A Vietnam Cambodia trade investment promotion forum took place in the Cambodian capital of Phnom Penh on September 14 gathering representatives from hundreds of businesses from both countries
The organising board said the forum aims to connect participating firms with relevant public agencies in Cambodia, update them on new policies and mechanisms of both Vietnam and Cambodia, and enable them to meet potential partners.
Vietnamese Ambassador to Cambodia Vu Quang Minh said the victory of the Cambodian People’s Party (CPP), led by Prime Minister Hun Sen, during the election of the sixth National Assembly presents an advantage for collaboration between Vietnamese and Cambodian enterprises.
According to Minh, Cambodia’s economy is growing rapidly at an average rate of 7% in the 2012 – 2017 period. The country’s relations with Vietnam have been backed by leaders of both nations and recording significant progress.
The diplomat, however, said the two countries’ potential for cooperation is yet to be fully tapped.
He expected the forum was a chance for Cambodian agencies to listen to businesses’ difficulties and for businesspeople to exchange and network, turning the two nations’ strengths and potential into practical projects.
Sar Senera, a representative of the Council for the Development of Cambodia (CDC), said to attract Vietnamese companies, the CDC has signed various cooperation pacts with Vietnam’s Ministry of Planning and Investment, approved a large number of Vietnamese-invested projects, and advised the Government on new policy to facilitate foreign investors, including those from Vietnam.
Vietnam is now the biggest trade partner of Cambodia in the ASEAN, he added, saying this reflects Vietnamese investors’ confidence in Cambodia’s political stability and economic development.
Thanks to its openness, Cambodia remains a profitable market for Vietnamese company, he said.
At the forum, representatives of the CDC, the Ministry of Commerce and Chamber of Commerce of Cambodia fielded queries and took note of feedback from Vietnamese firm concerning their operations in the country.
Last year, Vietnam – Cambodia trade hit US$3.8 billion, an annual increase of 29%. In the first seven months of 2018, the figure stood at US$2.7 billion, up 18.7% year on year. The two countries are working to bring their trade value to US$5 billion.
Vietnam is investing in 206 projects in Cambodia worth US$3.02 billion in total, making it one of the top five foreign investors of the country. Cambodia, meanwhile, has so far injected US$58.1 million in 18 projects in Vietnam.