Phnom Penh supports establishment of Vietnam – Cambodia economic zone
Cambodia calls for greater investments from Vietnamese enterprises in fields of agriculture, tourism, transportation, logistics, construction, among others, said Prime Minister Hun Sen.
Cambodia supports the establishment of Vietnam – Cambodia economic zones in the country for Vietnamese investors, according to Cambodian Prime Minister Hun Sen.
Overview of the conference. Source: VGP.
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Hun Sen proposed holding meeting with Vietnamese investors in New Year festival annually to address the latter’s concerns.
Neak Oknha Kith Meng, chairman of the Cambodian Chamber of Commerce, said Vietnam is the fifth largest investor in Cambodia, as there are over 200 Vietnamese companies operating in the country with combined capital of US$3 billion.
In 2018, Cambodia received 800,000 Vietnamese tourists, which made Vietnam the second largest source of foreign tourists to Cambodia.
Huong Tran Kieu Dung, CEO of Vietnamese conglomerate FLC, said this is the right timing for businesses from two countries to boost cooperation, aiming to bring the bilateral trade turnover to over US$5 billion in 2019, one year earlier than the set target.
At the meeting, Prime Minister Nguyen Xuan Phuc said Vietnam is one of the most dynamic economies in the world, with average GDP growth of around 7% over the last decades. The country’s inflation rate, however, has maintained under control at 3.5%.
With such high economic growth, the growing FDI inflows and a surge in the number of startups indicated a bright outlook on Vietnam’s economy.
Phuc said Vietnam currently has 214 investment projects in Cambodia with registered capital of US$3.1 billion, in which 176 projects remain valid with capital of US$2.77 billion. Meanwhile, Cambodian investors are working on 21 investment projects in Vietnam with registered capital of US$64 million.
Phuc expected bilateral trade between to reach US$10 billion in the near future, indicating huge potential in economic cooperation between Vietnam and Cambodia.
According to Phuc, both the Vietnamese and Cambodian governments are committed to improving their respective business environment for investors, particularly those from the two countries.
The expressway project connecting Ho Chi Minh City – Moc Bai in Vietnam with Bavet in Cambodia is scheduled to kick off in late 2019 or early 2020, Phuc added.
Phuc requested each Vietnamese enterprise in Cambodia to act as an ambassador in maintaining the traditional and long-standing comprehensive relationship between the two nations.
On this occasion, Phuc requested Cambodia to create favorable conditions for Vietnamese enterprises committed to long-term business in that country, contributing significantly to Cambodian’s social-economic development.
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