President Phuc proposes promoting fresh wave of investment in Cambodia

President Nguyen Xuan Phuc made this statement during a meeting held on December 22 with the Vietnamese business community and Khmer businesses of Vietnamese origin that are currently investing and doing business in the Cambodian market.

The meeting is part of a range of activities held during the Vietnamese State leader’s official visit to Cambodia from December 21 to December 22.

Upon addressing the meeting, President Phuc praised the spirit of overcoming difficulties faced by businesses, especially during the COVID-19 pandemic, while appreciating the role of the Cambodian market, particularly in the field of agricultural products.

He also applauded new Vietnamese investment trends which focus on sustainable fields such as fruit exports and clean energy.

According to Vietnamese Ambassador to Cambodia Nguyen Huy Tang, the meeting is seen as an important opportunity for President Phuc to listen to recommendations and suggestions of both the Vietnamese business community and Khmer businesses. This is particularly useful as both have several years of experience doing business in Cambodia.

The majority of businesses used the event to express concerns over the situation of Vietnamese-speaking workers and personnel in the majority of business fields, especially the financial-banking-telecommunications sector, which has seen a decrease.

Vietnamese businesses based in Cambodia proposed that the State and Government outline directions aimed at increasing scholarship support for Cambodian students to study in Vietnam, as well as creating conditions in terms of human resources as a contribution to connecting the two cultures.

The past decade has seen many enterprises, such as Vietnam Rubber Group (VRG) and Thagrico, prove their effectiveness and make significant contributions to the Cambodian economy in areas where rubber and fruit trees are grown. This effort has served to create thousands of jobs for local people, as well as effectively supporting the relocation and career change of Vietnamese Cambodian people.

These results can be put down to Vietnamese investment promotion policy in Cambodia over the course of several years.

With the neighbouring country being defining as a key and strategic area, the business community has suggested the Government direct the research, development, and promulgation of a strategy for investment and economic co-operation between both sides for a ten-year period.

The same day saw President Phuc and his entourage depart Phnom Penh for Hanoi, thereby successfully concluding their visit following the invitation of Cambodian King Preah Bat Samdech Preah Boromneath Norodom Sihamoni.