The Viet ambassador meets Viet businesses in Phnom Penh, would the Xmer ambassador dare to meet Khmer Krom in Prey Nokor?

Meeting with Vietnamese businesses in Cambodia held

12/23/2010
VOV News (Hanoi)

A meeting with Vietnamese businesses took place in Cambodia on December 23.

Addressing the event, Ngo Anh Dung, Vietnamese Ambassador to Cambodia, reviewed the achievements and advantages in multifaceted cooperation between the two countries in 2010.

Two-way trade turnover in the first 11 months of 2010 reached over US$1.5 billion. Vietnam’s exports turnover to Cambodia gained US$1.3 billion, up 36 percent compared to the same period last year.

Currently, Vietnamese investments in Cambodia are worth nearly US$570 million, mainly in such fields as rubber planting, industrial crops, aviation, banking, services and tourism.

At the meeting, Vietnamese businesses expressed their hope that in 2011, the two governments will continue to simplify the trade and investment procedures to increase the value of trade exchange to reach US$2 billion.

Yuon flaunting its $6 bln investment in its colony of Cambodia

Viet Nam to promote $6b investment in Cambodia

28-12-2009
VNS (Hanoi)

HCM CITY — Viet Nam and Cambodia signed deals worth US$6 billion at a conference held in HCM City last Saturday to promote Vietnamese investment in Cambodia.

Held by the Cambodian Development Council and Viet Nam’s Ministry of Planning and Investment, the conference brought together 500 policymakers and business executives from the two countries under the chairmanship of Vietnamese Prime Minister Nguyen Tan Dung and his Cambodian counterpart, Hun Sen.

Under the various agreements signed at the conference, Viet Nam will invest in electric generation, food processing, fertiliser production, rubber plantation and bauxite mining in Cambodia.

"This is a huge investment from the Vietnamese side," said Dung, noting that the country’s total investment in 50 countries was just $7 billion.

"The Vietnamese Government is committed to creating favourable conditions for domestic businesses to invest in Cambodia," Dung said.

Vietnamese businesses have invested in over 60 projects in Cambodia with a total capital of nearly $900 million, making Viet Nam among the top three foreign investors in Cambodia.

Doan Nguyen Duc, chairman of Hoang Anh Gia Lai Corporation, vowed to further step up investment there, noting that his corporation was currently farming 20,000ha of rubber in Rattanakiri Province and mining ore at a total investment of $100 million.

"We have also built villages, roads, and schools in areas that we invest in apart from providing $4 million to set up a soccer academy."

Hun Sen said Cambodia was calling for foreign investment in its areas of strength, such as agriculture, forestry, industry, infrastructure, processing, mining and tourism.

Cambodia would create a favourable investment environment for Vietnamese businesses to operate in the country, Hun Sen vowed.

"On behalf of the Royal Government of Cambodia, I guarantee Vietnamese investors lots of preferences," he said, noting that Cambodia allows investment even in some sensitive sectors like banking, insurance, and media not yet fully open in other countries.

Dung hailed the efficiency of Vietnamese-invested projects in Cambodia but said that the results have not yet matched the potential of both countries nor lived up to people’s expectations.

At the conference, the Vietnamese Ministry of Planning and Investment and the Cambodian Development Council signed a memorandum of understanding on investment promotion.

The Vietnamese Minister of Industry and Trade and the Cambodian Minister of Industry, Mining and Energy also signed the minutes of their meeting regarding bauxite exploration and exploitation in the Cambodian province of Mondulkiri.

The Bank for Investment and Development of Cambodia (BIDC), which opened its HCM City branch over the weekend in the presence of Dung and Hun Sen, also signed commitments to provide financial services to Vietnamese businesses investing in Cambodia.

The branch was part of BIDC’s strategy to expand into a major financial source for Vietnamese investors and businesses operating in Cambodia.

The Phnom Penh-headquartered bank was launched last July with charter capital invested by the Bank for Investment and Development of Viet Nam.

BIDC president Tran Thanh Van said at the opening ceremony that the new branch was expected to serve as a payment channel connecting the economies and banking systems of the two countries.

Yuon to invest billions in its colony of Cambodia ... as Khmer, you are guaranteed to lose your land to a Yuon plantation soon!!!

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.

Cambodian PM to attend investment conference in Vietnam

PHNOM PENH, Dec. 23 (Xinhua) -- Cambodia's Prime Minister Hun Sen will attend a conference on investment to Cambodia by Vietnamese entrepreneurs later this week, a government's statement said Wednesday.

In a statement released by Ministry of Foreign Affairs and International Cooperation, it said at the invitation of Nguyen TanDung, Prime Minister of Vietnam, Hun Sen will lead a delegation to attend the conference that will include Cham Prasidh, minister of commerce and Cambodian businessmen.

The conference will be held in Ho Chi Minh City on Dec. 26, 2009.

In recent years, more Vietnamese companies have entered Cambodia for investment opportunity, including air service, banking, and telecommunication.

According to the official data, two-way trading between Cambodia and Vietnam was 1.6 billion U.S. dollars in 2008. But bilateral trade stood at 1.05 billion U.S. dollars in the first ten months of this year, down 28 percent year-on-year, due to the world economic downturn.

In 2010, the two countries targets to increase bilateral trade to two billion U.S. dollars. To reach the target, Vietnam has put forward a number of measures including boosting trade promotion activities and improving quality of Vietnamese products.

Cambodians, be prepared: More land evictions coming up for Viet investments

Vietnam to increase investment in Cambodia

12/21/2009
VOV News (Hanoi)

"Currently, Vietnamese businesses are working on big mining projects in Cambodia"

A conference to promote Vietnam’s investment in Cambodia will be held in Hanoi on December 26, the Ministry of Planning and Investment (MPI) announced in Hanoi on December 21.

Vietnamese Prime Minister Nguyen Tan Dung and his Cambodian counterpart Hun Sen will co-chair the conference, said MPI Deputy Minister Do Huy Dong.

At the event, Cambodian officials will introduce their royal government’s foreign investment attraction strategy and incentives to foreign investors, including those from Vietnam.

The business communities of the two countries will share experiences and work out measures to promote cooperation in investment.

Vietnam has invested in 63 projects in Cambodia, with a total registered capitalization of more than US$900 million. In 2009 alone, Vietnamese businesses poured over US$400 million into Cambodia.

Vietnamese-invested projects have proved efficient in Cambodia, mostly in forestry, agriculture, mining, telecommunications, banking and insurance industries.

Currently, Vietnamese businesses are working on big mining projects in Cambodia.

Vietnamese investment ties: A tight noose around Cambodia's neck?

Vietnam, Cambodia tighten investment ties

08/20/2009
VOV News/VNA (Hanoi)

Vietnamese and Cambodian companies have agreed 13 cooperation deals worth around US$400 million in total, said the Cambodian Development Council.

The agreements include the establishment of a joint venture between the International Five Star Cambodia and Vietnam’s International Five Star Group and the provision of foodstuff and adding value to export farm products between VinaFood of Vietnam and the Green Trade Company and the Investment and Development Joint Stock Company of Cambodia (IDCC).

The Tran Thai Company also signed a deal with Cambodia’s Gold Foison Company to manufacture MDF plank.

Under the new deals, plants to manufacture sugar, ethanol products, power and NPK fertlizer will be built in Cambodia.

The Banks for Investment and Development of Vietnam and Cambodia have pledged to provide preferential credits to Vietnamese and joint venture companies to invest in Cambodia.