The National Assembly of Cambodia on April 3 ratified a protocol on the investment promotion and protection agreement between the governments of Cambodia and Vietnam.
All 64 lawmakers of the ruling Cambodia People’s Party, who were present at the parliamentary session, unanimously approved the document.
Chairman of the NA Commission on Investment, Agriculture, Rural Development, Environment, and Water Resources Mok Mareth said the protocol is part of efforts to ensure investor confidence and facilitate investment between the two countries.
The document is a step forward to attract investment from Vietnam and gain more confidence from Vietnamese investors, he said.
Meanwhile, Secretary General of the Council for the Development of Cambodia Sok Chenda Sophea confirmed that a lot of Vietnamese investors are doing business in Cambodia, and the protocol will keep them staying longer and reel in more new investors.
According to the Association of Vietnamese Investors in Cambodia, Vietnam is the fifth biggest investor in Cambodia, with 128 projects worth over 3 billion USD by 2013./.