Cambodia’s central bank governor hails Vietnamese firms’ contributions hinh anh 1At the inaugural ceremony of a new branch of MB Cambodia in Phnom Penh. (Source: VNA)

Phnom Penh (VNA) - Governor of the National Bank of Cambodia Chea Chanto has praised contributions by Vietnamese enterprises, especially those operating in the banking sector, to promoting the two countries’ prosperity and tightening solidarity between the two peoples.

Speaking at a recent ceremony to inaugurate a new branch of MB Cambodia – a subsidiary of the Military Commercial Joint Stock Bank (MBBank) of Vietnam in Phnom Penh, Governor Chea Chanto hailed the Vietnamese bank for its decision to expand investment after the nine years of operation in the Cambodian market.

The move shows Vietnamese investors’ increasing confidence in the market, he added.

He handed over an operation license to representatives of the Orusei office – the new branch of MB Cambodia in Phnom Penh.

In recent years, thanks to maintaining the high economic growth rate at 7 percent per year and political stability, Cambodia has become an attractive market to Vietnamese firms.

Vietnam has so far invested in 214 projects worth 3.2 billion USD in Cambodia. In the first seven months of 2019, Vietnam had four new investment projects in the country and four others with increased capital with total registered capital of 38.5 million USD, equaling to the capital poured into Cambodia in 2018.

The Cambodian Government has applied a series of preferential policies on taxes, customs procedures, licensing in order to attract and create favourable conditions for foreign businesses to invest and do business in Cambodia.-VNA