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Vietnam to invest in hotels in Cambodia

Vietnam to invest in hotels in Cambodia

121227 09a
Vietnamese firms plan to invest in the construction of hotels in Siem Reap, Kampong Cham and Kampong Thom provinces. Photograph: Nina Loacker/Phnom Penh Post

Vietnamese investors are planning to invest more in accommodation services and to build hotels in at least three provinces that Vietnamese visitors traveling to the world-knowned Angkor Wat will travel past.

Tran Bac Ha, chairman of the Association of Vietnamese Investors in Cambodia (AVIC) and chairman of the Bank for Investment and Development of Vietnam (BIDV), said at the third year anniversary conference of Vietnam’s investment into Cambodia that Vietnamese investors would continue putting money into Cambodia.

He said that in the coming years, Vietnamese investors would invest in the construction of hotels in three provinces, though he did not confirm the dates or the amount of investment capital.

“We will invest in two or three hotels which are three or four star hotels in Siem Reap, Kampong Cham and Kampong Thom,” he said through a translator.

He assumed that the number of Vietnamese tourists would climb to 1.5 million in the next three years, while at present Vietnamese visitors ranked number one and accounted for 750,000 tourists visiting Cambodia.

According to AVIC’s report distributed at the conference, Vietnamese investors in Cambodia put their money into key sectors such as telecommunications, banking and finance, airlines, agriculture, agro-industry, energy, mining and health.

The report added that in 2010, Vietnamese investment acccounted for 41 projects worth US$566 million and investment projects in 2011 increased to 90 worth $2 billion.

In 2012, there were 124 projects worth $2.5 billion.

Deputy Prime Minister Men Sam On said Vietnamese investors seriously pushed the economic development of Cambodia.

Ho Vandy, co-chairman of the Tourism Government-Private Sector Forum, said the hotel project is good news for the Cambodian tourism sector and it will not have a negative impact because such investment is controlled by investment laws.

Cambodian people will also benefit from Vietnamese tourists, and their numbers are rising.

“We will benefit because tourism is a kind of system. Business people in this field understand that clearly,” he said.

Men Sam On said that trade and tourism have been growing fast in the last three years.

Both countries pledged to push the size of trade to $5 billion by 2015.

“Investment activities of Vietnamese in Cambodia increase in quantity and capital,” she said.

 

To contact the reporter on this story: Rann Reuy at [email protected]
 

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