Vietnam is fifth largest foreign investor in Cambodia: association

TUOI TRE NEWS

UPDATED : 12/25/2014 

Tran Bac Ha (L), chairman of the Association of Vietnamese Investors in Cambodia, receives a gift from State President Truong Tan Sang during a meeting in Phnom Penh, Cambodia, on December 24, 2014.

Tuoi Tre

Vietnam is Cambodia’s fifth largest foreign investor, chairman of the Association of Vietnamese Investors in Cambodia (AVIC) said Wednesday.

More than 50 major Vietnamese-invested projects have been commissioned in Cambodia, AVIC chairman Tran Bac Ha said during a meeting between State President Truong Tan Sang and Vietnamese investors in Phnom Penh.

The meeting was among the last activities of President Sang’s two-day visit (December 23-24) to Cambodia, at the invitation of Cambodian King Preah Bat Samdech Preah Boromneath Norodom Sihamoni, to promote the friendly relationship and comprehensive cooperation between the two neighboring countries.

Among the typical Vietnamese projects in Cambodia are the rubber plantations of Hoang Anh Gia Lai Group and the Vietnam Rubber Group, the Five Star Cambodia fertilizer plant, the Phnom Penh Cho Ray Hospital, and others in the fields of aviation, telecoms, and finance, according to the AVIC chairman.

Hoang Anh Gia Lai chairman Doan Nguyen Duc also revealed at the meeting that he has invested nearly $300 million in the Cambodian market.

The investment was earmarked for 40,000 hectares of rubber and palm crops with modern technology, and a farm with 100,000 cows, Duc elaborated.

This was the first time Duc had made his investment in Cambodia public.

AVIC chairman Ha also called on the State President to consider changing relevant regulations to create conditions for spurring the overseas investments of Vietnamese businesses.

The government should particularly mull over setting up a foreign investment fund to provide assistance for key projects Vietnamese businesses are running in Cambodia, as well Laos and Myanmar, Ha added.

Speaking at the meeting, President Sang suggested that Vietnamese investors in Cambodia “sit down and talk” to one another to exchange experience and mutual support to do business as per the local law.

The president underlined that relevant agencies will continue to consider and ease challenges in terms of policies to assist the investors.

President Sang said challenges only emerge for a while and investors should take advantage of the traditional friendship between Vietnam and Cambodia.

“We should stick to the host country’s law. If anyone refuses to obey the law, sue them to the host country’s authorities and government for resolution,” he said.

The president added that Vietnamese investors should keep their commitment in Cambodia.

“Do not make promises and break them.”

Accompanying President Sang to Cambodia on the trip on Tuesday and Wednesday were Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh, Chairman of the Government Office Dao Viet Trung, Minister of Planning and Investment Bui Quang Vinh, Minister of Industry and Trade Vu Huy Hoang, Vietnamese Ambassador to Cambodia Thach Du, and some other officials.

During his visit, President Sang had a talk with the Cambodian King while other Vietnamese officials met with their Cambodian counterparts to boost the traditional friendly relationship and comprehensive cooperation between the two countries in various fields including politics, security, economics, and trade.

The two sides also reviewed and discussed regional and international issues of mutual concern.

Vietnam and Cambodia also issued a joint statement on this occasion.

The two countries agreed on considering policies to take their bilateral trade to $5 billion in 2015, and continue hiking it in the following years, according to the document.

Vietnamese and Cambodian authorities will also work to promote bilateral trade and investment between the two countries.