Sok Chenda Sophea, Cambodian Minister attached to the Prime Minister and Secretary General of the Council for Development of Cambodia. (Photo: VNA)Phnom Penh (VNA) – Vietnam’seconomic presence in Cambodia has contributed greatly to the country’s economicdevelopment, particularly in investment, trade and tourism.
According to the Council for Developmentof Cambodia (CDC), Vietnam is the fifth largest investor in Cambodia, operatingapproximately 200 projects, worth about 3 billion USD. About 70 percent of Vietnameseinvestment landed in agro-forestry, including rubber cultivation, while 9.4percent and 7.5 percent were poured into finance and banking, andtelecommunication, respectively.
Statistics by the General Department ofVietnam Customs showed two-way trade between Vietnam and Cambodia in the firsttwo months of 2017 hit 624.1 million USD, up 21.2 percent from the same periodlast year.
[Vietnam, Cambodia strive for 5 billion USD in trade turnover]
In the field of tourism, Vietnam has beenthe largest source market of Cambodia for eight consecutive years. About onemillion Vietnamese, among the total of 5 million foreigners, travelled toCambodia last year.
Sok Chenda Sophea, Cambodian Ministerattached to the Prime Minister and CDC Secretary General, said Vietnameseinvestors have contributed substantially to Cambodia’s economic development,poverty reduction and social security. They created jobs for the locals andinvolved in many charity works in Cambodia, he added.
Cambodia has four key industries –clothing, footwear, agriculture and real estate, the minister said, noting thatthese sectors have not received equal attention from Vietnamese enterprisesthat have focused a majority of their investment in rubber planting andprocessing.
The Government of Cambodia has providedVietnamese investors with favourable conditions in recent years, but many firmsstill worried about doing business in Cambodia due to its unstable policies andunpredictable business environment, said Vietnamese trade counsellor toCambodia Nguyen Bao.
He suggested the two governments shouldsoon sign bilateral agreements in trade and investment and increase cooperationbetween their relevant bodies in investment promotion and state management ofVietnamese investors in Cambodia.
The two sides need to provide moreupdates on investment projects as well as better support to the investors, headded.-VNA
In the field of tourism, Vietnam has beenthe largest source market of Cambodia for eight consecutive years. About onemillion Vietnamese, among the total of 5 million foreigners, travelled toCambodia last year.
Sok Chenda Sophea, Cambodian Ministerattached to the Prime Minister and CDC Secretary General, said Vietnameseinvestors have contributed substantially to Cambodia’s economic development,poverty reduction and social security. They created jobs for the locals andinvolved in many charity works in Cambodia, he added.
Cambodia has four key industries –clothing, footwear, agriculture and real estate, the minister said, noting thatthese sectors have not received equal attention from Vietnamese enterprisesthat have focused a majority of their investment in rubber planting andprocessing.
The Government of Cambodia has providedVietnamese investors with favourable conditions in recent years, but many firmsstill worried about doing business in Cambodia due to its unstable policies andunpredictable business environment, said Vietnamese trade counsellor toCambodia Nguyen Bao.
He suggested the two governments shouldsoon sign bilateral agreements in trade and investment and increase cooperationbetween their relevant bodies in investment promotion and state management ofVietnamese investors in Cambodia.
The two sides need to provide moreupdates on investment projects as well as better support to the investors, headded.-VNA
VNA
