A subsidiary of the Bank for Investment and Development of Vietnam on December 22 opened its seventh branch in Mean Chey district, Phnom Penh.
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 year.-VNA
