Asubsidiary of the Bank for Investment and Development of Vietnam onDecember 22 opened its seventh branch in Mean Chey district, PhnomPenh.
This marks an effort of the Bank forInvestment and Development of Cambodia (BIDC) in stepping up itsstrategy of penetrating and building up firm position in Cambodia ’sfinance and banking system.
The new branch is alsoexpected to meet demand of the host country and boost the development oftrade and investment ties between Vietnam and Cambodia.
Addressing the event, Uok Maly, Deputy Governor of the CambodianNational Bank praised BIDC’s efforts in expanding its network in thecountry, which, she said, help strengthen the finance and banking systemof Cambodia .
She noted that after four yearsof operation, BIDC has recorded remarkable achievements, becoming thefifth largest bank in Cambodia with seven branches in key economichubs of the country.
BIDC acts as a bridge betweenthe two markets, helping increase Vietnam ’s investment to Cambodia ,making the country one of the five largest foreign investors inCambodia in 2012, she added.
In 2013, theCambodia economy is forecast to maintain its growth of over 7 percent.As of September, Vietnam had 126 projects valued at 3 billion USD inCambodia . Two-way trade is expected to hit 3.5 billion USD thisyear.-VNA
