Prime Minister Samdech Techno Hun Sen called on Vietnamese businesses to continue investments in such fields like agriculture, tourism, logistics, construction and vocational training in Cambodia.

Vietnam-Cambodia special economic zone

Prime Minister Nguyen Xuan Phuc and Cambodian Prime Minister Samdech Techno Hun Sen witness the signing ceremony of a Memorandum of Understanding on investment cooperation between the Vietnamese Ministry of Planning and Investment and the Cambodian Development Council.

PM Hun Sen made the call while addressing the Vietnam-Cambodia trade and investment promotion conference in Ha Noi on Friday. The event was also attended by Vietnamese Prime Minister Nguyen Xuan Phuc.

He affirmed that Cambodian Government will make greater efforts to improve business climate through holding dialogues with businesses, cutting business costs, and developing new investment law in a bid to create more favorable conditions for investors.

Hun Sen pledged to meet with Vietnamese investors annually while suggesting regular meeting between the Council for the Development of Cambodia and the Vietnamese business community in Cambodia to seek ways to ease obstacles.

He also expressed support for the establishment of Vietnam-Cambodia special economic zone designated for Vietnamese investors in his country.

Hun Sen said more tourists will travel between the two countries once the sides open new direct air route between Phnom Penh and the central city of Da Nang in the coming time.

Vietnam-Cambodia special economic zone

Prime Minister Nguyen Xuan Phuc and Cambodian counterpart Samdech Techno Hun Sen visit a booth showcasing exports.

Speaking at the conference, Prime Minister Phuc briefed about recent developments in Vietnam, especially the country is one of the fastest-growing economies with the annual growth rate of nearly 7%.

Core inflation has been controlled under 2% while middle-income class accounts for more than 15% of the total population of approximately 100 million, he said.

Vietnam is also one of the most open economies to international trade as trade represents 200% of GDP and the trend will continue thanks to its active international integration process, according to Phuc.

He took the occasion to hail the outcomes of the Vietnam-Cambodia trade and investment ties, in which the former has 214 projects with total registered capital of over US$3.1 billion while the latter has committed to pouring US$64 million in 21 projects in Vietnam.

The two-way trade will surpass US$5 billion this year and the two countries have set new goal to lift up the figure to US$10 billion, according to the Vietnamese Government chief.

Phuc emphasized that bilateral cooperation potential remains vast and called for greater efforts from both Governments and business communities to contribute to advancing bilateral friendship as well as development and prosperity in each country.