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Viet Nam among five biggest investors to Cambodia

Update: December, 26/2012 - 12:19

PHNOM PENH (VNS) – Viet Nam is among the five biggest investors in Cambodia with 124 projects worth US$2.5 billion, the Association of Vietnamese Investors to Cambodia (AVIC) announced at a conference in Phnom Penh yesterday.

Over the past three years, Viet Nam's investment has contributed about five per cent to the Cambodian Gross Domestic Product (GDP) and created jobs for more than 30,000 Cambodian workers. Vietnamese enterprises also contribute significantly to social security in the neighbouring country.

The Vietnamese investors plan to increase their direct investment into Cambodia to $4 billion in 2015.

Addressing the conference, Cambodian Permanent Deputy Prime Minister Men Sam An praised Vietnamese businesses for helping Cambodia develop its economy and improve people's lives.

She went further to say that the Cambodian Government was determined to do its best to support the Vietnamese investors and promote bilateral investment, trade and tourism.

Statistics from AVIC revealed that Viet Nam had only 41 projects worth $566 million in 2010. But investment by the country's leading businesses such as Viettel, Vietnam Airlines, the Bank for Investment and Development of Vietnam caused the number of projects to more than double by the following year on total investment of $2 billion.

The major industries that Viet Nam has invested in are agriculture, forestry, rubber, energy, mineral mining, finance, banking, aviation and telecommunications.

The association also reported that total import-export turnover between the two countries is estimated to reach $3.3 billion this year, a year on year increase of 17.8 per cent.

Viet Nam's exports to Cambodia were worth about $2.52 billion in 2012, bringing the country to second place among 140 exporters to Cambodia.

Petrol, steel and garments are the major goods Viet Nam exported to Cambodia while rubber and tobacco are the primary goods Cambodia exported to Viet Nam.

The two countries aim to increase two way import-export turnover to $5 billion by 2015.

About 750,000 Vietnamese visited Cambodia this year, an increase of 25 per cent compared with last year. That puts Viet Nam at the top of the list for sending foreign tourists to the country. - VNS

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