Businesses to invest billions of dollars in Cambodia
12/26/2009
VOV News (Hanoi)
Vietnamese and Cambodian businesses have signed investment agreements and contracts worth US$6 billion to invest in power generation, food processing, fertilizer production, rubber plantation and health care in Cambodia.
The deals were signed at a conference held in HCM City on December 26 to promote Vietnamese investment in Cambodia. The event was co-chaired by Vietnamese Prime Minister Nguyen Tan Dung and his Cambodian counterpart Hun Sen, and co-hosted by the Vietnamese Ministry of Planning and Investment (MPI) and the Cambodian Development Council (CDC).
It was reported at the conference that both countries have signed more than 60 documents for bilateral cooperation in almost all areas, and established appropriate mechanisms to facilitate cooperation.
Two-way trade has increased significantly in recent years, reaching US$1.7 billion in 2008, up 40 percent against 2007.
Vietnamese businesses have invested in over 60 projects in Cambodia with a total capitalisation of nearly US$900 million, making Vietnam among the top three foreign investors in Cambodia. Most invested projects have been operating efficiently, especially in forestry, agriculture, mining, telecommunications, banking and insurance.
However, the two countries have not fully tapped their great potential for expanding investment and trade cooperation. A number of Vietnamese businesses have not developed plans to increase operations in this market.
PM Dung and PM Hun Sen welcomed a joint initiative to host the conference as a practical move to promote bilateral cooperation in investment and trade.
PM Hun Sen said Cambodia is calling for foreign investment in its strong areas such as agro-forestry, industry, infrastructure construction, product processing for export, mining and tourism.
He said the royal government has offered incentives to attract Vietnamese investors, and signed agreements on trade, tourism, energy and maritime transport with Vietnam. It has also licensed a number of Vietnamese businesses to invest in fertilizer production, banking-financial services, bauxite exploration and exploitation, and farm produce processing.
The Royal government of Cambodia will create a favourable investment environment for Vietnamese businesses to operate in the country, PM Hun Sen assured Mr Dung and representatives of 600 businesses attending the event.
For his part, PM Dung hailed the efficiency of Vietnamese-invested projects in Cambodia, but said the results have not yet matched the potential of both countries and not lived up to their people’s expectations.
He recalled high-level talks and meetings between the two countries’ top leaders who had agreed to take additional measures to broaden cooperative ties. They vowed to raise two-way trade to US$2 billion in 2010 and increase Vietnamese investment in Cambodia to US$6 billion in the coming years.
He said the strong political and diplomatic ties and the long-standing friendship between the two countries will lay a firm foundation for boosting cooperation in other areas.
During December 2009 visit to Cambodia by Party General Secretary Nong Duc Manh, Vietnam and Cambodia signed additional agreements on cooperation in power generation, industry, mining and maritime transport
Mr Dung pointed out Vietnamese and Cambodian advantages and said they can support each other in development. Cambodia has a high demand for cooperation in farm produce processing (rubber, sugarcane and wood), power generation, mineral exploration, exploitation and processing, aviation, finance, insurance, banking, telecommunications, oil & gas, fertilizer production and clean energy. Meanwhile, Vietnam has about 460,000 businesses, many of whom are strong in terms of technology, market development, finance, qualitative human resources and experience.
He proposed that both sides finalise a legal framework to facilitate investment and trade development. He suggested examining and amending the signed agreements, including one on investment protection and promotion, and conducting negotiations and signing new agreements on double tax avoidance, labour cooperation and legal aid.
The Vietnamese government creates favourable conditions for its businesses to operate in Cambodia, Mr Dung said.
He reminded the businesses to explore and abide by Cambodia’s legal system and its customs.
At the event, MPI and CDC signed a memorandum of understanding on investment promotion. The Vietnamese Minister of Industry and Trade and the Cambodian Minister of Industry, Mining and Energy signed the minutes of their meeting regarding Bauxite exploration and exploitation in Mondulkiri province.
