Data from the Ministry of Planning and Investment show that in recent years, Vietnamese investment in Cambodia increased in terms of both the number of projects and the amount of capital.
Accordingly, from the beginning of 1999 to the end of February 2011, Vietnamese companies had 87 investment projects in Cambodia with total capital of more than US$2 billion, covering a wide range of fields such as production, distribution, mining, agriculture, and banking services. Investment in production and distribution of electricity, gas and air conditioners accounted for only 2.3 percent of the total number of projects but as much as 40.3 percent of the total amount of capital. Investment in agriculture, forestry and fisheries accounted for 28.7 percent of the total number of projects and 32.2 percent of the total amount of capital. Investment in information and communications accounted for 8.04 percent of the total number of projects and 8.76 percent of the total amount of capital.
In 2010, Vietnam granted licenses to 27 investment projects in Cambodia with total registered capital of more than US$386.51 million and allowed one ongoing project to increase its capital by US$200,000. In the first two months of 2011, three Vietnamese investment projects in Cambodia were licensed with total capital of more than US$808.48 million. The biggest project of those is the Lower Se San 2 Hydropower Project which was licensed on January 18, 2011, invested in by the EVN International Joint Stock Company to produce and trade in electricity in Cambodia (this project has total investment capital of more than US$806.48 million). This is the largest Vietnamese investment project in Cambodia thus far.
Ministry of Planning and Investment leaders said that the investment environment in Cambodia is favorable for Vietnamese companies. In terms of geographical location, Cambodia is very near to Vietnam. Cambodia shares with Vietnam many similarities in terms of climate and soil conditions. Cambodia and Vietnam also have longstanding relations at high levels. The governments of the two countries have taken many actions to encourage Vietnamese companies and individuals to invest in Cambodia.
On February 20, 2009, the Vietnamese Prime Minister approved a project to promote overseas investment focusing on Laos and Cambodia. The Vietnamese Ministry of Planning and Investment and the Cambodian Development Council have signed a memorandum of understanding on investment promotion between the two countries. On August 13, 2010, they met in Phnom Penh and signed the meeting minutes to set up a suitable mechanism for promoting Vietnamese investment in Cambodia.
The Vietnamese Ministry of Planning and Investment and the Cambodian Development Council have also established a coordination mechanism to exchange information about Vietnamese investment projects in Cambodia. They are responsible for dealing with the problems which face Vietnamese investors in Cambodia. The coordination mechanism will be handled by the Foreign Investment Agency under the Vietnamese Ministry of Planning and Investment and the Cambodian Investment Board.
The Vietnamese Ministry of Planning and Investment keeps an eye on and tightly manages Vietnamese investment projects in Cambodia. Cambodian investment documents are being translated into Vietnamese to make it easy for Vietnamese investors to seek investment opportunities in Cambodia. The Vietnam-Laos-Cambodia Economic Development and Cooperation Association is drafting a strategy on Vietnamese investment in Cambodia to 2015 with a vision towards 2020, which will be submitted to the Vietnamese Prime Minister in the second quarter of 2011.
The Association of Vietnamese Investors in Cambodia (AVIC) was established in 2010. The members of this association can share information and experience related to investment and doing business in Cambodia. Some associations of Vietnamese people and Vietnamese companies are operational in Cambodia and contribute to boosting Vietnamese investment in Cambodia.
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