A large group of businesspeople from Cambodia and Vietnam will join an event next month that aims to strengthen trade ties between the two countries.
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The Vietnam News Agency (VNA) reported this week that 180 businesspeople from Vietnam will participate in the Cambodia Business Forum and Caravan that will run in Cambodia on Dec 5-8.
This event is apparently a response to a call by Prime Minister Hun Sen for the creation of a Vietnam-Cambodia business forum during a trip to Vietnam early this month.
Participants in the event, according to VNA, will come from 20 Vietnamese cities and provinces.
There will be representatives from Ho Chi Minh City, Hanoi and Can Tho, as well as border provinces and cities like Tay Ninh, Kien Giang, An Giang, Dong Thap, Long An, Binh Phuoc, Dak Nong , Gia Lai, and Dak Lak, which already have strong economic ties with Cambodia.
The number of Cambodian participants has yet to be announced.
Frederic Chan, chief investment officer at WS Asia Pacific Co Ltd, said both countries have much to gain from such gatherings. “This is good news if it is concretised with real business cooperation between Cambodia and Vietnam.”
The event aims to open up economic, trade, and investment opportunities for businesses from both countries.
Mr Chan said it makes sense that Vietnam, especially the highly-productive Mekong Delta Region, is looking for investment opportunities in its neighbour to the west.
“With a trade war between China and America, Vietnam seems to be the winner and logically will look for economic expansion and sustainability,” he stressed.
In the last few months, there have been several forums and other joint activities involving businesspeople from Vietnam and Cambodia.
In July, the Vietnamese Embassy here hosted a business forum that drew several hundred attendees from both countries.
Vietnam is among Cambodia’s biggest trade partners and sources of foreign investments.
More than 200 Vietnamese companies are operating in the Kingdom, with a combined capital of more than $3 billion.
These include several major players in the agriculture, telecommunications, banking, insurance, and aviation sectors like Metfone, Vietnam Airlines, Vietnam Rubber Industry Group, Vietcombank, Sacombank, Agribank, and Cambodia-Vietnam Insurance.
According to Vietnamese Embassy data, Vietnam is home to 19 Cambodian investment projects worth close to $64 million.
Two-way trade between the two countries is expected to reach $5 billion by 2020.
The Cambodia Business Forum and Caravan is being organised by the Can Tho chapter of the Vietnam Chamber of Commerce and Industry (VCI) and Tien Giang Entrepreneurs Club of Ho Chi Minh City.