The Bank for Investment and Development of Vietnam (BIDV) signed a deal to provide financial services to Vietnamese businesses investing in Cambodia.
The two PMs also granted a decision to establish an association of Vietnamese investors in Cambodia, and investment licenses to a number of Vietnamese businesses.
The deals were signed at a conference held in HCM City on December 26 to promote Vietnamese investment in Cambodia. The event was co-chaired by Vietnamese Prime Minister Nguyen Tan Dung and his Cambodian counterpart Hun Sen, and co-hosted by the Vietnamese Ministry of Planning and Investment (MPI) and the Cambodian Development Council (CDC).
It was reported at the conference that both countries have signed more than 60 documents for bilateral cooperation in almost all areas, and established appropriate mechanisms to facilitate cooperation.
Two-way trade has increased significantly in recent years, reaching US$1.7 billion in 2008, up 40 percent against 2007.
Vietnamese businesses have invested in over 60 projects in Cambodia with a total capitalisation of nearly US$900 million, making Vietnam among the top three foreign investors in Cambodia. Most invested projects have been operating efficiently, especially in forestry, agriculture, mining, telecommunications, banking and insurance.
However, the two countries have not fully tapped their great potential for expanding investment and trade cooperation. A number of Vietnamese businesses have not developed plans to increase operations in this market.
PM Dung and PM Hun Sen welcomed a joint initiative to host the conference as a practical move to promote bilateral cooperation in investment and trade.
PM Hun Sen said Cambodia is calling for foreign investment in its strong areas such as agro-forestry, industry, infrastructure construction, product processing for export, mining and tourism.
He said the royal government has offered incentives to attract Vietnamese investors, and signed agreements on trade, tourism, energy and maritime transport with Vietnam. It has also licensed a number of Vietnamese businesses to invest in fertilizer production, banking-financial services, bauxite exploration and exploitation, and farm produce processing.
The Royal government of Cambodia will create a favourable investment environment for Vietnamese businesses to operate in the country, PM Hun Sen assured Mr Dung and representatives of 600 businesses attending the event.
For his part, PM Dung hailed the efficiency of Vietnamese-invested projects in Cambodia, but said the results have not yet matched the potential of both countries and not lived up to their people’s expectations.
He recalled high-level talks and meetings between the two countries’ top leaders who had agreed to take additional measures to broaden cooperative ties. They vowed to raise two-way trade to US$2 billion in 2010 and increase Vietnamese investment in Cambodia to US$6 billion in the coming years.
He said the strong political and diplomatic ties and the long-standing friendship between the two countries will lay a firm foundation for boosting cooperation in other areas.
During December 2009 visit to Cambodia by Party General Secretary Nong Duc Manh, Vietnam and Cambodia signed additional agreements on cooperation in power generation, industry, mining and maritime transport
Mr Dung pointed out Vietnamese and Cambodian advantages and said they can support each other in development. Cambodia has a high demand for cooperation in farm produce processing (rubber, sugarcane and wood), power generation, mineral exploration, exploitation and processing, aviation, finance, insurance, banking, telecommunications, oil & gas, fertilizer production and clean energy. Meanwhile, Vietnam has about 460,000 businesses, many of whom are strong in terms of technology, market development, finance, qualitative human resources and experience.
He proposed that both sides finalise a legal framework to facilitate investment and trade development. He suggested examining and amending the signed agreements, including one on investment protection and promotion, and conducting negotiations and signing new agreements on double tax avoidance, labour cooperation and legal aid.
The Vietnamese government creates favourable conditions for its businesses to operate in Cambodia, Mr Dung said.
He reminded the businesses to explore and abide by Cambodia’s legal system and its customs.
At the event, MPI and CDC signed a memorandum of understanding on investment promotion. The Vietnamese Minister of Industry and Trade and the Cambodian Minister of Industry, Mining and Energy signed the minutes of their meeting regarding Bauxite exploration and exploitation in Mondulkiri province.
The Bank for Investment and Development of Vietnam (BIDV) signed a deal to provide financial services to Vietnamese businesses investing in Cambodia.
