October 24, 2019 13:11

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Vietnamese-invested bank’s contributions to Cambodia’s economic growth hailed

19:49 | 20/09/2019

Cambodian Deputy Minister Men Sam An has lauded contributions of the Bank for Investment and Development of Cambodia BIDC a subsidiary the Bank for Investment and Development of Vietnam BIDV in boosting Cambodia economic growth

vietnamese invested banks contributions to cambodias economic growth hailed

Delegates at the ceremony to mark the 10th founding anniversary of BIDC

The BIDC has played a leading role among Vietnamese businesses operating in Cambodia, with strong performance in connecting economic-trade-investment activities of the two countries, she said at a ceremony to mark the 10th founding anniversary of the BIDC in Phnom Penh on September 19.

Formerly known as the Prosperity and Investment Bank, the BIDC became operational in September 2009. Over the past 10 years, the bank has become one of the biggest commercial banks in Cambodia with total assets exceeding 750 million USD and outstanding balance of more than 600 million USD.

Governor of the National Bank of Cambodia Chea Chanto said the BIDC has helped connect the Vietnamese and Cambodian economies, especially in agriculture and rural development.

He recognised the significant role of the bank in Cambodia’s banking system.

The BIDC and other BIDV trade representatives in Cambodia have made considerable contributions to clinching a stable position for the Vietnamese firms in the country, promoting economic development programmes between the two countries, and fulfilling social responsibilities.

According to Vietnamese Ambassador to Cambodia Vu Quang Minh, Vietnam ranks third among investors in Cambodia with total investment of more than 3 billion USD.

Vietnam-Cambodia trade reached 4.7 USD in 2018 and is expected to hit 5 billion USD in 2019, he added.

Source: VNA