PM Nguyen Tan Dung and his Cambodian counterpart Samdech Hunsen on April 24 co-chaired the second Vietnam-Cambodia Investment Promotion Forum.
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The 2nd Vietnam-Cambodia Investment Promotion Forum, Phnom Penh, Cambodia , April 24, 2011
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Participants to the event include ministerial-level leaders and nearly 200 leading businesses from both countries.
Investment promotion forum, a regular Government-to-business channel
Speaking at the forum, PM Dung stressed that the event is of significant importance as it is the regular channel for Vietnamese and Cambodian governments to accelerate exchanges with the two sides’ business communities.
He requested the Vietnamese businesses to strictly observe Cambodia’s law and traditions, to actively help boost economic and trade cooperation between the two countries.
They should also help fight poverty reduction in Cambodia, the Government chief added, confirming that the Vietnamese Government pledges to create favorable conditions foroutward investment, including to Cambodia.
Meanwhile, Cambodian PM Hunsenaffirmedthe importance of the forum and expressed his belief that the event would effectively contribute to consolidating and enhancing the traditional friendship and blossoming cooperation between the two nations.
PM Hunsensaidthat Cambodia is in the way to carry out reform to speed up trade and investment.
A number of agreements inked
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PMs Nguyen Tan Dung and Samdech Hunsen cut the ribbon to inaugurate the Vietnam-Cambodia Securities Company (CVS), Phnom Penh, Cambodia, April 24, 2011
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During the investment promotion forum, PM Dung and PM Hunsen witnessed the signing ceremony of a memorandum of understanding on investment promotion and management between the Ministry of Planning and Investment and the Council for the Development of Cambodia, a memorandum of understanding on granting investment license to the Se San 2 hydro-electricity project between the Ministry of Industry and Trade and Cambodian Ministry of Industry, Mines and Energy, and another memorandum on commitment to offering business license to projects relating to rubber planting and to production of cassava, sugar-cane, and fertilizer.
The two leaders also witnessed the granting ceremony of business licenses to some Vietnam-funded projects in Cambodia.
Earlier on the same day, PM Dung and his Cambodian counterpart cut a ribbon to inaugurate the Vietnam – Cambodia Securities Company (CVS).
Vietnam-3rd biggest foreign investor in Cambodia
Vietnam and Cambodia have signed 60 legal documents for bilateral cooperation in a wide range of areas during the past years.
As a result, the two-way trade and economic ties have made tremendous progress. The bilateral trade turnover has increased steadily from US $950 million in 2006 to US $1.33 billion in 2009 and over US $1.8 billion last year.
The number of Vietnamese enterprises’ operations in Cambodia have augmented in terms of projects, capital volume and business efficiency following the first investment promotion forum in Ho Chi Minh City in December 2009, noted Minister of Planning and Investment Vo Hong Phuc.
The number of Viet Nam’s investment projects in Cambodia rose to 87 in April this year from 57 in December, 2009. Meanwhile, the registered investment has amounted to more than US $2 billion.
Vietnam now becomes the 3rd biggest foreign investors in Cambodia and the neighboring country is the Vietnam’s 2nd biggest investment recipient.
Vietnamese businesses mainly focus their investment on telecommunication, aviation, agriculture, rubber planting, energy, hydro-electricity, natural resource exploitation, and banking that have created over 6,000 jobs for local residents./.