The two PMs also granted a decision to establish an association of Vietnamese investors in Cambodia, and investment licenses to a number of Vietnamese businesses.
23 comments:
Any investment is good for Cambodia which is desperately in need of money. However, is it not a new form of colonization of Viet to Khmer? Are you sure Khmer children will still remember it is Khmer land after 99 year of land concession? Recently, Hun Sen government has granted thousands of hectar of land to Viet corporations for agro-investment for 99 years. Most of the land concession are along the border between the two countries. It is so easy to cheat that land bolongs to Viet. Viet will bring their people to work on the land and they will have Khmer ID. Can you imagine what will happen for 99 years. it is two generations of Khmer people. Will our grand children still remember the land concession is still Khmer land? I am afraid not.
Viet has used old strategies to swallow Khmer land by sending their people to live and work in Cambodia. In addition to this they bribe corrupted Khmer officers to make policy to favor their people.
The old strategies work effectively. As a result, Kampuchea Krom belongs to Viet now. However, the old strategies work slowly. Viet leaders are not so satisfied with the old strategies. Now they want to take Khmer land in a short period of time. Now they are using both old and new strategies to take Khmer land. To make sure both old and new strategies work, Viet must make sure Hun Sen still in power and CPP is in control Khmer political affairs. As long as Hun Sen and CPP are in control of power, Uncle Ho's dream to look west to take Khmer and Lao land will become true.
So what can we do as a normal Khmer citizen to save our country? Vote agains Hun Sen and CPP in next election. Share this message with your friends. Help and support non-CPP political parties such as Sam Ransy, Cambodia Human Right and other parties. It is ideal if these parties work together to against CPP. But we are democrate. We do not expect all people to have teh same party.
From Khmer compatriot
Even Hun Sen lose in election, He still win anyway, he knows how to make lose to win.Win Win policy...
Hey, may be all the rich Cambodians
should buy Cambodia back from Vietnam.
As China basically owns the US, so
likewise, Vietnam is making Cambodia
indebted to them as a collateral.
How poor is Mr. Hun Sin anyway.
Perhaps he has a problem of loving
money. Money had taken his life as
a ransom. Is money controlling him
or because he loves being a politician. I feel sorry for the
man. He is shackled by the invisible force that is working
to destroy him and the country.
Dear Khmer Compatriot 6:50 AM,
All Khmers must appreciate all business investments from Vietnam and other countries. It will generate jobs and revenues to Cambodia. Let say if they built office building, factories, healthcare facilities in Cambodia, etc..... and if down the road, their business failed, they are not going to take these buildings, factories and healthcare facilities from Cambodia with them, they will stay as Cambodian properties.
Let them invest, let them pour the money into Cambodia economy, if they have no trust into Cambodia financial stability, they would not do it.
if it's only a one-way investment, then it is questionable. however, if it's going to benefit cambodia and khmer people in general, then, it's a fair investment, i think!
If you ask the cambodians, they do not agree or even approve of these deals and agreements. Only Vietnamese will benefit from this.
9:54AM, I totally agree. Everything the government implement is soully benefit Viet only. Whoever think it is good for Cambodia think again. Ah Kwak Kbot Cheat, Hun Xen never do anything to benefit our Khmer people. We can trust him on that.
Someone need to somlap Ah Kwak Kbot Cheat ASAP!
9:50 AM and 9:54 AM,
Give me a break!
Let say we go and play at the roulette table at the casinos, we bet on #28 (black) and # 30 (red) comes out. Do we blame on the odd at the casinos or we blame on our stupid bet? Also keep in mind that our bet is based on every $1 we bet and if we hit, the dealer will pay us $35.
This is business. If you don't think you can make money from the deal, don't do it!
Foreign investment bring jobs and economic development to Cambodia, so why the SRP and KI-Media opposed to them. May be they want Cambodians to be poor or may be they like khmer rouge idea of isolation and let the people starve to dead.
