The figure was released at a meeting hosted by the AVIC in Phnom Penh on March 19 to seek measures for trade promotion and business expansion of Vietnamese firms in the Cambodian market.

The Association is set to achieve a two-way trade turnover of US$5 billion next year, and drive up the number of Vietnamese visitors to Cambodia by 30% annually to 1.6 million in 2015.

Many local businesses showed their keen interest in the fields of agriculture, energy, aviation, finance, banking, health care, and infrastructure development.

The AVIC hoped to boost Vietnam-Cambodia border trade and promote the exchange of goods favoured by Vietnam such as fertilizers, petrol, and energy.

Vietnamese ambassador Ngo Anh Dung spoke highly of Vietnamese businesses’ investment contributions to delivering economic benefits to Cambodian people as well as strengthening traditional friendship, solidarity and cooperation between the two countries.

He asked the AVIC to enhance its role in creating a close link among local investors, and encourage its members to make further contributions to social welfare and community development in Cambodia.

By the end of 2013, the total Vietnamese investment in Cambodia reached over US$3 billion with 128 projects, ranking fifth among the largest foreign investors in the country. Vietnam also became Cambodia’s third largest trade partner among more than 140 countries and territories trading with Cambodia.

Last year, Vietnamese firms raised US$5 million for Cambodia’s social welfare activities.