Vietnam's telecommunications company expands business in Cambodia

Viettel, Vietnam's military-owned mobile phone service provider, will invest in banking and energy companies in neighboring Cambodia, local newspaper Vietnam News reported Thursday.
Viettel will invest 1.2 million U.S. dollars, equivalent to an eight-percent stake, in the Vietnam-Cambodia Joint Stock Bank, whose primary aim is to provide financial services to Vietnamese companies operating in Cambodia, the paper said, adding that the investment negotiations have been completed.

Viettel will also pour 7.5 million dollars, or five percent of charter capital, into the EVN-Cambodia Joint Stock Company, which will construct hydroelectric plants on the Mekong River in Cambodia, it said.

Last year, Viettel set up Viettel Cambodia, a wholly owned subsidiary and the company's first foreign venture.

Meanwhile, Viettle is negotiating with Laos Asia to establish a joint stock company to provide telecommunications services in Laos.

Source: Xinhua