Vietnam’s business groups have revved up investment in Cambodia and actively contributed to the local social security programmes, said the Association of Vietnamese Investors in Cambodia (AVIC).

At a review meeting in Siem Reap city on July 25, the AVIC said Vietnam has become the third largest foreign investor in Cambodia, after China and the Republic of Korea.

According to statistics presented at the meeting, Vietnamese businesses were granted licences for 63 projects within the past year with a combined investment capital of US$900 million.

Various economic groups and corporations in Vietnam have entered the Cambodian market, investing in different areas including telecommunications, finance and banking, air transport, agriculture, light industry, rubber and industrial tree planting, mining, energy and healthcare.

Prominent among Vietnamese investors are the Vietnam military telecom corporation (Viettel), the Bank for Investment and Development of Vietnam (BIDV), the Vietnam Coal and Minerals Corporation (VINACOMIN), Vietnam Airlines and Hoang Anh Gia Lai group.

Apart from trade and investment activities, Vietnamese businesses have provided funding to the local social welfare schemes, with a commitment of US$6 million. – VOV