PM Hun Sen Presides Over Cambodia-Vietnam Investment and Trade Forum 2022
Phnom Penh: Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, and HE Pham Minh Chinh, Prime Minister of the Socialist Republic of Vietnam, preside over a forum on November 8, 2022. Cambodia-Vietnam Investment and Trade 2022 held at Phnom Penh Hotel.
The Cambodia-Vietnam Investment and Trade Forum 2022 is designed to further strengthen and expand investment and trade cooperation between the Kingdom of Cambodia and the Socialist Republic of Vietnam during the visit of HE Pham Minh Chinh. Prime Minister of the Socialist Republic of Vietnam from November 8 to 9, 2022 in the Kingdom of Cambodia.
Samdech Techo Hun Sen is pleased to participate in the Cambodia-Vietnam Investment and Trade Forum 2022. He also thanked the Vietnamese Ministry of Industry and Trade, the Ministry of Planning and Investment, and the Ministry of Commerce of Cambodia. And the Council for the Development of Cambodia co-organized this forum on the occasion of Cambodia hosting the 40th and 41st ASEAN Summits and related summits from 11 to 13 November. 2022.
Samdech Techo said that today’s forum was held on the occasion of the 55th anniversary of the establishment of diplomatic ties between our two countries. Vietnam and Cambodia have had good relations for a long time, through the exchange of visits by senior leaders and the regular relations of our two peoples, which has demonstrated the traditional good neighborliness and friendship. Comprehensive and long-term stable cooperation based on the principles of mutual trust and respect, non-interference in internal affairs and mutual support in social, economic, political and diplomatic fields.
Bilateral cooperation between our two countries has been steadily growing through the growth of trade, investment and tourism cooperation, especially in the campaign to prevent and fight Kovid-19 disease. Our two governments have provided mutual assistance. Mutual, both in terms of budget and health facilities.
In the past, Cambodia and Vietnam have been ranked among the highest in Asia in the post-crisis Kovid-19 crisis by the Japanese newspaper NIKKEI, which evaluated and ranked many countries around the world. About the government’s ability to prevent the spread of Kovid-19 disease, the implementation of vaccination campaigns and the restoration of socio-economic activities. This assessment reflects the ability of our two countries to recover socially and economically faster after the Kovid-19 crisis to open the door to welcoming foreign tourists and businesses ahead of many other countries. Eliminated the implementation of some restrictive measures.
If you look at the number of foreign tourists who visited Cambodia from January to September 2022, Vietnamese tourists ranked second with a total of more than 280,000 people, more than three times compared to the same period. Together in 2021 ago. Meanwhile, the number of tourists from the two countries is expected to increase further by accelerating outreach activities as well as increasing connectivity among destinations and tourism products. In addition, to prepare for the influx of foreign tourists, the Royal Government of Cambodia has been building the new Phnom Penh International Airport in Kandal Province and the new Siem Reap International Airport, which is scheduled to be completed by the end of 2023.
In terms of trade, the total bilateral trade volume between Cambodia and Vietnam from January to July 2022 compared to the same period last year increased by more than 34% in the investment sector, according to the Development Council. Cambodia saw private investment from January to October 2022, an increase of 1.3% compared to the same period last year, but we did not see any new Vietnamese investment projects in Cambodia this year. This and in 2021, unlike before, there is the Kovid-19 crisis, in which Vietnamese investors have invested heavily in Cambodia, especially in agriculture and telecommunications.
In this regard, Samdech encourages Vietnamese investors to invest more business operations in Cambodia, especially in areas with high potential in Cambodia, such as modern agriculture, food processing industry and light manufacturing industry.
