Cambodia - Investors urged to raise Vietnam’s image in Cambodia

Vietnam and Cambodia will create a more favourable legal environment for their businesses to invest in each other's territories.

Minister of Planning and Investment Bui Quang Vinh made the statement after working sessions with Cambodia officials during his working visit from February 9-12.

We will also increase management to ensure our investment projects prove effective, helping raise the profile of both Vietnam and Cambodia and strengthen the long lasting friendship and mutually beneficial cooperation between the two countries, said Vinh.

According to Vinh, Vietnam’s investment in Cambodia has officially begun, with large-scale projects getting off the ground since 2009 in such areas as aviation, finance and banking, post and telecommunications, industrial plants, and exploitation of mineral ores. To date, its total investment in Cambodia has reached $2.3 billion, ranking second among 50 countries and territories investing in the country.

However, Minister Vinh acknowledged that some Vietnamese businesses are operating inefficiently, affecting the fine relations between Vietnam and Cambodia. This is also the major issue which delegates from both countries debated during the visit, to reach a consensus on the amended contents of the Investment Encouragement and Protection Agreement signed in 2001.

Vinh said relevant agencies of the two countries will revise legal documents and submit to their governments in the first half of this year.

During the visit, leaders of Vietnam’s Ministry of Planning and Investment and Cambodia’s Ministry of Planning signed a protocol for 2012 to strengthen cooperative relations between the two ministries and devise policies for both countries’ socio-economic development.

VOV

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