Logo of Phnom Penh Post newspaper Phnom Penh Post - Billion-dollar business push

Billion-dollar business push

Billion-dollar business push

VIETNAM will invest an additional US$1.3 billion in Cambodia over the next two years. Speaking at a business forum in Phnom Penh yesterday, the director general of Vietnam’s Ministry of Industry and Trade, Phan The Hao, said the investment would begin to flow late this year or by early 2011.

“We hope the investment will be fully supported by the Cambodian government,” he said, during a speech to representatives from 131 Cambodian and Vietnamese companies.

Vietnam sees future in Cambodia

“The two countries have cooperated for a long time.” The investment, he said, would be aimed at seven projects in sectors including oil and gas, electricity, minerals exploration, rubber and agriculture.
Vietnam was eager to make the move, as relations were strong between the two nations, Phan The Hao said, and the countries were linked by a similar culture and lifestyle, as well as a long border.

“We have already got the projects ready to go. Whether we can start quickly depends on Cambodia,” he said.

Cambodian Investment Board chairman Suon Sithy said yesterday that the government welcomed “all investment” to the Kingdom.
In recent years, Vietnamese firms have increased their presence in Cambodia.

Viettel, for example, owned by the Vietnamese military, launched its mobile-phone service domestically in February 2009, and has grown to become the second-largest by subscriber numbers.

Agribank, Vietnam’s largest bank by total assets, opened its first Cambodian branch in June.

Statistics from Vietnam’s Ministry of Industry and Trade showed the Kingdom’s eastern neighbour invested $400 million in seven Cambodian projects from July 2009 to July 2010.

The investment came in the banking, tourism, power, telecommunication and rubber sectors.

Vietnamese investments given the green light by the Cambodian Investment Board totalled $120 million during the first six months of the year, Suon Sithy said.

“We hope that Vietnam will remain one of the top sources of investment in Cambodia, just like last year,”he said.

Vietnam ranked as the third-largest investor in Cambodia last year, sinking a total of $352 million into the Kingdom.

In May, Prime Minister Hun Sen reiterated a joint aim to see bilateral trade reach $2 billion during 2010, a figure that looks accurate.

MOST VIEWED

  • Government denies claims former Thai PM Yingluck issued Cambodian passport

    Government officials on Thursday denied claims that a Cambodian passport was issued to former Thai Prime Minister Yingluck Shinawatra, who reportedly used it to register a company in Hong Kong. The Hong Kong-based English language South China Morning Post (SCMP) on Wednesday reported Hong Kong

  • Diplomatic passports issued to foreigners to be annulled

    The Ministry of Foreign Affairs and International Cooperation will move to annul diplomatic passports issued to those not born in Cambodia. Analysts say the move may be in relation to reports that former Thai prime minister Yingluck Shinawatra used a Cambodian passport to register as

  • Hun Sen warns Irish MP of EBA ‘mistake’

    Prime Minister Hun Sen on Saturday told former Irish premier Enda Kenny, still a member of the EU nation’s parliament, that the 28-nation bloc should not make a “third mistake” regarding Cambodia by using the preferential Everything But Arms (EBA) agreement to “take 16 million

  • The hairy little heroes saving many lives in rural Cambodia

    IN RURAL Siem Reap province, rats dare to tread where no person will, as these hairy little heroes place their lives on the line each day for the good of the local community. The rodents are the most important members of a special team, leading