Monday , April 22 2024

Vietnam biggest ASEAN investor in Cambodia

Vietnam is the biggest ASEAN foreign direct investor in Cambodia with 188 active projects and a total registered capital of $2.85 billion.

In the first 11 months this year, Vietnam has invested in four new projects in Cambodia with a registered capital of nearly $90 million, up 4.6 times year-on-year, officials said at a Tuesday meeting between Vietnamese President Nguyen Xuan Phuc and Cambodian Prime Minister Hun Sen.

Phuc concluded an official visit to Cambodia on Wednesday.

In the first 11 months of the year, bilateral trade rose 84 percent year-on-year to over $8.6 billion.

One of the biggest Vietnamese investments is Metfone, a telecom brand operated by Viettel Cambodia.

Phung Van Cuong, CEO of Viettel Cambodia, said that after 15 years of establishment, the company has 3,000 workers now.

Metfone is now the biggest telecoms brand in Cambodia with nine million subscribers, or 60 percent of the population, he said.

It accounts for half of the telecoms market there he added.

Metfone is valued at over $1 billion, and it is one of the businesses that contribute most to the Cambodian state’s coffers at $820 million to date, Cuong said.

Thagrico, the agriculture unit of Truong Hai Auto Corporation (Thaco), has invested $388 million to grow oil palm trees, rubber trees and fruit farms.

Exports from the Cambodian farm is set to reach 250,000 tonnes this year with a value of $151 million, creating jobs for 15,900 workers, Thaco chairman Tran Ba Duong said.

“We expect banana exports to reach $1 billion,” he added.

The company plans to invest $100 million next year in farming and husbandry, and another $500 million if needed.

Vietnamese companies also proposed changes to make their business more convenient.

Cuong of Viettel proposed that Cambodia establishes more 4G resouces so that Metfone can expand and provide 4G and 5G services.

Duong of Thaco requested that problem of power shortages be addressed and resolved.

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