Business

Vietnamese firms focus more on Cambodia

Vietnam ’s business groups have over the past year revved up investment in Cambodia and actively contributed to the local social security programmes, said the Association of Vietnamese Investors in Cambodia (AVIC).
Vietnam ’s business groups have over the past year revved upinvestment in Cambodia and actively contributed to the local socialsecurity programmes, said the Association of Vietnamese Investors inCambodia (AVIC).

At a review meeting in Siem Reap city on July25, the AVIC said Vietnam has become the third largest foreigninvestor in Cambodia , after China and the Republic of Korea .

Accordingto statistics presented at the meeting, Vietnamese businesses weregranted licences for 63 projects within the past year with a combinedinvestment capital of 900 million USD.

Various economic groupsand corporations in Vietnam have entered the Cambodian market,investing in different areas including telecommunications, finance andbanking, air transport, agriculture, light industry, rubber andindustrial tree planting, mining, energy and healthcare.

Prominentamong Vietnamese investors are the Vietnam military telecomcorporation (Viettel), the Bank for Investment and Development ofVietnam (BIDV), the Vietnam Coal and Minerals Corporation (VINACOMIN),Vietnam Airlines and Hoang Anh Gia Lai group.

Asides from tradeand investment activities, Vietnamese businesses have over the past yearprovided funding to the local social welfare schemes, with the totalpledge mounting to 6 million USD.

As part of the move to promoteVietnamese investment in the country, the Bank of Investment andDevelopment of Cambodia, a Cambodia-based affiliate of BIDV, launched anew branch in Siem Reap.

The BIDC has earlier set up twobranches in Ho Chi Minh city and Phnom Penh in order to create alink between the financial markets of Cambodia and Vietnam andprovide the most perfect financial services packages for Vietnameseenterprises wishing to invest in Cambodia./.
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