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BIDC's contributions to Cambodia’s economic growth hailed

Vietnamese-invested bank’s contributions to Cambodia’s economic growth hailed

Cambodian Deputy Minister Men Sam An has lauded contributions of the Bank for Investment and Development of Cambodia (BIDC), a subsidiary the Bank for Investment and Development of Vietnam (BIDV), in boosting Cambodia’s economic growth.
Vietnamese-invested bank’s contributions to Cambodia’s economic growth hailed ảnh 1Delegates at the ceremony to mark the 10th founding anniversary of BIDC (Photo: VNA)

Phnom Penh (VNA) – Cambodian Deputy MinisterMen Sam An has lauded contributions of the Bank for Investment and Developmentof Cambodia (BIDC), a subsidiary the Bank for Investment and Development ofVietnam (BIDV), in boosting Cambodia’s economic growth.

The BIDC has played a leading role among Vietnamesebusinesses operating in Cambodia, with strong performance in connectingeconomic-trade-investment activities of the two countries, she said at a ceremonyto mark the 10th founding anniversary of the BIDC in Phnom Penh on September19.

Formerly known as the Prosperity and Investment Bank, theBIDC became operational in September 2009. Over the past 10 years, the bank hasbecome one of the biggest commercial banks in Cambodia with total assets exceeding750 million USD and outstanding balance of more than 600 million USD.

Governor of the National Bank of Cambodia Chea Chanto said theBIDC has helped connect the Vietnamese and Cambodian economies, especially inagriculture and rural development.

He recognised the significant role of the bank in Cambodia’sbanking system.

The BIDC and other BIDV trade representatives in Cambodiahave made considerable contributions to clinching a stable position for theVietnamese firms in the country, promoting economic development programmesbetween the two countries, and fulfilling social responsibilities.

According to Vietnamese Ambassador to Cambodia Vu QuangMinh, Vietnam ranks third among investors in Cambodia with total investment of morethan 3 billion USD.

Vietnam-Cambodia trade reached 4.7 USD in 2018 and isexpected to hit 5 billion USD in 2019, he added./.
VNA
#Cambodian Deputy Minister Men Sam An #Bank for Investment and Development of Cambodia (BIDC) #BIDV #Governor of the National Bank of Cambodia Chea Chanto #Cambodia #Vietnam #Vietnam news #Vietnam News Agency Cambodia
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