Ha Noi (Viet Nam News/ ANN) -- Vietnam's investment in Cambodia has
increased significantly in the last three years, but a mechanism to
encourage and oversee investments in prioritized sectors is needed,
according to diplomatic sources.
Tan Nguyen Tien, head of the economic section at the Vietnamese embassy in Phnom Penh, said Vietnam's investments in Cambodia quadrupled from $566 million in 41 projects in 2010 to $2.5 billion last year.
Vietnam has in fact become one of the top five investors in the neighboring country.
Cambodia is the second largest destination out of 50 countries and territories for Vietnamese investment.
Vietnam's investment contributes to 5 per cent of Cambodia's GDP and has created over 30,000 jobs.
Tien said Vietnam Airlines' direct services between the two countries and Viettel's telecom service in Cambodia have helped boost Vietnamese investment in that country.
Besides, the increasing Vietnamese investment in Cambodia is drawing a growing number of Vietnamese travelers. Vietnamese are, in fact, the biggest group of visitors to the country.
Tien said Vietnamese investments in Cambodia included many projects in forestry – agriculture, energy, banking, aviation and telecom sectors.
There are also four projects in the energy sector with a total investment of nearly $800 million, five in finance-banking with $250 million, one telecom project capitalized at $150 million, and a civil aviation project worth $100 million.
Vietnamese FDI in Cambodia is expected to top $4 billion by 2015, and trade between the countries to increase from $3 billion last year to $5 billion by 2015.
The incremental investment will create an estimated 80,000 jobs and contribute $300 million to the country's coffers annually, Tien said.
Tan Nguyen Tien, head of the economic section at the Vietnamese embassy in Phnom Penh, said Vietnam's investments in Cambodia quadrupled from $566 million in 41 projects in 2010 to $2.5 billion last year.
Vietnam has in fact become one of the top five investors in the neighboring country.
Cambodia is the second largest destination out of 50 countries and territories for Vietnamese investment.
Vietnam's investment contributes to 5 per cent of Cambodia's GDP and has created over 30,000 jobs.
Tien said Vietnam Airlines' direct services between the two countries and Viettel's telecom service in Cambodia have helped boost Vietnamese investment in that country.
Besides, the increasing Vietnamese investment in Cambodia is drawing a growing number of Vietnamese travelers. Vietnamese are, in fact, the biggest group of visitors to the country.
Tien said Vietnamese investments in Cambodia included many projects in forestry – agriculture, energy, banking, aviation and telecom sectors.
There are also four projects in the energy sector with a total investment of nearly $800 million, five in finance-banking with $250 million, one telecom project capitalized at $150 million, and a civil aviation project worth $100 million.
Vietnamese FDI in Cambodia is expected to top $4 billion by 2015, and trade between the countries to increase from $3 billion last year to $5 billion by 2015.
The incremental investment will create an estimated 80,000 jobs and contribute $300 million to the country's coffers annually, Tien said.
"The geographical proximity between the two countries will help bring more Vietnamese investors to Cambodia to explore business and investment opportunities," Tien was quoted by the Vietnam Economic Times as saying.
But a better co-operation mechanism is needed to oversee economic sectors that require FDI and make Vietnam's investment a cornerstone for co-operation between the two countries, he said.
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