Large potential for economic cooperation between VN and Cambodia: business forum

Tuesday, Dec 12, 2023 17:34

Vietnamese Prime Minister Phạm Minh Chính and his Cambodian counterpart Hun Manet witnessed the granting of investment certificates, cooperation agreements and memoranda of understanding between enterprises from both sides at the investment promotion forum on Tuesday in Hà Nội. — VNA/VNS Photo An Đăng

Prime Minister Phạm Minh Chính and his Cambodian counterpart Hun Manet at an investment promotion forum on Tuesday in Hà Nội called on investors to enhance cooperation in investment and trade to unlock the untapped potential and push bilateral relations to new heights.

The Việt Nam – Cambodia Trade and Investment Promotion Forum was held as a part of the Cambodian PM’s two-day official visit to Việt Nam.

Speaking at the forum, Hun Manet said Việt Nam’s investment in Cambodia has contributed significantly to promoting Cambodia’s socio-economic development.

Cambodia has opened Siem Reap International Airport and is going to open a new international airport in Phnom Penh, which together with plans for launching new flight routes, would promote travelling between the two countries.

Still, the potential remains largely untapped, especially with the shared long-distance supply chains and the Regional Comprehensive Economic Partnership (RCEP) of which the two countries are both members.

The Cambodian PM pledges drastic efforts to maintain stability and improve the business environment to consolidate investors’ confidence when investing in Cambodia. Besides, Cambodia is also strengthening investment in the infrastructure system, increasing training for the workforce and promoting the development of the private sector.

Cambodia always welcomes Vietnamese investors, he stressed, also urging Cambodian investors to invest in Việt Nam to diversify production and supply chains.

Potential sectors are tourism, high-tech agriculture, transport, food processing, digital technology, infrastructure, real estate, banking and automobile manufacturing.

Emphasising the great potential between Việt Nam and Cambodia, Vietnamese PM Chính urged enterprises to increase investment and trade exchanges for win-win cooperation.

He urged investors to focus on digital transformation, circular economy, tech-based and innovation-driven investment to widen space for development.

Sharing at the forum, PM Chính said that Việt Nam is implementing three strategic breakthroughs including institutional reform, high-quality human resources development and infrastructure development. Việt Nam has also signed 16 free trade agreements (FTAs) with more than 60 markets in the world and continues to expand to Middle East, African and South America to diversify markets.

Chính called on governments and enterprises from both countries to support each other in maintaining macro-economic stability, improving the business and investment environment, and building regional competitiveness to attract quality investment and promote sustainable socio-economic development.

Besides, investors should focus resources and speed up the implementation of investment projects to ensure progress and quality, law compliance, social responsibility, job creation, social security and environmental protection.

With the spirit of harmonising benefits and sharing risks, Chính hopes that the two countries will make better efforts and determination toward prosperity and happiness.

Minister of Planning and Investment Nguyễn Chí Dũng said Việt Nam and Cambodia witnessed significant development in trade and investment cooperation with an average growth rate of bilateral trade of 20 per cent in the 2015-22 period to hit US$10 billion last year.

Việt Nam is the largest ASEAN investor in Cambodia and in the top five largest investors here with 205 valid projects with a total registered capital of $2.95 billion focusing on agriculture, energy, telecommunications, finance and banking, manufacturing and processing, healthcare, trade and services.

Cambodia is the second largest investment destination among 80 countries and territories in which Việt Nam invests.

To create breakthroughs in investment cooperation with Cambodia, Việt Nam will continue to coordinate with Cambodia to promote investments in industries in line with Cambodia’s priority including manufacturing and processing, renewable energy, high-added-value agriculture, food processing and tourism, especially economic development cooperation in border areas, Dũng said.

Dũng also proposes Cambodia improve the legal system, the business environment and the infrastructure system to facilitate trade and investment.

At the forum, the two PMs witnessed the granting of investment certificates, cooperation agreements and memoranda of understanding between enterprises from both sides, including the opening of a route between Hà Nội and Siem Riep of Vietjet, a credit MOU between MB Bank in Cambodia and KNN and Mekong Land Development, and an MOU between CT Group and Angkor Sok Sen Chey. — VNS

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