Cambodia longs to attract Vietnam investment
Cambodia has issued support policies and strategies to attract investment from the private sector, including businesses from Vietnam.
Such mechanisms include government-investor forums, customs-investor cooperation mechanisms, and bilateral cooperation with Vietnam, the Cambodia Development Council's leaders told at an investment promotion conference held in Ho Chi Minh City on Friday.
The event, hosted by the Investment and Trade Promotion Center of HCMC, drew the participation of more than 70 Vietnamese and Cambodian businesses.
For example, a government-private sector forum was established in 1999 to provide a reliable dialogue between the government and the private sector on investment climate issues. There are currently 14 working groups working on different areas. The 19th government-private sector forum was held on November 13, 2023.
A customs-private sector partnership mechanism was established in 2009. There are three expertise working groups. The ninth meeting of this mechanism was held on December 28, 2022, reviewing the private sector’s suggestions on customs procedures, modernization, and simplification of its technical work and other operations.
Chea Vuthy, secretary general of the Cambodian Investment Board, speaks at the investment promotion conference between Vietnam and Cambodia in Ho Chi Minh City on June 7, 2024. Photo courtesy of the Investment and Trade Promotion Center of HCMC (ITPC).
With a 1,258-km border and 10 border gates facilitating overland transport between Vietnam and Cambodia, investment and trade activities between the two countries are growing strongly.
In the first quarter of 2024, Cambodia's exports to Vietnam reached $1.39 billion, up 53% year-on-year. In contrast, Vietnam's export of goods to Cambodia reached $930 million, down 2.5%.
Regarding investment, Vietnam has 206 valid investment projects in Cambodia, with total registered capital of about $2.95 billion. Vietnam retains the top spot in ASEAN in terms of investment in Cambodia, and is in the top five countries with the largest direct investment tally in the country.
Vietnam's investment activities in Cambodia are mainly in fields of agriculture, finance, banking, insurance, and telecommunications, contributing to Cambodia's socio-economic development and improving living standards for tens of thousands of Cambodian workers.
Currently, Cambodia has 31 investment projects in Vietnam with total registered capital of $73 million, ranking 51st among the countries and territories investing in Vietnam.
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