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Vietnamese investors encouraged to penetrate in Cambodia

VGP – The Conference on Việt Nam’s Investment Promotion in Cambodia, co-chaired by Vietnamese PM Nguyễn Tấn Dũng and Cambodian PM Samdech Hun Sen, was organized on Saturday in Hồ Chí Minh City.

December 26, 2009 6:34 PM GMT+7

Vietnamese PM Nguyễn Tấn Dũng (3rd from right) and Cambodian PM Samdech Hun Sen (3rd from left) co-chair the Conference on Việt Nam’s Investment Promotion in Cambodia, Hồ Chí Minh City, Việt Nam, December 26, 2009 – Photo: VGP/Nhật Bắc
The conference, attracting nearly 600 business participants, is supposed to be the springboard for regular exchanges between the Cambodian Development Council, Vietnamese Ministry of Planning and Investment, and the business communities of the two countries.

Both Vietnamese and Cambodian PMs hailed the organization of this event, describing it a practical move to enhance the bilateral investment and trade ties between the two countries.
PM Nguyễn Tấn Dũng confirms at the Conference on Việt Nam’s Investment Promotion in Cambodia that the Government of Việt Nam is offering all favorable conditions for Vietnamese investors to do business in Cambodia , Hồ Chí Minh City, Việt Nam, December 26, 2009 – Photo: VGP/Nhật Bắc

PM Nguyễn Tấn Dũng asserted that Việt Nam and Cambodia share great potentials and advantages for closer and more effective cooperation.

Cambodia has a high demand for cooperation in processing industry, electricity development, aviation, telecommunications and mining.

Meanwhile, Việt Nam boasts for its powerful contingent of about 460,000 enterprises, including those with strengths in terms of market, finance and labor force.

So far, the two countries have signed over 60 legal documents on bilateral cooperation. Their two-way trade over has increased by 40% per year on average and may reach US $2 billion next year.

Currently being one of three biggest investors in Cambodia, Việt Nam is trying to raise its direct investment capital in the neighbor to US $6 billion soon.

In the coming time, suggested PM Dũng, the two sides should perfect the legal framework in favor of stronger investment and trade activities.
He required Vietnamese investors to strictly observe Cambodia’s laws and customs as well as to pay attention to social security and poverty reduction while doing business there.
Cambodian PM Samdech Hun Sen affirms Cambodia’s strong commitment to guaranteeing best investment conditions for Vietnamese enterprises, Conference on Việt Nam’s Investment Promotion in Cambodia, Hồ Chí Minh City, Việt Nam, December 26, 2009 – Photo: VGP/Nhật Bắc

For his part, Cambodian PM Samdech Hun Sen confirmed his government’s strong commitment to the best investment environment for Vietnamese enterprises.

At the conference, in the witness of the two PMs, representatives of the two countries’ ministries and agencies inked documents on cooperation, worth of US $6 billion in total.

On the occasion, the Association of Vietnamese Investors in Cambodia was founded.
General Director of the Việt Nam National Coal-Mineral Industries Group Trần Xuân Hòa (L) receives an investment license from the Government of Cambodia, Hồ Chí Minh City, Việt Nam, December 26, 2009 – Photo: VGP/Nhật Bắc

Earlier, during the topical conference on Việt Nam’s investment in Cambodia on Friday, representatives of ministries of the two countries shared opinions with enterprises about Cambodia’s strategies, mechanisms and policies to draw foreign investment as well as incentives for Vietnamese investors.

By Xuân Hoàng