He praised the Vietnamese government’s efforts to respond effectively to the Kovid-19 crisis by maintaining a low infection rate through the implementation of the “Zero-COVID Policy”. ), Vaccination campaigns and support measures, including the release of a series of cash packages to help vulnerable and vulnerable families, as well as financial measures to support the unemployed and affected enterprises. Cambodia, like Vietnam and other countries in the world, has faced epidemics and adverse effects of Kovid-19 and other challenges such as geopolitical competition, trade and technology wars, climate change, inflationary pressures. Emerged from the energy crisis as a result of the superpowers’ reciprocal economic sanctions related to the war crisis in Ukraine. However, in 2022, the situation seems to be easing for Cambodia, according to the forecast of the Ministry of Economy and Finance, Cambodia is expected to achieve growth of around 5.5% in 2022 and 6.6% in 2023.
The Royal Government of Cambodia has been developing and implementing policies, strategies and roadmaps to increase Cambodia’s attractiveness and competitiveness in attracting domestic and foreign investment. Cambodia has also sought trade partners to open more export markets by signing bilateral and multilateral free trade agreements with other countries. In addition, the Royal Government of Cambodia has launched a strategic framework and programs to restore and promote Cambodia’s economic growth in living with Kovid-19 along the new normal path for 2021-2023, which has played an important role in contributing to the recovery. Of the Cambodian economy. At the same time, the Investment Law of the Kingdom of Cambodia, promulgated on October 15, 2021, identifies a number of priority investment sectors and activities that need to be encouraged, all of which are potential sectors and activities. Increase the transfer of skills and technology, increase connectivity with local enterprises, and contribute to strengthening Cambodia’s industrial connectivity into regional and global supply chains. At the same time, Cambodia is revising its industrial development policy to keep pace with changes. Shaping the global economy.
Samdech Techo Hun Sen also congratulated the Vietnamese friends who have been successful in attracting foreign investment in the past to promote the development of its electronics sector by attracting investment from large foreign companies such as Samsung (SAMSUNG) and FOXCONN, which manufactures a range of products for Apple (APPLE), including high-tech smartwatches.
Cambodia intends to link the automotive and electronics production chains by developing a country-plus strategy, especially with Vietnam, which is the first choice of foreign investors in both sectors to relocate production. In this regard, Samdech hopes that Cambodia will receive investment projects to support the supply of production lines in both sectors, especially electronics for Vietnam.
Our two governments have been working to enhance and strengthen bilateral cooperation by continuing to organize and strengthen both software and hardware infrastructure to be smoother and better to promote the growth of trade and investment. Further signing of the Cambodia-Vietnam border trade agreement and a memorandum of understanding on increasing the number of quotas, types and quantities of commercial vehicles, which Samdech and the Prime Minister of Vietnam presided over this morning. In addition, the construction of the Phnom Penh-Bavet Expressway, which will begin construction soon, will play an important role in connecting Phnom Penh with Vietnam, reducing shipping time and helping to solve problems. Traffic congestion on National Road No. 1, the main road connecting Phnom Penh to Bavet.
Samdech Techo said that Cambodia and Vietnam should increase cooperation in developing infrastructure along the Southern Economic Corridor to boost trade and tourism, such as connecting roads from the border to tourist destinations in neighboring provinces. Borders, especially coastal provinces, to facilitate and attract tourists traveling through the two countries.
In addition, Cambodia and Vietnam are members and signatories of the ASEAN Economic Community (RCEP), an important multilateral free trade mechanism for promoting regional economic integration, maintaining regional prosperity and political stability, and enhancing cooperation. And support each other in the full and effective implementation of this Agreement in order to maximize the benefits.
On behalf of the Royal Government of Cambodia, Samdech Techo welcomes the wise decisions of all foreign investors, especially Vietnamese investors who have selected and intend to select Cambodia as a potential investment destination to start or expand their business.
Samdech appealed to Vietnamese businessmen and investors who have visited Cambodia and businessmen and investors who have not yet come to Cambodia to learn more about the potential and investment opportunities in Cambodia and decide to invest or co-invest with investors. Cambodia To maximize the benefits of bilateral and multilateral cooperation, once again, on behalf of the Royal Government, I would like to assure all investors of a favorable environment, especially peace, security and political stability, as well as macroeconomic stability. Effective legal and institutional framework, transparency, accountability and predictability.
