Vietnam, Cambodia promote investment

Nhan Dan Online

Updated: Mon, June 25, 2012

Prime Minister Nguyen Tan Dung and his Cambodian counterpart, Hun Sen co-chair the conference.   ( Image: chinhphu.vn )

The third Vietnam-Cambodia investment co-operation conference was held in the southern province of Kien Giang under the co-chair of Prime Minister Nguyen Tan Dung and his Cambodian counterpart, Hun Sen.

The conference was part of activities in the Vietnam-Cambodia Friendship Year 2012 and celebrations of the 45 th anniversary of the two countries’ diplomatic ties.

Addressing the event, Prime Minister Nguyen Tan Dung expressed his pleasure at developments in Vietnam-Cambodia co-operation, especially in economics, trade, investment and tourism.

The Vietnamese Government has taken measures to facilitate operations of businesses in Vietnam, he said, adding that Vietnam wants the Cambodian Government and ministries to create further conditions for Vietnamese firms investing and operating in Cambodia.

He suggested both sides continue maintaining regular dialogue mechanisms between the two governments’ agencies in order to timely ease difficulties and obstacles for their businesses and increase investment and business activities, alongside accelerating investment promotion to help firms seek partners and expand business.

The Vietnamese Government, ministries, agencies and localities welcome and create favourable conditions for Cambodian companies to invest and do business in Vietnam as well as facilitate Vietnamese firms’ investment in Cambodia, PM Dung affirmed.

For his part, Cambodian Prime Minister Hun Sen stressed the significance of the conference, saying he hopes it will contribute more to seeking new opportunities in increasing and expanding economic-trade co-operation between the two countries.

He briefed on Cambodia’s economic policies, including those on foreign investment attraction, and affirmed that the Cambodian Government will unceasingly build better investment climate.

Cambodia welcomes and encourages Vietnamese investors in particular and foreign investors in general to Cambodia for long-term co-operation, he said.

At the conference, leaders of ministries and agencies discussed with representatives of businesses on latest mechanisms and policies in attracting and managing foreign investment as well as incentives for foreign investment offered by the Cambodian Government. They also introduced Vietnam’s policies to promote Vietnamese investment in Cambodia.

The two government leaders witnessed the signing of a protocol to amend and supplement the 2001 Agreement on Investment Encouragement and Protection between Vietnam and Cambodia, creating a new legal basis for stepping up co-operation and investment between the two countries in the coming time.

Statistics released by the Ministry of Planning and Investment, Vietnam is operating 112 projects, capitalised at over US$2.36 billion in Cambodia.

Two-way trade increased sharply from US$1.2 billion in 2007 to US$2.8 billion in 2011. Both countries are targeting to raise their trade value to US$5 billion in the next five years.

(VNA)