Cambodia, Vietnam sign investment contracts of nearly 1 bln USD

PHNOM PENH, Apr. 24, 2011 (Xinhua News Agency) -- Some 500 Cambodian and Vietnamese businessman met here on Sunday in the 2nd Cambodia- Vietnam conference and some investment projects worth nearly 1 billion U.S. dollars were signed.

The annual conference was chaired by the two countries' prime ministers.

Speaking in the conference, the visiting Vietnamese Prime Minister Nguyen Tan Dung said that to date, excluding the investment costs, which would be signed in the conference, Vietnamese investments in Cambodia have mounted to more than 2 billion U.S. dollars in the fields of telecommunication, aviation, banking and finance, mineral resources, and rubber plantations.

Cambodian investments in Vietnam have mounted to 51 million U.S. dollars.

Nguyen Tan Dung encouraged more Vietnamese investors to consider their ventures in Cambodia, and urged existing Vietnamese investors to strengthen and expand the investment to build closer economic cooperation.

Meanwhile, Cambodian Prime Minister Hun Sen said that Cambodia is implementing favorable investment policies for overseas investors.

"There are good opportunity for investors in growing rice, corn, cassava, bean, rubber industries," he said.

He also stressed the government has made its efforts to develop new industries such as car assembly plants, electronic manufacturing.