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

  • EU parliament’s 13-point vote to decide on possible sanctions

    The European Parliament is due to vote on Thursday on a 13-point resolution on Cambodia – which includes a call for the treason charges against bailed opposition leader Kem Sokha to be dropped – a threat that could see the EU enforce a range of sanctions against

  • Government hits back at threats to pull EBA, suspend UN seat

    The spokesman for the ruling Cambodian People’s Party (CPP) has said the government is in no way concerned after the European Parliament gave it three months to reverse what it called the “systematic repression of the political opposition”. Ignoring the ultimatum could mean facing

  • Sar Kheng: Sokha requested security

    Interior Minister Sar Kheng on Sunday revealed the story behind the transfer of former opposition party leader Kem Sokha from Trapaing Phlong prison in Tbong Khmum province to his house in the capital. Speaking at the ruling Cambodian People’s Party (CPP) headquarters in Prey

  • PM vows to ‘protect’ Chinese interests

    Prime Minister Hun Sen on Tuesday told Chinese companies investing in Cambodia not to worry about contract cancellation in the Kingdom. Speaking at a roundtable meeting with business executives in China as co-chair of the China-Asean Expo, the prime minister told six Chinese conglomerates with