Within the framework of Vietnamese prime minister’s visit to Cambodia, the second Vietnam-Cambodia Investment Promotion Conference was organized on April 24 in Cambodian capital of Phnom Penh.
At the conference, Vietnamese Ministry of Planning and Investment (MoPI) and Cambodian Development Committee signed a memorandum of understanding (MoU) on investment management and promotion, another MoU on investment license granting for Se San 2 hydropower project between Vietnamese Ministry of Industry and Trade (MoIT) and Cambodian Ministry of Industry, Mining and Energy and a MoU on investment license granting for projects such as cassava trading and production, sugarcane production, rubber growing and fertilizer production.
Vietnamese PM, Nguyen Tan Dung, said that the Vietnamese government will create favorable conditions for enterprises to invest in foreign countries in general and in Cambodia in particular.
On the other hand, Cambodian government is continuing to reform in some sectors aiming to promote trade and investment activities, Cambodian prime minister, Husen, said.
Previously, the two leaders cut the ribbon to inaugurate Vietnam-Cambodia Securities Co (CVS).
So far, Vietnam has become the third biggest foreign investor in Cambodia. Cambodia has become the second biggest countries amongst 55 foreign nations and territories that attract investments of Vietnamese enterprises.
During past time, the two partners have signed more than 60 legal documents on bilateral cooperation in almost sectors. The two-way trade has seen gradual growth every year and reached over $1.8 billion in 2010.
Till April 2011, Vietnamese enterprises have 87 investment projects being licensed in Cambodia, capitalized at more than $2 billion and the investment scale increased to $22.9 million per project.
Vietnam’s investment projects in Cambodia mainly focused on key sectors such as telecommunications, aviation, agriculture, rubber growing, energy, hydropower, mining and bank, creating 6,000 permanent jobs for Cambodian people.
Notably, Vietnamese military-run telecommunication firm (Viettel) has invested $253 million in Cambodia. After two years of entering the market, Viettel International Investment Joint Stock Co’s total number of Metfone mobile network subscribers increased three times and Internet users saw a 10-fold increase.
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