Logo of Phnom Penh Post newspaper Phnom Penh Post - Kingdom ranks second for FDI from VN

Kingdom ranks second for FDI from VN

Content image - Phnom Penh Post
Chou Vichith (seated left), secretary of state at the Ministry of Economy and Finance, signs a double taxation agreement with Vietnamese Vice Minister of Finance Tran Xuan Ha in Hanoi in April. A recent report showed that the Kingdom was the second largest recipient of foreign investment from that country. facebook

Kingdom ranks second for FDI from VN

The Kingdom ranked second in the first half of the year for overseas Vietnamese investments, receiving about $32 million of the total $263 million outflow from the eastern neighbour.

The Vietnamese General Statistics Office (GSO) said from January to June this year, that country’s businesses invested a total of $263 million in 27 nations.

Laos ranked first with 31.9 percent of the total while Cambodia had 12.3 percent.

Lim Heng, vice president of the Cambodia Chamber of Commerce (CCC), said Wednesday that Vietnamese investments in the Kingdom mostly went into agriculture, retail businesses and the financial sector.

Heng observed that inflows from Vietnam have been showing slower growth over the past few years as those from China have been taking off fast.

“Receiving more foreign direct investment (FDI) to our country will help create jobs and diversify our economy,” he said, adding that Cambodia has been improving its investment environment, so FDI should grow in time.

The Vietnamese Embassy could not be reached for comment on Wednesday.

Finance sector is king

According to the Vietnamese GSO, during the first half of this year, finance and banking took the largest share of Vietnam’s overseas investments, hitting $106.2 million.

The agricultural, forestry and seafood sectors came in second, collectively, with $63.79 million, while processing and manufacturing industries rounded out the top three spots, netting a total of $48.9 million.

MOST VIEWED

  • Would you like fries with that? US burger chain makes Phnom Penh debut

    California-based The Habit Burger Grill restaurant chain is all set to serve up a delicious array of charbroiled burgers and sides at its newest international location in the centre of Phnom Penh. The Habit is “renowned for its award-winning Charburgers grilled over an open flame,

  • Banteay Meanchey flood victims receive aid

    Prime Minister Hun Sen on Wednesday provided aid to more than 10,000 families affected by flooding in Banteay Meanchey province’s Mongkol Borei district and offered his condolences to the 18 victims who drowned in the province over the past week. He said flooding had occured in

  • Angkor provides ‘valuable’ water storage

    The Apsara National Authority (ANA) has stored millions of cubic metres of water at reservoirs in the Angkor area after Cambodia experienced a series of rainstorms over the last few days. The storing of the water, besides serving temple conservation, will also be used to

  • PM urges caution as Polish man tests positive for Covid

    The Ministry of Health on Wednesday reported that a 47-year-old Polish man tested positive for Covid-19 after arriving in Cambodia on Monday. There are a total of six Covid-19 patients currently in the country, all of whom are being treated at the Khmer-Soviet Friendship Hospital

  • Banteay Meanchey floods kill one more as death toll reaches 15

    As floodwaters start to recede in Pursat, Battambang and Pailin provinces and Phnom Penh, Banteay Meanchey continues to bear the brunt as one more person was killed on Monday, bringing the total number of flood-related deaths to 15 in the province this month. Banteay Meanchey provincial

  • Serving coffee with a side of robots

    The eye-catching glass building surrounded by greenery at the intersection of Streets 371 and 2002 in Phnom Penh’s Sen Sok district is more than just another coffee shop where you can while away a few hours. UrHobby House cafe is filled with robots and characters from