Phnom Penh (VNA) – A Vietnam – Cambodiatrade-investment promotion forum took place in the Cambodian capital of PhnomPenh on September 14, gathering representatives from hundreds of businessesfrom both countries.

The organising board said the forum aims to connectparticipating firms with relevant public agencies in Cambodia, update them on newpolicies and mechanisms of both Vietnam and Cambodia, and enable them to meet potentialpartners.

Vietnamese Ambassador to Cambodia Vu Quang Minh said thevictory of the Cambodian People’s Party (CPP), led by Prime Minister Hun Sen,during the election of the sixth National Assembly presents an advantage forcollaboration between Vietnamese and Cambodian enterprises.

According to Minh, Cambodia’s economy is growing rapidly atan average rate of 7 percent in the 2012 – 2017 period. The country’s relationswith Vietnam have been backed by leaders of both nations and recordingsignificant progress.

The diplomat, however, said the two countries’ potential forcooperation is yet to be fully tapped.

He expected the forum was a chance for Cambodian agencies tolisten to businesses’ difficulties and for businesspeople to exchange andnetwork, turning the two nations’ strengths and potential into practicalprojects.

Sar Senera, a representative of the Council for theDevelopment of Cambodia (CDC), said to attract Vietnamese companies, the CDChas signed various cooperation pacts with Vietnam’s Ministry of Planning andInvestment, approved a large number of Vietnamese-invested projects, andadvised the Government on new policy to facilitate foreign investors, includingthose from Vietnam.

Vietnam is now the biggest trade partner of Cambodia in theASEAN, he added, saying this reflects Vietnamese investors’ confidence inCambodia’s political stability and economic development.

Thanks to its openness, Cambodia remains a profitable marketfor Vietnamese company, he said.

At the forum, representatives of the CDC, the Ministry ofCommerce and Chamber of Commerce of Cambodia fielded queries and took note offeedback from Vietnamese firm concerning their operations in the country.

Last year, Vietnam – Cambodia trade hit 3.8 billion USD, anannual increase of 29 percent. In the first seven months of 2018, the figurestood at 2.7 billion USD, up 18.7 percent year on year. The two countries areworking to bring their trade value to 5 billion USD.

Vietnam is investing in 206 projects in Cambodiaworth 3.02 billion USD in total, making it one of the top five foreigninvestors of the country. Cambodia, meanwhile, has so far injected 58.1 millionUSD in 18 projects in Vietnam.-VNA