26th July 2012
Vietnam News
Ha Noi— Sugar factories from Tay Ninh
Province have spent over VND110 billion (US$5 million) to plant sugar
cane in Cambodia's Svay Rieng Province for the 2012-2013 crop, said the
Tay Ninh People's Committee.
The Bien Hoa- Tay Ninh and Bourbon-Tay Ninh sugar factories are in a
joint venture with their Cambodian partners to plant 3,500 hectares of
sugar cane on plantations that will provide materials for these
Vietnamese sugar factories. Vietnamese sugar producers have planted the
crops in Cambodia as sugar cane in Viet Nam has faced stiff competition
for farmland from other crops such as cassava and rubber.
However, Vietnamese investors said poor infrastructure has made it
difficult to transport sugar cane to Viet Nam. Provincial authorities
met last week to discuss measures to tackle these difficulties in a bid
to promote trade and business ties between the two provinces in the time
to come.
The sugar cane sector is a part of a co-operation agreement signed
between the two provinces last September to create jobs and boost
incomes for local people.
According to Viet Nam's customs department, bilateral trade between
the two countries reached nearly US$1.5 billion in the first five months
of this year, an increase of 30 percent against the same period last
year.
Vietnamese businesses have more than 110 investment projects totaling
more than $2.4 billion in registered capital in Cambodia. Of this
capital, 40.7 percents was in agriculture and forestry, 34 percent in
electricity production and 11 percent in the finance and banking sector.
Cambodia has become the second biggest receiver of investment from
Vietnamese businesses. —VNS
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