As many as 188 investment projects of Vietnam are still valid in Cambodia with a total registered capital of $2.85 billion.
The above information was given at the meeting of President Nguyen Xuan Phuc with Cambodian Prime Minister Hun Sen within the framework of the former’s state visit to the Kingdom of Cambodia.
Specifically, in the first 11 months of 2021, two-way trade turnover has reached more than $8.6 billion, an increase of nearly 84% compared to the same period in 2020. Vietnam has 4 new projects in Cambodia with registered capital of nearly $90 million, 4.6 times higher on year.
Vietnamese enterprises and Khmer enterprises of Vietnamese origin investing in Cambodia had a discussion with President Nguyen Xuan Phuc. General Director of Viettel Cambodia Company (Metfone) Phung Van Cuong said that after 15 years of investment in Cambodia, the company has 3,000 employees and 30,000 indirect employees doing business with Metfone.
Metfone has become the largest digital telecommunications company in Cambodia, with 9 million customers (accounting for 60% of the population), 50% market share, covering 95% of the country’s territory, having the widest network, and being a pioneer in implementing the goal of creating a digital society for Cambodia.
“Currently, Metfone is valued at more than $1 billion and contributes $820 million to the Cambodian government’s budget. In addition, it has contributed $100 million for social activities,” said Mr. Cuong.
And Mr. Tran Ba Duong, Chairman of Truong Hai Automobile Joint Stock Company with its subsidiary Truong Hai Agriculture Joint Stock Company (Thagrico), said that right after receiving Hoang Anh Gia Lai’s project in 2018, the firm implemented debt restructuring and investment with a total registered capital of $388 million.
Thagrico has converted a large part of the area of oil palm and rubber trees to new major fruit trees such as banana, pineapple, mango, and breeding cows; At the same time, invest in the construction of traffic infrastructure, electricity grid, water storage dam, build 24 banana processing and packaging factories, deploy solar power projects, workers’ houses, production plants, vehicles. carriage…
It is expected that in 2021, fruit harvest and export output is estimated at 250,000 tons, export value is $151 million, ensuring jobs for 15,900 workers. It is expected that in 2022, Thagrico will continue to convert crops, combine breeding cows and beef cattle with an investment scale of about $100 million, and if a synchronous conversion will invest another $500 million, the output will reach 416,000 tons, export value is estimated at $500 million.
He said, along with the investment, in 2021, Thagrico has changed careers for Vietnamese people in Bien Ho to work in projects with income from $250 to $350 a month, build housing, full focus on utilities, and infrastructure.
Despite the large investment, Vietnamese enterprises still face some problems. Therefore, Mr. Phung Van Cuong hoped that Vietnam’s President, leaders of the Party, State, and Government would exchange and request Cambodia to pay attention to support and create conditions for Vietnamese enterprises to have incentives in terms of mechanisms and policies, facilitate the legal corridor for further development.
“I suggest that your side soon add 4G frequency resources for Metfone to continue expanding the company’s development scale; soon grant licenses and 5G frequencies for Viettel to do business in Cambodia, promoting comprehensive digital transformation in this country,” he said.
And Mr. Tran Ba Duong proposed to remove the power shortage, overcome the labor shortage, increase the number of transport vehicles to 700 vehicles, running smoothly throughout the country.
“If we do well and effectively in their country, they are very supportive. They have allowed us to build an airport, buy an airplane to spray pesticides. This is a breakthrough and we hope to achieve an output. banana exports to $1 billion, turning this place into the second-largest banana export destination in the world,” he said.
President Nguyen Xuan Phuc assessed that the Vietnamese business community is not only a subject of cooperation but also plays an active role, initiating and creating new driving forces in trade and investment, enriching the relationship between Vietnam and Cambodia with important contributions.
He said he had asked Prime Minister Hun Sen to soon resolve the recommendations of Vietnamese businesses such as the collection of 5G fees, border procedures, and interest in facilitating cooperation in general and Vietnamese enterprises.