PHNOM PENH, Jun. 24, 2009 (Xinhua News Agency) -- Vietnam's commercial bank Sacombank opened its first branch in Phnom Penh on Tuesday, bringing the total number of commercial banks in Cambodia to 30, local media reported on Wednesday.
Bank officials say that Cambodian operation will not compete with local banks, but will assist cross-border transactions between Cambodia and Vietnam.
"We are here to improve cross-border business, especially between Cambodia and Vietnam," John Vong, deputy CEO of Sacombank, was quoted by the Chinese language newspaper the Commercial News as saying.
The bank's Chairman Dang Van Thanh said that "the bank is aiming to provide loans to Vietnamese enterprises investing and operating in Cambodia, overseas Vietnamese, especially those running small and medium-sized enterprises."
The government figures showed that bilateral trade between Cambodia and Vietnam is projected to rise to two billion U.S. dollars in 2009, up from 1.62 billion U.S. dollars in 2008.
Chea Chanto, governor of the National Bank of Cambodia (NBC), said at Tuesday's launch that "the investment of Sacombank in the Cambodian market is an expression of confidence by Vietnamese investors in Cambodia's banking sector."
"Cambodia is a good location for banking because it is an economy open for investment from other countries," he added.
Bank officials say that Cambodian operation will not compete with local banks, but will assist cross-border transactions between Cambodia and Vietnam.
"We are here to improve cross-border business, especially between Cambodia and Vietnam," John Vong, deputy CEO of Sacombank, was quoted by the Chinese language newspaper the Commercial News as saying.
The bank's Chairman Dang Van Thanh said that "the bank is aiming to provide loans to Vietnamese enterprises investing and operating in Cambodia, overseas Vietnamese, especially those running small and medium-sized enterprises."
The government figures showed that bilateral trade between Cambodia and Vietnam is projected to rise to two billion U.S. dollars in 2009, up from 1.62 billion U.S. dollars in 2008.
Chea Chanto, governor of the National Bank of Cambodia (NBC), said at Tuesday's launch that "the investment of Sacombank in the Cambodian market is an expression of confidence by Vietnamese investors in Cambodia's banking sector."
"Cambodia is a good location for banking because it is an economy open for investment from other countries," he added.
7 comments:
Can you please read the aims of the bank,Mr chea chanto?
It is to provide loans to both vietnamese in cambodia and vietnamese overseas,for trading in cambodia.
It sounds good, in fact only providing muscle to their needs.
All it means that cambodia is NOT poor, apart from poor cambodians.
Neang SA
There should be protest and riot against anything youn. Or else they keep on coming with banks, people, prostitution and that foolist guy " PPU ".
There should be protest and riot against anything youn. Or else they keep on coming with banks, people, prostitution and that foolist guy " PPU ".
PPU
Khmer people have no job in Cambodia, but Hun Sen let Youn people open bank down there. That how blind Hun's abuse Khmer and the Nation.
Please stand up don't let Hun's do that, we need to fight for our country.
To Neang SA and Khmers,
Don’t be dragged by hatred to give up opportunity. Do you know how many Thai banks currently operate in Cambodia? If I am right, there are about 1/3 of commercial banks in Cambodia. During the 1990s and early 2000, Thai had dominated Cambodian commercial banks. They used to form a Thai Bank coalition to counter Cambodian National Bank’s regulation. That is why Thai government was anxious when President Obama removes Cambodia and Lao from the investment black list.
Saying this doesn’t mean that I hate Thai Bank and prefer Viet Bank. I believe that Cambodia needs all kinds of good investments. Cambodia needs to promote competition and to reduce foreign domination.
Roar!!!
Hey Roar (at 1:02 AM),
Am not defending anybody nor am I condoning anything, but please tell me how you interpreted 1:50PM's comment to mean anything that suggests hatred acts/thoughts? On the contrary, tell me how many times have you used that word in your very short comment?
Passer-by
to Passer-by (7:25 am)and Neang SA (1:50 pm),
Give me an apology for mistakenly refer to Neang SA (1:50 pm). My comment was a respond to [6:01 pm].
Any way I am apology for my mistake.
Roar!
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