Wake up guys, look at the US. The US doesn't care who want to invest in the US, as long as they bring in $$$$$$$$$$$.
measthes@yahoo.com
Don't you know that rich Cambodians are actually Vietnamese such as Sok Kong?
Let me share with you my idea/thinking. The Viet strategy: First they took thousands of Cambodians to brainwashed in Vietnam and sent these people back to rule Cambodia. Now is a bit different. Their sons, daughters, children etc born in Cambodia. Hun Sen declare that the CPP will have the younger people to hold power. These people are Vietnamese. In conclusion, as long as the CPP is in power, the Vietnamese still in control of Cambodia.
This investment if hun sen doesn't want to deal hun sen will die by viet agent working in cpp.
If hun sen love his country,hun sen has to escape to dubai with thaksin and let other that dare to deal with hyenas repair the country.
10:04 AM,
How about you? Go ahead and kill Ah Khwak HUN SEN.
12:55PM, Somlap Ah Kwak Kbot Cheat should be the responsiblilty of Khmer population in Cambodia. They are the people who is suffering under this regime. If they don't do it then why should Khmer abroad care. Why should Khmer abroad feels sory for them.
SOME DAY KHMER PATRIOTS WILL KILL AH KWAK KBOT JEAT. SOMLAB VEA TOV AH CHOYMARAY KWAK KBOT JEAT.ALL THE CPP MOTHER FUCKERS IS A TRAITOR TO THE NATION.
To the extremists on this blog. I want to make it clear that I am just an average citizen who may not agree with some of Hun Sen policies, but I will not hesitate to defend him so that the nation will not be ruined by a bunch of extremists like you.
Vietameses own Angkorwat.
Vietameses own Tolesap.
Vietameses own Cambodian Government airway company.
Vietameses own Cambodian governement bank.
Vietameses own Cambodian CHAM-KAR_KAO-SOU.
No-extremist, when Vietnameses own Cambodia ?
Why would the Viets willing to pour that much investments into Cambodia
without some kind of string attached
to it? Oh, I see, they are just incredibly good heart neighbors.
Most of us may be in outside of the country, but we still have our roots from whence we sprouted. We still care how things will turn out in the country of our births. For me, all my family members are all in Cambodia. Poorer than a monastery rat.
To 9:07PM
What right do you have to label anybody on this blog as extremist?
Tell me of what policy that AH HUN SEN enforce without take away the right of Cambodian people from freedom of expression and to land ownership!
Thank to you even after 30 years and AH HUN SEN can still claimed his nation building for Cambodia while Cambodia become more poor and corrupted which cost Cambodia around $500 million a year! I tell you what even after 1000 years of AH HUN SEN nation building for Cambodia and Cambodia will be the same old shitty country under his rule!
Oh well! This is AH HUN SEN legacy! All Cambodian people can do now is to beat their chest and cry out their tear and scream until they are deaf and it will not going to change anything!
cambodia should know the difference between "colonize" and "influent". don't confuse the two meanings. that said, the world has always learn from each other on earth; it's called "influence", plus, that's right, "colonization of other country like cambodia never going to last permanent because once cambodia and khmer people woke up and smell the coffee and see and learn from the world, viet/youn hard work to influence us is no more. look at the french who colonized cambodia for almost 100 years, but cambodia regained independence, etc... so, colonization is never forever, only for a short time frame. god bless cambodia and all our beautiful khmer people and citizens.
knowlegde is shared and should never be like a geographical indicator. mankind have always borrowed or adopted from one another one way or another, really! wake up cambodia and learn from the entire world, ok!
isolation and ignorance is the real enemy of cambodia. please think about it, really! please be open-minded and adopt some new thinking or paradigm, really. it will be good for cambodia and khmer people in the long-run, really! god bless cambodia.
Youn invest in ah Kwack's daugter pessy!
Ah Yuon have eaten out country half-chunk already so does phathed Laos. Thai will be next sooner or later. Take a look in US they everywhere one of the largest Ah Yuon in American alone beside blacks and latinos folk.
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