Vietnam invested $557 million in Cambodia in the first eleven months of 2024, and ranked third, said Chea Vuthy, Secretary General of the Cambodian Investment Board (CIB) of the Council for the Development of Cambodia (CDC), on Wednesday.
Vuthy disclosed this while addressing the inauguration ceremony of the local-grown-tree processing plant of TNTVN Forestry Co., Ltd., a Vietnamese firm, in Sangkat 1, Sihanoukville, Preah Sihanouk Province.
The ceremony was also presided over Nguyen Huy Tang, Ambassador of the Socialist Republic of Vietnam to the Kingdom of Cambodia. Kem Sithan, Permanent Secretary of State of the Ministry of Commerce, and Mang Sinet, Preah Sihanouk Governor were also present on the occasion.
Vuthy highlighted the favourable investment environment, and comparative excellence of Cambodia, including the rich natural resources, young workforce skilled in industry and production, especially competitive labour costs and continued construction of infrastructure to facilitate transportation.
He said the growth of investment in the first eleven months of 2024 has risen to 40 percent compared to the same period in 2023. The main sources of investment were from China, followed by South Korea, Vietnam, Singapore, Japan, Malaysia, Thailand, Canada, and the UK.
Vuthy hoped that the company would be able to expand its investment in the near future, especially investment in growing trees that do not only supply the company’s future production needs, but also be used to make furniture, while wood waste can be used as renewable energy, and the plant can also benefit from carbon credits well.
Lim Heng, Vice President of the Cambodia Chamber of Commerce told Khmer Times yesterday that currently, most of the companies listed in Cambodia are mainly from China, Vietnam, Thailand and other countries.
Those companies investing in the medium and heavy industry, focusing on infrastructure investment, car assembly plants, agricultural processing and tyre production are good investments for the country’s economy, he added.
“Cambodia is located in a favourable location for investments. Moreover, we have free trade agreements with many countries such as China, Korea, the United Arab Emirates and the RCEP regional agreement, and these are good for the export market.”
