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Friday, March 30, 2012

Vietnam, Cambodia look to boost investment ties

PHNOM PENH – The Vietnamese Government and the State Bank of Vietnam (SBV) always give priority to create favourable conditions for Vietnamese businesses to invest in Cambodia, SBV Governor Nguyen Van Binh said.

Binh made this statement at a presentation held on Mar. 29 in Cambodian capital city of Phnom Penh by the SBV, the Vietnamese Embassy in Cambodia and the Association of Vietnamese Investors in Cambodia (AVIC), with the participation of about 50 businesses operating in Cambodia .

The governor said that many Vietnamese banks had branches in Cambodia , including Military Bank (MB), Saigon Commercial Bank (Sacombank), Saigon Hanoi Commercial Joint Stock Bank (SHB) and Bank for Investment and Development of Vietnam (BIDV).

The SBV will continue licensing Vietnam 's major commercial banks to open new branches in Cambodia , to support payment and capital borrowings for businesses, he said.

Vietnamese Ambassador to Cambodia Ngo Anh Dung called for the investment of Vietnamese enterprises in the neighbouring country. He suggested that Vietnamese businesses should carefully study Cambodia 's market, and strictly follow Vietnamese and Cambodian laws.

At the event, President of the AVIC Tran Bac Ha also said Vietnam 's investments in Cambodia have initially gained remarkable achievements; however, there are still difficulties and challenges, adding that it is necessary to hold an annual dialogue to promote advantages and solve difficulties.

According to AVIC reports, Vietnam 's investment in Cambodia has increased rapidly since late 2009. Vietnam has 98 projects, double the 2009 figure, with a registered capital of 2.4 billion USD.

Vietnam ranks fourth among foreign investors in Cambodia, following China, the Republic of Korea and Australia, focusing on fields of banking, energy, transport and tourism.- VNA

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