2017 - 5:47:34

Vietnamese firms contribute to Cambodia’s growth

VNA Print

 

Vietnam and Cambodia are close neighbours with an enduring tradition of cooperation and mutual assistance. The friendship and comprehensive cooperation between the two countries have been continuously consolidated, with marked achievements being made in economic, trade and investment relations.

Along with the fine political ties between the two countries, Vietnam’s economic presence in Cambodia has contributed greatly to its development. The presence is shown most obviously in investment, trade and tourism, with investment being considered a spearhead.

Metfone is a brand name of Viettel Cambodia Pte., Ltd., a subsidiary of Vietnam’s military-run telecommunications group Viettel. Since its establishment in 2009, Metfone has become a top telecom operator in the country.

Vietnamese enterprises in Cambodia focus their investment on their fortes, which also have great potentials to develop in Cambodia, namely agriculture, telecommunications and finance-banking.

The Council for the Development of Cambodia reported Vietnam has so far carried out nearly 200 projects, valued at about 3 billion USD, in Cambodia, making it among the top five foreign investors in the country.

Sok Chenda Sophea, Cambodian Minister attached to the Prime Minister and Secretary General of the council, said Vietnamese enterprises have make marked contributions to Cambodia’s economic development, poverty reduction, social security, employment and charity works.

Despite favourable conditions, there remain difficulties striking Vietnamese enterprises’ business and production. 

According to the Association of Vietnamese Investors in Cambodia, Vietnamese-invested enterprises have always strictly adhered to the host country’s guidelines and they have received warm welcome from local governments.

However, the association calls on Cambodia to further improve its investment policies to better support Vietnamese investors.

The two governments set a target of 5 billion USD in foreign direct investment from Vietnam to Cambodia by 2020.

To realize the target, the Association of Vietnamese Investors in Cambodia recommends both sides to effectively carry out the signed agreements.

The association also calls on Cambodia to facilitate Vietnamese enterprises’ efforts in getting into the target market to boost economic ties and promote the friendship and comprehensive cooperation between the two countries.-VNA

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