The Council for the Development of Cambodia (CDC) and the Vietnamese Ambassador to Cambodia Nguyen Huy Tang are keen on holding a meeting for entrepreneurs and investors to explore possible Cambodian investment in Vietnam.
Ambassador Tang on Wednesday paid a courtesy call on Sun Chanthol, Deputy Prime Minister and First Vice-Chairman of CDC during which the former has expressed his interest for Cambodian investment in Vietnam.
During the meeting, Tang emphasised promoting investment and trade ties between the two neighbouring countries and discussed the modalities for Cambodian investors and Vietnamese investors to explore more potential investments in both countries.
Further, he said that both sides should discuss the possibility of expanding the Kingdom’s investments in his country which could contribute to enhancing the development of the two nations.
Chanthol informed the Ambassador about the responsibility of CDC which acts as a facilitator of investment activities between the Royal Government of Cambodia (RGC) and the private sector.
He said that the CDC plays a role as a coordinator for domestic and international investors to discuss and explore various investment potentials in the Kingdom, meaning the Cambodian Deputy Prime Minister will examine the feasibility of arranging the meeting for investors and entrepreneurs from the two countries to explore investment opportunities from each other.
Speaking to Khmer Times, Hor Sereyvath, Chairman of ID Capital Plc said, “Investing in cross-border to foreign countries is not an easy venture.”
Generally, to lower risk and maximize potential, foreign investors usually seek to collaborate with local entrepreneurs or joint ventures with domestic companies that have strong business backgrounds and firm foundations to achieve their prospects, Sereyvath added.
“Based on my investment experience in overseas markets, we seek local partners with expertise that can complement each other’s business activities to attain common goals,” he continued.
He emphasised that investment from any country into the Kingdom is good for Cambodians, as long as those companies follow the rules and regulations set by the RGC. It is the same for Cambodian investors who want to invest in Vietnam.
In early October last year, VinFast Auto Ltd, an electric vehicle (EV) and taxi company, chose Cambodia and Laos to be the first overseas markets for its grand Southeast Asia expansion plans.
Nguyen Van Thanh, Chief Executive Officer of Green and Smart Mobility (GSM), told The Business Times that the aim is to get the e-taxis on the roads of those two countries by the end of 2023.
During Prime Minister Hun Manet’s official trip to Vietnam in December 2023, Nguyen Viet Quang, Vice Chairman of the Board and Deputy General Manager of Vingroup, a parent company of VinFast, had proposed a plan to invest in running an electric taxi company in Cambodia.
Pen Bona, Spokesperson of RGC told Khmer Times earlier that Vingroup has proposed that it intends to invest in Cambodia, but the Premier did not issue approval or provide permission following the company’s request.”
The RGC statement was issued in response to the news that appeared in some media outlets that a Vietnamese company got approval to start an operation of electric taxis with 2,500 cars across Phnom Penh, Siem Reap and Preah Sihanouk provinces early this year.
The Cambodian Premier’s official trip to Vietnam last month received many courtesy calls from Vietnamese investors including Viettel, VietJet Group, Vietnam Rubber Group (VRG), Bank for Investment and Development of Vietnam (BIDV) and Truong Hai Group Corporation (THACO), who were keen on expanding trade and pure investment into the Kingdom.
Source:Khmer Times
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
