Cambodia’s PM calls for continuous investment from Vietnamese businessmen

PHNOM PENH, Jan 19, 2020, The Khmer Times. Prime Minister Hun Sen yesterday called on Vietnamese investors to continue investing in Cambodia to further expand trade between the two countries, especially in rice processing for export, The Khmer Times reported.

Speaking at a solidarity dinner with the Vietnamese community and businessmen in Cambodia on the occasion of the Vietnamese Lunar New Year 2020 on Friday, the premier commended the progress of the Vietnamese economy in recent years.

He congratulated Vietnam on its rapid development in all domains, in particular the realisation of the Vietnam-EU Free Trade Agreement, which will promote the economic, trade and tourism growth as well as foreign direct investment flow, not only in Vietnam, but also in its neighboring countries, including Cambodia, and those in the region.

Cambodia and Vietnam established diplomatic ties on 24 June 1967, but relations severed in March 1970. The two countries re-established ties in January 1979.

Mr Hun Sen noted that the investment in processing industries will benefit both the Cambodian people and Vietnamese businessmen in the Kingdom.

He quoted the figure from the Vietnam Business Club in Cambodia as saying that the two-way trade between the two neighboring countries has reached US$5.2 billion.

“The good cooperation between the two nations, reflecting the good neighborliness, traditional friendship, and mutual trust, assistance and respect,” he said.

Vietnam has so far invested in 214 projects in Cambodia with a total capital of some US$3 billion. Of the registered projects, 176 of US$2.77 billion are in operation, thus making Vietnam the third biggest foreign investor in the Kingdom.

Vietnam’s investment activities focus mainly on the areas of agriculture, banking, telecommunications, information technology, and processing industries.