Vietnamese businesses contribute to development of Cambodia

Economic, Trade Office / Vietnamese Embassy No Comments Share:
Cambodian Prime Minister Samdech Techo Hun Sen (left) and Vietnamese President Tran Dai Quang. Xinhua

Vietnam has 206 investment projects in Cambodia, with a total registered investment of $3.02 billion. In the near future, economic cooperation will continue to be one of the most important driving forces for bilateral cooperation between two countries, writes the Economic, Trade Office of the Vietnamese Embassy to Cambodia.

Cambodia is the market that marked a big shift in the investment strategy of many Vietnamese enterprises. It can be said that good relations between Vietnam and Cambodia have created the foundation for many Vietnamese enterprises to invest and develop successfully in Cambodia.

Up to now, Vietnam has 206 investment projects in Cambodia, with a total registered investment of $3.02 billion.

Vietnam’s investment has focused on the most important sectors of Cambodia, with the largest concentration in agriculture and forestry (accounting for nearly 70 percent of total registered capital); finance (accounting for 9.4 percent of total registered capital); banking and insurance (accounting for 7.5 percent of total registered capital). The rest of the projects are in the areas of aviation, minerals, manufacturing and processing industries, warehouse, transportation, health care, construction, tourism, hotels, real estate and other services.

Vietnam’s projects are located in 18 provinces of Cambodia, mainly in the capital Phnom Penh, followed by provinces bordering Vietnam.

Many investment projects in Vietnam have strong brands in Cambodia such as telecommunications company Metfone; Bank for Investment and Development of Cambodia (BIDC), and Cambodia-Vietnam Insurance Company (CIV).

In particular, Brand Finance, a leading UK-based brand strategy and consulting firm announced in 2016 that Metfone is the most valuable brand in Cambodia, based on three criteria, including brand strength, business performance and external factors. The value of the Metfone brand has grown from $85 million in 2015 to $94 million in 2016, nearly double that of other operators.

Moreover, so far, many projects have come into operation well and have fulfilled their financial obligations with the Cambodian state agencies and created stable jobs for tens of thousands of Cambodians.

During their years of business in Cambodia, Vietnamese companies are always trying to bring the best services and products for Cambodian people, contributing to the economic development between the two countries. With the philosophy of “business associated with social responsibility”, Vietnamese businesses have made important contributions to improving and enhancing the quality of life, education and health of the Cambodian people with the purpose of not only becoming simple businesses but also becoming friends with the Cambodian people to build a better life for them.

Particularly, Metfone has assisted the Cambodian government in building e-government, smart government, and facilitating video-conferencing. By the end of 2016, Metfone has paid nearly $400 million in taxes to the Cambodian government.

At the same time, Metfone has launched its commitment to provide free Internet services to nearly 1,500 schools in over five years. It sponsored “It’s not a dream” – a reality TV show that is bringing together families torn apart by the Khmer Rouge; sponsored free surgery for 472 poor children born with cleft lip and palate; sponsored the Cambodian Educational Research Network; organised charity programmes like health examination and free treatment for patients in remote and poor areas.

Not only does it offer telecommunication services to all walks of life, Metfone has created more than 3,000 jobs for Cambodian people with stable incomes, directly contributing to the stabilisation of social security.

The Vietnam Rubber Industry Group (VRIG) has invested in developing social infrastructure such as transportation, electricity and a clean water system as well as provided assistance in the education, health and religious sectors. It has helped build houses, schools, health clinics and pagodas for the people in its project areas. So far, VRIG has invested more than 3,000 houses for workers, more than $1.3 million in developing an electricity system for production and for living; digging 295 wells; constructing 20 health stations and 14 schools, 17 volleyball courts, 11 football pitches; and more than 3,500 km of roads, bridges and sewers in the rubber plantation areas.

Obviously, Vietnamese businesses have been contributing a great deal to the socio-economic development of Cambodia. In the near future, economic cooperation will continue to be one of the most important driving forces for bilateral cooperation between two countries.

The Economic, Trade Office is the official branch of the Vietnam Embassy in charge of supporting Vietnamese businesses activities in Cambodia.

Share and Like this post

Related Posts

Previous Article

Asean is here to stay

Next Article

South Korea’s Moon hard-pressed to bridge US-DPRK expectations gap